SourceForge Inc. (LNUX, Financial) filed Quarterly Report for the period ended 2011-09-30.
Sourceforge Inc. has a market cap of $99.28 million; its shares were traded at around $0 with a P/E ratio of 146.
Direct sales revenue for the nine months ended September 30, 2011 increased $1.3 million as compared with the nine months ended September 30, 2010. The majority of the increase was due to existing customers spending more at $4.4 million, offset by advertisers spending less at $3.2 million. New customers brought in additional revenue of $1.9 million when comparing the nine months ended September 30, 2011 to the same period last year. This was offset by $0.9 million from customers who did not renew their campaigns. The increase in Ad Networks revenue for the nine months ended September 30, 2011 as compared to the nine months ended September 30, 2010 was due to increased revenue from Google due to an increase in the number of ad units we made available to them. Since we obtain higher prices for direct sales revenue, we allocate our available ad units first to direct sales campaigns and then to ad networks. To the extent that direct sales campaigns decline, we would allocate additional ad units to ad networks. The increase in Other revenue during the nine months ended September 30, 2011 when compared to the nine months ended September 30, 2010 was primarily due to higher international direct sales.
For the nine months ended September 30, 2011, net cash used in operating activities was $9.9 million. This was due to our net operating loss of $2.7 million after the effects of non-cash charges of stock-based compensation expense of $3.1 million and depreciation and amortization expense of $1.5 million. Additionally, changes in operating assets and liabilities included cash used for accounts payable of $8.9 million, accrued liabilities of $1.1 million and an increase in accounts receivable of $0.3 million. This was partially offset with cash provided by inventory of $5.0 million and deferred revenue of $0.6 million. The changes to accounts payable were primarily due to payments made in the first quarter for ThinkGeek inventory that was purchased for the 2010 holiday season. The cash provided by inventory of $5.0 million was primarily due to our need to discontinue certain ThinkGeek products and bring in new products for the 2011 holiday season. Also in 2011, we upgraded our inventory leadership and processes and we are continuing to improve our efficiency resulting in lower inventory levels. Cash used in operating activities decreased by $8.5 million during the nine months ended September 30, 2011 as compared to the nine months ended September 30, 2010. This was due to a reduction in our operating losses improving cash used in operations by $4.1 million before adjusting for working capital. The cash used through increased working capital also improved $4.3 million over prior year. Cash used for accounts payable was much higher than the same period last year due primarily to payments made in the first quarter of 2011 for inventory purchased for the 2010 ThinkGeek holiday season. Also driving the decrease in cash used in operating activities when compared to the same period last year was the cash used in restructuring activities in 2010 of $1.2 million. Net cash used in operating activities was $18.4 million for the nine months ended September 30, 2010. Net cash used in operating activities was primarily due to our net operating loss of $5.5 million after the effects of non-cash charges of stock-based compensation expense of $2.0 million, depreciation and amortization expense of $1.8 million. Additionally, changes in operating assets and liabilities included cash used for accrued liabilities of $1.2 million, accrued restructuring liabilities of $1.2 million, increases in inventory of $11.0 million and prepaid expenses and other assets of $2.5 million, offset in part by cash provided by a decrease in accounts receivable of $0.4 million, and increases in accounts payable of $3.3 million and deferred revenue of $0.6 million. The increase in inventory is due to our purchase of inventory by ThinkGeek in anticipation of their seasonal fourth quarter demand, and the increases in prepaid and other assets are primarily related to inventory prepayments to vendors. The decrease in accounts receivable is primarily due to the better collection efforts in our Media business.
For the nine months ended September 30, 2011, net cash used in operating activities was $9.9 million. This was due to our net operating loss of $2.7 million after the effects of non-cash charges of stock-based compensation expense of $3.1 million and depreciation and amortization expense of $1.5 million. Additionally, changes in operating assets and liabilities included cash used for accounts payable of $8.9 million, accrued liabilities of $1.1 million and an increase in accounts receivable of $0.3 million. This was partially offset with cash provided by inventory of $5.0 million and deferred revenue of $0.6 million. The changes to accounts payable were primarily due to payments made in the first quarter for ThinkGeek inventory that was purchased for the 2010 holiday season. The cash provided by inventory of $5.0 million was primarily due to our need to discontinue certain ThinkGeek products and bring in new products for the 2011 holiday season. Also in 2011, we upgraded our inventory leadership and processes and we are continuing to improve our efficiency resulting in lower inventory levels.
Net cash used in operating activities was $18.4 million for the nine months ended September 30, 2010. Net cash used in operating activities was primarily due to our net operating loss of $5.5 million after the effects of non-cash charges of stock-based compensation expense of $2.0 million, depreciation and amortization expense of $1.8 million. Additionally, changes in operating assets and liabilities included cash used for accrued liabilities of $1.2 million, accrued restructuring liabilities of $1.2 million, increases in inventory of $11.0 million and prepaid expenses and other assets of $2.5 million, offset in part by cash provided by a decrease in accounts receivable of $0.4 million, and increases in accounts payable of $3.3 million and deferred revenue of $0.6 million. The increase in inventory is due to our purchase of inventory by ThinkGeek in anticipation of their seasonal fourth quarter demand, and the increases in prepaid and other assets are primarily related to inventory prepayments to vendors. The decrease in accounts receivable is primarily due to the better collection efforts in our Media business.
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Sourceforge Inc. has a market cap of $99.28 million; its shares were traded at around $0 with a P/E ratio of 146.
