Quepasa Corporation (AMEX:QPSA), creator and operator of Quepasa.com, an online social network and gaming platform for the Latino community, reported results for its fiscal year ended December 31, 2010. As I write, shares of Quepasa are down 20 cents at $12 per share on volume of more than 700,000 shares. Revenues were $6.1 million for 2010, an increase of $5.5 million or 1030% compared to revenues of $536,000 in 2009. The increase in revenues was primarily due to the company's continued improvements in website monetization efforts.Operating loss was $6.1 million or $(0.46) per basic and diluted share, which included $5.9 million of non-cash stock option expense amortization, compared to an operating loss of $9.9 million in the previous year, an improvement of $3.9 million or 39%.
Net loss for 2010 on a GAAP basis was $6.7 million or $(0.51) per basic and diluted share. This was an improvement from a net loss of $10.6 million or $(0.83) per basic and diluted share in the previous year.
EBITDA for 2010 was $26,000 or $0.00 per basic and diluted share, an improvement from an EBITDA loss of $3.9 million or $(0.31) per basic and diluted share in 2009 (see important discussion about the presentation of EBITDA, a non-GAAP term, below).
Cash and equivalents totaled $13.5 million as of December 31, 2010, as compared to $1.0 million at the end of the previous year.
"The strong, viral-driven growth of Quespasa.com continued to reach record levels during the year as we realized substantial progress in the monetization of our user base," said John C. Abbott, CEO of Quepasa. "This included generating significant revenue from our new distributed social media advertising solution, Quepasa DSM, as well as establishing a new relationship with PlaySpan at year-end that allows us to more easily monetize user gaming activity."
"As we enter 2011, Quepasa DSM continues to gain traction with advertisers seeking to leverage consumers' rapid, widespread adoption of social media," said Abbott. "Quepasa DSM allows advertisers to reach multiple social media platforms in a single campaign, and leverage best-of-breed social media technologies to drive remarkable results -- especially as compared to traditional media options. With major reseller partnerships in place, we expect to attract new business by taking advantage of these partners' existing advertiser relationships and overall demand for social solutions.”
Quepasa Corporation, owns Quepasa.com, an online social network and gaming platform for the Latino community. Quepasa.com provides fun, interactive, and easy to use social tools, and rich multimedia content in English, Spanish and Portuguese to embrace Latinos everywhere, and empower them to connect online, compete in contests and games and share their interests, ideas, and activities. Quepasa is headquartered in West Palm Beach, Florida with offices in Miami, Los Angeles, Scottsdale, and Hermosillo, Mexico.
For more information about the company, go to www.quepasacorp.com, or join for free at www.Quepasa.com.
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