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MeetMe Reports Third Quarter 2015 Financial Results

NEW HOPE, Pa.--(BUSINESS WIRE)--

MeetMe, Inc. (MEET), the public market leader for social discovery, today reported financial results for its third quarter ended September 30, 2015.

Third Quarter 2015 Financial Highlights

  • Mobile revenue was $11.6 million, up 73% from the third quarter of 2014.
  • Mobile revenue represented 81% of total revenue, the highest in MeetMe’s history.
  • Total revenue was $14.3 million, up 23% from the third quarter of 2014.
  • Adjusted EBITDA was $5.2 million, an increase of 141% year over year. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measure, below.) Third quarter 2015 adjusted EBITDA excludes a one-time, $5.7 million write-off of Beanstock Media’s accounts receivable balance, which falls outside of the Company’s normal range of bad debt expense.
  • Adjusted EBITDA margin increased to 37%, up from 19% in the third quarter of 2014.
  • Net loss was $2.0 million, compared to net income of $52,000 for the third quarter of 2014. Third quarter 2015 net income was impacted by the one-time, $5.7 million write-off of Beanstock Media’s accounts receivable balance.
  • Cash and Cash Equivalents totaled $15.5 million at September 30, 2015.

Geoff Cook, Chief Executive Officer of MeetMe, stated, “In the third quarter, we set a new revenue record, reflecting growth in both engagement and ad pricing (or CPMs). Our mobile daily active users increased 19% year over year and our total mobile monthly active users increased 31% year over year. Additionally, our mobile CPMs increased 88% year over year. We believe it is significant to have achieved this level of revenue performance in the third quarter, as the fourth quarter is historically our strongest revenue quarter of the year, due to seasonal trends in CPMs. We are pleased to see the positive CPM momentum experienced in the third quarter continue to date into the fourth quarter.”

“On the product side, by year end, we expect to launch a major revamp of the MeetMe Plus subscription service, as well as additional native advertising partners. Our team is also hard at work at initiatives designed to deliver future user growth, including a significant revamp to our Recommendation Engine and a major new feature designed to facilitate interest-based communities.”

David Clark, Chief Financial Officer of MeetMe, added, “With continued effective management of our mobile advertising inventory, our mobile revenue during the quarter increased 73% year over year. Mobile revenue represented 81% of our total quarterly revenue, the highest percentage in our history and up from 58% in the year ago quarter. Much of that revenue improvement flowed through to adjusted EBITDA, which increased to $5.2 million on a year over year basis, resulting in a 37% adjusted EBITDA margin.”

Webcast and Conference Call Details

Management will host a webcast and conference call to discuss third quarter 2015 financial results today, November 3, 2015 at 10:30 a.m. Eastern time. To access the call dial 888-438-5448 (+1 719-457-2664 outside the United States) and when prompted provide the participant passcode 2164051 to the operator. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.meetmecorp.com&index=1&md5=5b2de854bb6a170eda9a224fd3fe0...">www.meetmecorp.com and a replay of the webcast will be available for 90 days.

About MeetMe, Inc.

MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately 80 percent of traffic coming from mobile and more than one million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription. MeetMe apps are available on iPhone, iPad, and Android in multiple languages, including English, Spanish, Portuguese, French, Italian, German, Chinese (Traditional and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For more information, please visit meetmecorp.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the significance of third quarter revenue performance in terms of historical seasonal trends in our CPMs; whether positive CPM momentum experienced in the third quarter continue so far into the fourth quarter; whether we will launch a major revamp of the MeetMe Plus subscription service and the timing of such launch; whether we will launch additional native advertising partners and the timing of such launch; the success of future...


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