Highlight of Business Operations:
Direct sales revenue for the three months ended September 30, 2011 was higher by $0.3 million when compared to the three months ended September 30, 2010. The increase was primarily due to existing customers of $0.6 million while new customers added $0.7 million, offset by a $0.8 million decrease in revenue from advertisers whose campaigns were not renewed. The increase in Ad Networks revenue of $0.5 million for the three months ended September 30, 2011 as compared to the three months ended September 30, 2010 is due to a more effective utilization of inventory. The increase in Other revenue during the three months ended September 30, 2011 when compared to the three months ended September 30, 2010 was due to higher international direct sales. We continue to see increased international revenue due to the efforts of our direct sales force and expanded reseller relationships in Europe and Asia.Direct sales revenue for the nine months ended September 30, 2011 increased $1.3 million as compared with the nine months ended September 30, 2010. The majority of the increase was due to existing customers spending more at $4.4 million, offset by advertisers spending less at $3.2 million. New customers brought in additional revenue of $1.9 million when comparing the nine months ended September 30, 2011 to the same period last year. This was offset by $0.9 million from customers who did not renew their campaigns. The increase in Ad Networks revenue for the nine months ended September 30, 2011 as compared to the nine months ended September 30, 2010 was due to increased revenue from Google due to an increase in the number of ad units we made available to them. Since we obtain higher prices for direct sales revenue, we allocate our available ad units first to direct sales campaigns and then to ad networks. To the extent that direct sales campaigns decline, we would allocate additional ad units to ad networks. The increase in Other revenue during the nine months ended September 30, 2011 when compared to the nine months ended September 30, 2010 was primarily due to higher international direct sales.
For the nine months ended September 30, 2011, net cash used in operating activities was $9.9 million. This was due to our net operating loss of $2.7 million after the effects of non-cash charges of stock-based compensation expense of $3.1 million and depreciation and amortization expense of $1.5 million. Additionally, changes in operating assets and liabilities included cash used for accounts payable of $8.9 million, accrued liabilities of $1.1 million and an increase in accounts receivable of $0.3 million. This was partially offset with cash provided by inventory of $5.0 million and deferred revenue of $0.6 million. The changes to accounts payable were primarily due to payments made in the first quarter for ThinkGeek inventory that was purchased for the 2010 holiday season. The cash provided by inventory of $5.0 million was primarily due to our need to discontinue certain ThinkGeek products and bring in new products for the 2011 holiday season. Also in 2011, we upgraded our inventory leadership and processes and we are continuing to improve our efficiency resulting in lower inventory levels. Cash used in operating activities decreased by $8.5 million during the nine months ended September 30, 2011 as compared to the nine months ended September 30, 2010. This was due to a reduction in our operating losses improving cash used in operations by $4.1 million before adjusting for working capital. The cash used through increased working capital also improved $4.3 million over prior year. Cash used for accounts payable was much higher than the same period last year due primarily to payments made in the first quarter of 2011 for inventory purchased for the 2010 ThinkGeek holiday season. Also driving the decrease in cash used in operating activities when compared to the same period last year was the cash used in restructuring activities in 2010 of $1.2 million. Net cash used in operating activities was $18.4 million for the nine months ended September 30, 2010. Net cash used in operating activities was primarily due to our net operating loss of $5.5 million after the effects of non-cash charges of stock-based compensation expense of $2.0 million, depreciation and amortization expense of $1.8 million. Additionally, changes in operating assets and liabilities included cash used for accrued liabilities of $1.2 million, accrued restructuring liabilities of $1.2 million, increases in inventory of $11.0 million and prepaid expenses and other assets of $2.5 million, offset in part by cash provided by a decrease in accounts receivable of $0.4 million, and increases in accounts payable of $3.3 million and deferred revenue of $0.6 million. The increase in inventory is due to our purchase of inventory by ThinkGeek in anticipation of their seasonal fourth quarter demand, and the increases in prepaid and other assets are primarily related to inventory prepayments to vendors. The decrease in accounts receivable is primarily due to the better collection efforts in our Media business.
For the nine months ended September 30, 2011, net cash used in operating activities was $9.9 million. This was due to our net operating loss of $2.7 million after the effects of non-cash charges of stock-based compensation expense of $3.1 million and depreciation and amortization expense of $1.5 million. Additionally, changes in operating assets and liabilities included cash used for accounts payable of $8.9 million, accrued liabilities of $1.1 million and an increase in accounts receivable of $0.3 million. This was partially offset with cash provided by inventory of $5.0 million and deferred revenue of $0.6 million. The changes to accounts payable were primarily due to payments made in the first quarter for ThinkGeek inventory that was purchased for the 2010 holiday season. The cash provided by inventory of $5.0 million was primarily due to our need to discontinue certain ThinkGeek products and bring in new products for the 2011 holiday season. Also in 2011, we upgraded our inventory leadership and processes and we are continuing to improve our efficiency resulting in lower inventory levels.
Net cash used in operating activities was $18.4 million for the nine months ended September 30, 2010. Net cash used in operating activities was primarily due to our net operating loss of $5.5 million after the effects of non-cash charges of stock-based compensation expense of $2.0 million, depreciation and amortization expense of $1.8 million. Additionally, changes in operating assets and liabilities included cash used for accrued liabilities of $1.2 million, accrued restructuring liabilities of $1.2 million, increases in inventory of $11.0 million and prepaid expenses and other assets of $2.5 million, offset in part by cash provided by a decrease in accounts receivable of $0.4 million, and increases in accounts payable of $3.3 million and deferred revenue of $0.6 million. The increase in inventory is due to our purchase of inventory by ThinkGeek in anticipation of their seasonal fourth quarter demand, and the increases in prepaid and other assets are primarily related to inventory prepayments to vendors. The decrease in accounts receivable is primarily due to the better collection efforts in our Media business.
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