MediaMind (Nasdaq:MDMD) Expects 2011 Revenue of $100M

Shawshank, VA 5/17/2011 (PennyPayDay) -- MediaMind Technologies Inc. (Nasdaq:MDMD), the leading independent global provider of integrated digital advertising solutions, last week announced, in a press release, its financial results for the first quarter ended March 31, 2011.

First Quarter Highlights

Revenues of $18.9 million, up 18% from the prior year period. Revenue growth is accelerating when compared to the preceding quarter and is expected to continue and accelerate in 2011 and 2012.

Non-GAAP net income of $1.6 million, or $0.07 per diluted share; GAAP net income of $0.6 million, or $0.03 per diluted share.

Adjusted EBITDA of $2.3 million.

Positive operating cash flow of $3.7 million.

Continued progress on data driven products, organizational realignment and growth of large advertiser base.

For the 2011 first quarter, revenues increased 18% to $18.9 million compared to $16.0 million in the prior-year period.

Net income attributable to Common stockholders for the 2011 first quarter was $0.6 million, or diluted earnings per share of $0.03, compared to $42 thousand, or diluted earnings per share of $0.00, in the first quarter of 2010.

"We executed well against top and bottom line plan in the first quarter and have set the stage for accelerated top-line growth in 2011 and into 2012," commented Gal Trifon, President and CEO of MediaMind.

For the 2011 second quarter, MediaMind expects to generate revenues in the range of $25 to $26 million. Net income is expected in the range of $1.6 to $2.2 million, or diluted earnings per share of $0.07 to $0.10. Non-GAAP net income is expected in the range of $3.1 to $3.6 million, or non-GAAP diluted earnings per share of $0.14 to $0.17. Adjusted EBITDA for the 2011 second quarter is expected in the range of $5.0 million to $5.7 million, which reflects a previously anticipated high level of spend in the Company's outlined growth initiatives.

The Company is also introducing its full year 2011 outlook. MediaMind expects to generate 2011 revenues in the range of $99 to $101 million. Net income for the full year is expected in the range of $9.1 to $10.8 million, or diluted earnings per share of $0.41 to $0.49. Non-GAAP net income is expected in the range of $14.0 to $15.6 million, or non-GAAP diluted earnings per share of $0.63 to $0.70. Adjusted EBITDA for the 2011 full year is expected in the range of $22.5 million to $23.8 million.

"We are providing full year 2011 guidance primarily to offer more clarity on the anticipated favorable impact of our growth investments which are expected to drive accelerated revenue growth and resulting adjusted EBITDA gains in the second half of the year," commented Sarit Firon, CFO of MediaMind. "We are very pleased with the performance to date of these growth areas including data driven products, international expansion including China, and larger advertisers, and look forward to increasing their contribution to our overall performance."

MediaMind is a global provider of digital advertising campaign management solutions to advertising agencies and advertisers. MediaMind provides media and creative agencies, advertisers and publishers with an integrated platform to manage campaigns across digital media channels and a variety of formats, including rich media, in-stream video, display and search.

For more information on MediaMind, visit http://www.MediaMind.com.

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