SOURCE: MeetMe, Inc.

MeetMe, Inc.

June 05, 2012 08:30 ET

Quepasa Corporation Rebrands to MeetMe, Inc.

Now Trades Under Ticker MEET; Launches

NEW HOPE, PA--(Marketwire - Jun 5, 2012) - Quepasa Corporation (NYSE MKT: QPSA) (NYSE Amex: QPSA), the public market leader for social discovery, today announced that the company is now MeetMe, Inc. and will begin trading under the new ticker MEET (NYSE MKT: MEET) (NYSE Amex: MEET) with today's opening bell. Additionally, the company has rebranded its leading social platform from myYearbook to MeetMe across iPhone, Android, web, and mobile web.

"In April 2012, we announced plans to rebrand to MeetMe to align the long-established mission of the company with the outward-facing brand: to build a platform synonymous with meeting new people the world over," said John Abbott, CEO of MeetMe, Inc. "Today we made significant progress towards that goal with the launch of MeetMe across web and mobile ahead of our announced schedule."

"With today's launch, MeetMe is the leading social network for meeting new people in the US," noted Geoff Cook, COO of MeetMe, Inc. "As pioneers in the emerging social discovery category, we look forward to proving the opportunity for social networks beyond Facebook (FB) that focus not on the people you already know, but on the people you want to know. We look forward to transitioning the audience to MeetMe by September, as previously announced, and internationalizing the platform into half a dozen languages by the end of the year, establishing the company as a truly global leader in social discovery."

The company's rebranding is founded on its long-term stake in global social discovery. myYearbook, which the company rebranded today to MeetMe, has used its highly engaging approach to social discovery to become one of the largest sites in the US, ranking in the top 40 most trafficked sites in the US by web page views, according to comScore. The service's mobile traffic is even greater, with 60% of daily logins now coming from mobile devices.

The company has been experiencing significant growth in mobile with mobile MAU increasing 15% in Q1 to 1.61 million in March from 1.40 million in December and mobile revenue increasing 90% during the same period. The company reported revenue of $10.8 million and Adjusted EBITDA of $673,000 in Q1. (See the important discussion about the presentation of EBITDA and adjusted EBITDA loss, non-GAAP financial measures, and a reconciliation to the most directly comparable GAAP financial measure, below.)

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
For the Three Months Ended For the Three Months Ended For the Three Months Ended
March 31, 2012 Per Basic Share Per Diluted Share March 31, 2011 Per Basic Share Per Diluted Share December 31, 2011 Per Basic and Diluted Share
Net loss allocable to common shareholders $ (1,858,658 ) $ (0.05 ) $ (0.05 ) $ (1,517,001 ) $ (0.10 ) $ (0.07 ) $ (5,457,271 ) $ (0.20 )
Interest expense 298,068 0.01 0.01 149,986 0.01 0.01 204,199 0.01
Depreciation and amortization 907,399 0.02 0.02 136,460 0.01 0.01 603,030 0.02
Amortization of stock based compensation 1,036,061 0.03 0.03 873,234 0.06 0.03 1,469,637 0.05
EBITDA 382,870 0.01 0.01 (357,321 ) (0.02 ) (0.02 ) (3,180,405 ) (0.12 )
Acquisition and restructuring costs 290,067 0.01 0.01 367,751 0.02 0.02 779,441 0.03
Loss on impairment of goodwill - - - - - - 1,409,127 0.05
Adjusted EBITDA $ 672,937 $ 0.02 $ 0.02 $ 10,430 $ 0.00 $ 0.00 $ (991,837 ) $ (0.04 )
Weighted average number of shares outstanding, Basic 36,189,173 15,662,232 27,770,127
Weighted average number of shares outstanding, Dilutive 41,800,383 24,437,565

Use of Non-GAAP Financial Information

The company uses financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") in evaluating its financial and operational decision making and as a means to evaluate period-to-period comparison. The company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

The company defines EBITDA as earnings (or loss) before interest expense, income taxes, depreciation and amortization, and amortization of non-cash stock-based compensation. The company excludes stock-based compensation because it is non-cash in nature. The company defines adjusted EBITDA as EBITDA excluding non-recurring acquisition and restructuring expenses and the goodwill impairment charge. Other companies (including the company's competitors) may define EBITDA and adjusted EBITDA differently.

EBITDA and adjusted EBITDA are non-GAAP financial measures and should not be considered as alternatives to net income, operating income, cash flow from operating activities, as a measure of the company's liquidity or any other financial measures. It may not be indicative of the historical operating results of the company nor is it intended to be predictive of potential future results. Investors should not consider EBITDA and/or adjusted EBITDA in isolation or as substitutes for performance measures calculated in accordance with GAAP.

About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (NYSE MKT: MEET) (NYSE Amex: MEET). MeetMe makes meeting new people fun through social games and apps, monetized by both advertising and virtual currency. The MeetMe brand grew out of the merger of myYearbook and Quepasa in November 2011. With 60% of daily active users coming from mobile, MeetMe is transforming how people discover one another in a mobile-first world. The company operates,, and MeetMe apps on iPhone and Android.

Cautionary Note Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the transition of myYearbook to MeetMe and internationalization of the platform. All statements other than statements of historical facts contained in this press release, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that unanticipated events which affect the transition of myYearbook to MeetMe and internationalization of the platform. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K for the year ended December 31, 2011 filed on March 14, 2012. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact Information

  • Contact:
    Robin Shallow
    EVP Communications & Public Relations
    MeetMe, Inc.
    (215) 862-1162 x230

    Investor Contact:
    E. Brian Harvey
    VP of Capital Markets and Investor Relations
    MeetMe, Inc.
    (310) 801-1719
    Follow us on StockTwits or Twitter @meetmecorp