viewGeeknet Inc

Geeknet starts review of strategic alternatives


Geeknet (NASDAQ:GKNT) said Friday that it plans to explore "strategic alternatives" which may include the sale of some of its
websites as it seeks to bolster shareholder value.

Shares jumped 11.70 percent climbing to $14.70 apiece in trade on the Nasdaq on Friday afternoon.

The U.S.-based company provides open source software tools, sells a number of gadgets and T-shirts online and also provides users with tech news.

Geeknet’s board authorized the move to review its SourceForge, Slashdot and Freecode websites in a bid to realize the "full
potential" of the assets.

"After much discussion, our management team and Board of Directors have decided to begin a formal review of our media business assets," chief executive Ken Langone said in a statement.

"With more than 46 million total visitors last month, our media properties have a large community of engaged users and we are
committed to creating the best online experience for them."

The company hired DeSilva+Phillips as financial advisor to assist with the process; and said that there can be no assurance the strategic review will result in any transaction.

Earlier this month, the online network company reported a narrower net loss during the first quarter aided by higher revenue and wider margins.

The company posted a narrower loss of $2.1 million, or 33 cents per share, compared with a year-ago net loss of $2.4 million, or 38 cents per share.

For the first three months of the year, sales reached $22.3 million up from the $19.9 million in sales a year-previously.

Quick facts: Geeknet Inc

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Market: NASDAQ
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