Mixed signals from LookSmart today as their Chief Financial Officer John Simonelli has announced his resignation as CFO and Chief Operating Officer after a replacement is found and his responsibilities have been transitioned.
Dave Hills, President and Chief Executive Officer of LookSmart, said,
“John has been an effective partner during this phase of the Company’s development and we will certainly miss him. At the same time, all of us support his decision to spend more time with his family. We are confident in our operational and financial controls and processes which John played a key role in developing, and his willingness to remain on board while we find and integrate a replacement speaks to his dedication and enthusiasm for the Company. On behalf of myself, the Board and the entire LookSmart team, we thank John for his service.”
LookSmart also announced that given added visibility into the second quarter which ends June 30, 2007, it preliminarily expects that its financial results will meet or exceed prior guidance provided to the market.
In the second quarter, LookSmart now expects to report a total revenue increase of 25%-27% year-over-year.
Additionally, in the second quarter LookSmart continues to expect gross margins of 42%-43% and operating expenses to increase approximately 5% year-over-year.