INTERVU Posts Loss on Record Revenues
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Audio and video delivery solutions company INTERVU Inc. posted a second quarter net loss of totaled $4.0 million, or $0.34 per share, compared with a net loss in the corresponding period last year that totaled $3.1 million, or $0.34 per share.
Revenue for the 1999 second quarter increased more than five-fold to $1.7 million, from $0.3 million in the corresponding period last year. For the six-month period ended June 30, 1999, net revenues were $3.0 million, up from $0.4 million for the corresponding period in 1998.
The net loss for the six-month period was $7.1 million, or ($0.65) per share, compared with a net loss in the corresponding period last year that totaled $8.8 million, or ($0.99) per share.
INTERVU said it ended the second quarter with $115.5 million in cash and cash equivalents. This increase in cash over the previous quarter resulted from a May 10 public offering that was led by Prudential Securities. This offering raised $97.8 million in net proceeds from the issuance of 2,875,000 shares of common stock.
New entertainment customers for the quarter included CNET, Quokka Sports, Tunes.com, and NBC6, the local NBC affiliate in Charlotte, NC. In addition, INTERVU closed a deal with Muze and agreed to make 1.2 million 30-second promotional music clips from over 100,000 CDs available to online music retailers.