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MeetMe Reports Second Quarter 2014 Financial ResultsNEW HOPE, Pa. --(Business Wire)-- MeetMe, Inc. (NASDAQ: MEET), the public market leader for social discovery, today reported financial results for its second quarter ended June 30, 2014. Second Quarter 2014 Financial Highlights
Geoff Cook, Chief Executive Officer of MeetMe, said: "Our mobile traffic and our financial results in the second quarter demonstrate the gathering momentum in the business. We made considerable progress in the quarter against our primary goal of increasing mobile daily active users, ending the quarter with 864,000 daily active users in June, up 12% versus the Q1 average. Our team is committed to making MeetMe the leading platform for finding new mobile chat partners, and we look forward to continuing to execute against an ambitious product pipeline to grow engagement and continue to expand our audience." David Clark, Chief Financial Officer of MeetMe, added: "For the first time in our history, due to 114% year over year growth, mobile revenue represents the majority of revenue generated in the quarter. This demonstrates the success of our mobile monetization strategy implemented last year. In addition we recently strengthened our balance sheet with a completed equity offering, which provided the Company with net proceeds of $10.5 million." Webcast and Conference Call Details Management will host a webcast and conference call to discuss second quarter 2014 financial results today, August 4, 2014 at 11:30 a.m. Eastern time. To access the call dial 888-481-2877 (+1 719-325-2484 outside the United States) and when prompted provide the passcode "MeetMe" 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 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 (NASDAQ: 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 (News - Alert) 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 whether our business will continue gathering momentum, whether and to what extent we will increase mobile daily active users in the future, whether we make MeetMe the leading platform for finding new mobile chat partners, whether we can successfully implement our product pipeline to grow engagement and expand our audience, whether mobile revenue will continue to constitute the majority of our total revenue, and whether our mobile monetization strategy will continue to be successful. All statements other than statements of historical facts contained herein are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "project," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications' functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission ("SEC (News - Alert)"), including the Form 10-K for the year ended December 31, 2013 and the Prospectus Supplement (Rule 424(b)(5)) filed on July 24, 2014. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Regulation G - Non-GAAP Financial Measures The Company uses financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") in evaluating its financial and operational decision making and as a means to evaluate period-to period comparison. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We refer you to the reconciliations below. The Company defines Adjusted EBITDA as earnings (or loss) from continuing operations before interest expense, income taxes, depreciation and amortization, and non-cash stock-based compensation, non-recurring acquisition and restructuring expenses and the goodwill impairment charges. The Company excludes stock-based compensation because it is non-cash in nature. Non-GAAP financial measures should not be considered as an alternative to net income, operating income, cash flow from operating activities, as a measure of liquidity or any other financial measure. They may not be indicative of the historical operating results of the Company nor is it intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as a substitute for performance measures calculated in accordance with GAAP.
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