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RealTime IT News

SportsLine Scores Higher Revenues, Lower Loss

SportsLine USA, Inc. is claiming a home run in the second quarter earnings game, reporting total revenue of $7.0 million, a 245% gain compared to the $2.0 million reported for same period last year.

The Web-based sports resource also recorded a second quarter net loss of $7.5 million, or $0.41 per share, compared to a 1997 second quarter loss of $8.2 million or $0.75 per share.

Earnings before interest, taxes, depreciation and amortization (EBITDA) equaled a loss of $4.8 million for the quarter, down from a second quarter 1997 loss of $5.4 million, the company said.

SportsLine noted its 1997 financial results were restated so that its acquisition of GolfWeb was reflected as a pooling-of-interests transaction.

Advertising revenue for second quarter 1998 surged 249% from last year to around $4.1 million. Newly signed advertisers during the quarter included Cadillac, Chrysler, Office Depot, Castrol USA, First Plus Financial, EDS, Cheez Whiz, Eddie Bauer, Crestar, Universal Studios and Sybase, Inc.

Last week the company announced that second quarter page views averaged 5.4 million, an increase of 310% compared to average daily page views of approximately 1.3 million during the same quarter of 1997. The figure also represents a 23% increase over first quarter 1998 page views.

SportsLine said traffic reached an all-time high of 6.3 million page views per day during June 1998, an increase attributed to its extensive World Cup soccer coverage. This represents a 170% increase compared to second quarter 1997 visits averaging 185,000 per day.

"Our unparalleled sports content was strengthened even further this quarter with the addition of Soccer Live and 3-D Soccer World in support of World Cup '98, as well as our enhanced Baseball Live and new 3-D Baseball World," said Michael Levy, president and CEO of SportsLine USA, Inc. "Additionally, we unveiled our redesigned, streamlined site which provides faster access and a more user-friendly format to further heighten our fans' online sports experience."

The company was formed as SportsLine USA in 1994. Its online sports service became CBS SportsLine in 1997 as part of an exclusive five-year promotional and content alliance with CBS Sports. Other Internet competitors include ESPN Sportszone (Disney/ABC/Starwave) and CNN/SI.



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