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Geeknet's 4Q net income more than triples

Tue, 02/15/2011 - 11:05am
The Associated Press

Shares of Geeknet Inc. soared Tuesday after the online publisher said that its fourth-quarter net income more than tripled and its quarterly revenue jumped 53 percent on higher sales of merchandise from its e-commerce websites.

The company, based in Fairfax, Va., publishes technology enthusiast websites including Slashdot, ThinkGeek, Freshmeat and SourceForge. Visitors can download open-source software, which is distributed with its source code, allowing developers to make changes. People can also buy merchandise and read news about gadgets and the technology industry. It also hosts discussion areas for software developers.

The company earned $4.7 million, or 75 cents per share, in the period ended Dec. 31. That compares with year-earlier earnings of $1.5 million, or 25 cents per share. Revenue rose to $50 million from $32.6 million.

E-commerce revenue rose 60 percent to $44.7 million, while media revenue climbed 12 percent to $5.3 million. Revenue at ThinkGeek, which sells merchandise such as T-shirts and books to so-called geeks, grew 60 percent.

The stock rose $1.27, or 6 percent, to $22.74 during Tuesday afternoon trading.

For fiscal 2010, the company posted a loss of $4.4 million, or 73 cents per share. In 2009, it posted a larger loss of $14 million, or $2.31 per share. Revenue for the year rose to $94.6 million from $65.6 million.

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