LOK looksmart limited

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    LookSmart Reports First Quarter 2002 Results
    April 29, 2002 4:00:00 PM ET

    Strong Growth in Listings; Earnings Beat Expectations

    SAN FRANCISCO, April 29 /PRNewswire-FirstCall/ LookSmart (Nasdaq: LOOK; ASX: LOK), a global leader in search targeted marketing, today announced financial results for the first quarter ended March 31, 2002.

    Financial Highlights:

    Revenue Grows to $20M: First quarter 2002 revenue totaled $20.1 million, up from revenue of $19.0 million in the fourth quarter 2001. Revenue increased despite the expected seasonal downturn and was above expectations.

    Listings Revenue Increases 11%: LookSmart reported solid growth with listings revenue of $13.4 million, an 11 percent increase over $12.1 million in the fourth quarter 2001. Listings revenues have more than doubled since the first quarter 2001. Paid listings now represent 67 percent of LookSmart's total revenue.

    Paid Clicks Increase 11%: Total paid clicks for the first quarter reached 70 million, representing growth of more than 11 percent versus 63 million in the prior quarter.

    Small Business Revenue Increases 19%: Small business revenue reached a record high of $3.1 million in the quarter, a 19 percent increase from fourth quarter 2001 revenue of $2.6 million.

    Sequential EBITDA Profit: LookSmart reported a sequential increase in EBITDA (earnings before interest, tax, depreciation, amortization and certain other items) to $2.8 million or $0.03 per share, beating First Call consensus estimate of $0.01. This compares to $2.7 million, or $0.03 per share in the fourth quarter 2001 and a loss of ($6.1 million), or ($0.07) per share in the first quarter 2001. GAAP net loss for the first quarter 2002 was ($5.4 million), or ($0.06) per share, compared to ($11.1 million), or ($0.12) per share in the fourth quarter 2001, and ($24.6 million), or ($0.27) per share in the first quarter 2001.

    Cash Grows to over $46M: Unrestricted cash grew $2.1 million over the prior quarter to $46.2 million as of March 31, 2002.

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