February 17, 2010, 12:00 AM

Geeknet posts robust full year and fourth quarter web sales

Geeknet, which owns and operates ThinkGeek.com, is reporting strong 2009 web sales. E-commerce revenue in Q4 and the full year increased 41.6% and 33.2%, respectively.

Bill Briggs

Senior Editor

Geeknet Inc., which changed its company name from SourceForge Inc. in November, is reporting strong full-year and fourth quarter web sales.

For the year ended Dec. 31, Geeknet reported:

  • E-commerce sales increased 33.2% to $49.0 million from $36.8 million.
  • Media revenue decreased 26.5% year over year to $16.6 million from $22.6 million.
  • Total revenue grew 10.4% to $65.6 million from $59.4 million in 2008.
  • E-commerce accounted for 74.7% of total sales compared with 62% in the prior year.
  • Net loss was $14.0 million compared with a net loss of $4.8 million in 2008. The net loss for the year included a $1.2 million write-off of internally developed software and a $4.6 million impairment charge for the company’s investment in CollabNet, a platform for distributed software development, says Geeknet.

For the fourth quarter, Geeknet, No. 250 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name), reported:

  • E-commerce sales increased 41.6% to $27.9 million from $19.7 million.
  • Media revenue decreased 7.8% year over year to $4.7 million from $5.1 million.
  • Total revenue grew 31.5% to $32.6 million from $24.8 million in the fourth quarter of 2008.
  • E-commerce accounted for 85.6% of total sales compared with 79.4% in the prior year.
  • Net income decreased 42.3% to $1.5 million from $2.6 million in the fourth quarter of 2008.

“Geeknet closed the year with a solid fourth quarter as we realized some of the benefits associated with our numerous investments in 2009,” says CEO Scott Kauffman. “In particular, ThinkGeek.com delivered record revenue driven by an increased focus on marketing and awareness. The fourth quarter results validate my belief that our strategy to reinvigorate the company is gaining traction with both our consumers and our advertisers. We expect these trends to continue in 2010.”

 

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