CNET: Death-Warmed-Over

Another death-warmed-over quarter from CNET:

• Revenues $99.5 million, up only 6.6% y/y and just 2.4% from Q2.  Is CNET operating in the same online advertising industry as everyone else?
• EBITDA (less stock option investigation expense) of $17.7 million, down 4.3% y/y and up 9.3% from Q2
• EBITDA margin (less everything): 18% vs 20% a year ago, 17% last quarter.
• Free cash flow (less everything): $8.5 million, up 54% from a year ago but down 28% from last quarter.

The company also announced that it sold Web Shots for $45 million. Add that to the $250 million debt it raised last week, and it has some money to play with for acquisitions and “financial flexibility” (read: not ruling out buybacks)

One clear bright sign for both the company and the rest of the online ad business: Company reports “consistency in pricing, with some increases. No downward pressure.”

Related: TechCrunch To Sell To CNET For $100 Milion?
How To Save CNET: Private Equity + Shelby Bonnie

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