Geeknet, Inc. (Nasdaq:GKNT), the online conglomerate with sites such as SourceForge and ThinkGeek, increased revenue by $4.8 Million to $20 Million for the three months quarter ended June 30, 2011 versus $15.3 Million at the end of June 2010.
The growth was driven primarily by the company's online technology store ThinkGeek which increased revenue 36% to $14.3 Million from $10.55 Million in 2010. Other online operations brought in about a third of that amount, increasing 22% to $5.8 Million from $4.7 Million in 2010.
"We are beginning to realize the benefits of our focus on driving toward profitable growth in 2011, as both our ThinkGeek and Media businesses delivered strong revenue growth in the second quarter," remarked Ken Langone, Executive Chairman of Geeknet. "In the past year, we have made numerous changes at the company designed to better focus our strategy to grow revenue and create operational efficiencies that can drive bottom line improvements. From moving our headquarters to hiring new key executives, we have moved quickly but methodically and I believe the results are demonstrating the successful execution of our vision. With our Media business delivering its highest revenue quarter and the big holiday season ahead of ThinkGeek, we remain focused on delivering profitable growth in 2011."
While the Fairfax based company is pushing towards a profitable year, the second quarter of 2011 still gave a net loss of $2.14 Million ($0.34 cents per basic and diluted share), although less than the $2.5 Million ($0.42 cents per basic and diluted share) in the same period last year.
The owner of open-source software for download site SourceForge, amassed cash and cash equivalents of $24.9 Million.
Geeknet, Inc moved its headquarters from Mountain View, California in the middle of last year, the company has a market cap of approximately $148.67 Million, shares were up 1.36% to $23.80 in afternoon trading, the stock has a 52-week range of $11.60 - $30.50.