internet.com Reports a 383 Percent Increase in Revenue
Page 1 of 2
internet.com Corp., the publisher of InternetNews.com, reported a 383% increase in revenue for the quarter ended December 31, 1999.
Revenues for the period were a record $7.5 million; for the same period in 1998, the revenues were $1.6 million for the same period last year. Net loss for the fourth quarter, excluding amortization of intangibles, was $482,000, or 2 cents per share, compared to $723,000, or 4 cents a share, for the same period last year. Including amortization of intangibles, net loss for the fourth quarter ended December 31, 1999 was $ 3.9 million, or 17 cents a share.
Those numbers beat analysts' forecasts of a 4-cent loss before one-time items.
For the year ended December 31, 1999, internet.com (INTM) revenues were $16.1 million, a 272 percent increase over revenues of $4.3 million for the comparable period in 1998.
In addition, we continued to expand our world-class proprietary content. Our strategic acquisitions of LinuxToday.com, LinuxCentral.com and LinuxStart.com mark our commitment to the needs of the important Linux and Open Source communities. On December 1, 1999, we filed a registration statement for a proposed follow-on public offering of common stock to raise additional capital to continue the expansion of our business. We plan to use the net proceeds primarily for potential strategic acquisitions, venture capital investments and general corporate purposes. We are pleased that Chase H&Q, Robertson Stephens, U.S. Bancorp Piper Jaffray Inc. and William Blair & Company are managing the underwriting group for this offering."
During the fourth quarter, internet.com completed the acquisitions of: devWire.com (its network of sites include: ASPWire.com, CEWire.com, SQLWire.com and VBWire.com), InternetNewsBureau.com, LinuxStart.com, LinuxToday.com, LinuxCentral.com, SharkyExtreme.com and Solarisguide.com. Internationally, the Company launched Germany.internet.com and SouthAfrica.internet.com, bringing the total number of international editions to 11. A joint venture agreement was formed with VNU International to jointly operate local internet.com branded Web sites in the U.K., Scandinavia, Spain, France, Belgium, Germany, The Netherlands and Italy. The two companies plan to work together to launch additional internet.com country-specific Web sites in the near future. In addition, a content agreement with Yahoo! Asia, Yahoo! Singapore and Yahoo! Hong Kong was announced in November. In January 2000, internet.com announced plans to launch additional international sites in Korea and Taiwan. These acquisitions, international expansion and continued organic growth have increased total monthly views for internet.com's network of Web sites and related Internet media properties to over 150 million.
internet.com Venture Fund I LLC and internet.com Venture Fund II LLC continued to expand their portfolios of early stage business-to-business content Internet companies. Venture Fund I made the following investments during the fourth quarter: AuctionRover.com, GoPDA.com network, BuyBuddy.com and workz.com. Venture Fund II made the following investments during the fourth quarter: AdvertisingConcepts.com, B2BExplorer.com, FoodService.com, Gourmetnet.com, HowStuffWorks.com, Jinvestor.com, LatinVision.com, LawBooks.com, List-Universe.com, Milesandpoints.com, NationalContractors.com, Psylum.com and the-sticks.com. inte