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Exhibit 99.1
Web.com
Reports Fourth Quarter and Full Year 2009 Financial Results
JACKSONVILLE, FL – February 9, 2010 –
Web.com Group, Inc. (NASDAQ: WWWW), a leading provider of
online marketing for small and medium-sized businesses, today announced results
for the fourth quarter and full year ended December 31, 2009.
David
Brown, Chairman and CEO of Web.com, said, “Web.com delivered solid financial
results in 2009 considering the economic pressures impacting the small business
market place. During the fourth quarter of and full year 2009, we
grew our subscriber base, reduced churn to record low levels and
continued to expand our distribution channels. In addition, we
generated strong cash flow and shareholder value as a result of our focus on
maximizing operational efficiency and successfully executing on our share
repurchase program.”
Brown
added, “The small business market continues to face strong economic headwinds,
and visibility into a macro improvement remains limited. As a result,
our focus to start 2010 is largely the same as it was entering
2009. We will continue to focus on generating strong cash flow and
non-GAAP operating margins in the mid-teens range, in addition to further
diversifying our partnership channel. At the same time, we plan to
increase our investments in direct sales and marketing programs to further
enhance the company’s longer-term growth profile. Web.com again
proved its resiliency during 2009, and we expect to further strengthen our
long-term market position during 2010.”
Summary
of Fourth Quarter 2009 Results:
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Total
revenue was $26.3 million for the fourth quarter of 2009, an increase from
$26.1 million in the third quarter of 2009 and compared to $28.7 million
for the fourth quarter of 2008.
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Operating
income, calculated in accordance with U.S. generally accepted accounting
principles (GAAP), was $480 thousand, compared to an operating loss of
$100.5 million for the fourth quarter of 2008. The prior year period
included a goodwill and asset impairment charge of $102.6
million.
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GAAP
net income from continuing operations, which included a net income tax
benefit of $1.5 million, was $2.1 million for the fourth quarter of
2009. This compares to GAAP net loss from continuing operations
of $100.4 million in the fourth quarter of 2008. GAAP net
income from continuing operations was $0.07 per diluted share for the
fourth quarter of 2009, compared to GAAP net loss from continuing
operations of $3.75 per diluted share for the fourth quarter of
2008.
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Non-GAAP
operating income was $4.3 million for the fourth quarter of 2009,
representing a non-GAAP operating margin of 16% and compared to $6.3
million for the fourth quarter of
2008.
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The following information was filed by Web.Com Group, Inc. (WEB) on Tuesday, February 9, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Material Contracts, Statements, Certifications & more
Web.Com Group, Inc. provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: WEB
CIK: 1095291
Form Type: 10-K Annual Report
Accession Number: 0001144204-10-011802
Submitted to the SEC: Fri Mar 05 2010 4:20:31 PM EST
Accepted by the SEC: Fri Mar 05 2010
Period: Thursday, December 31, 2009
Industry: Prepackaged Software
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