Flycast Communications Reports Record Second Quarter 1999 Re
Flycast Communications Reports Record Second Quarter 1999 Results
Revenue Up 449% from Second Quarter 1998; and Up 38% from First Quarter 1999
SAN FRANCISCO, July 22 /PRNewswire/ -- Flycast Communications Corporation
(Nasdaq: FCST), the leading provider of web-based direct response advertising
solutions, today announced financial results for the second quarter ended June
30, 1999.
Revenues for the second quarter 1999 were $6.4 million, a 449% increase
over revenues of $1.2 million for the second quarter of 1998, and an increase
of 38% over first quarter 1999 revenues of $4.7 million. Gross profit for the
second quarter was $1.6 million, a 447% increase over second quarter 1998
gross profit of $293,000, and up 25% from gross profit of $1.3 million during
the first quarter of fiscal 1999. Loss attributable to common stockholders
for the second quarter was $6.4 million, or $0.54 per diluted share, compared
to a loss of $1.9 million, or $0.27 per proforma diluted share, for the second
quarter of 1998. Loss attributable to common stockholders for the first
quarter of 1999 was $5.1 million, or $0.53 per proforma diluted share.
"We are pleased to report strong financial results," said George Garrick,
Chairman, Chief Executive Officer and President of Flycast. "Flycast's growth
is a direct result of increasing demand by online advertisers for our approach
to the market, and highly cost-effective products and services that deliver
ROI solutions that meet their needs. Building on these offerings, during the
quarter, we announced the introduction of MediaNet and AdLab, extended our
BellSouth relationship into Latin America and introduced the Flycast Digital
DM division. We believe that these activities will enhance Flycast's mission:
to deliver the most cost-effective advertising solutions to response-oriented
advertisers and e-commerce customers."
About Flycast Communications
Based in San Francisco, Flycast Communications is the leading provider of
web-based direct response advertising solutions to marketers. The company is
focused on maximizing the return on investment (ROI) for response-oriented
advertisers, direct marketers and e-commerce companies by delivering the most
cost-effective audience reach, response and results in the industry. The
company's flagship offering, the Flycast Network, reaches over 25 million
people a month, or 41 percent of the web in the U.S. Flycast's advertisers
include e-commerce companies, direct response marketers and interactive
agencies who are interested in generating site traffic and increasing Web-
based sales through ROI-focused advertising. Flycast can be reached on the Web
at www.flycast.com.
The Securities and Exchange Commission (SEC) encourages companies to
disclose forward looking information so that investors can better understand a
company's future prospects and make informed investment decisions. Due to
changing market conditions, product competition, and the nature of product
development, the achievement of forward-looking statements contained in this
press release is subject to risks and uncertainties. For further details and a
discussion of these risks and uncertainties, see Flycast's SEC filings,
including its Prospectus. All forward looking statements are based on
information available to the company on the date hereof, and the company
assumes no obligation to update such statements.
(Tables to follow)
FLYCAST COMMUNICATIONS CORPORATION
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
6/30/98 6/30/99 6/30/98 6/30/99
Revenue $1,172 $6,440 $1,775 $11,097
Cost of revenue 879 4,837 1,362 8,216
Gross profit 293 1,603 413 2,881
Operating expenses:
Sales and marketing 805 4,595 1,502 7,744
Research and development 505 1,737 919 3,048
General and administrative 493 1,410 915 2,440
Stock-based compensation 248 467 330 788
2,051 8,209 3,666 14,020
Operating loss (1,758) (6,606) (3,253) (11,139)
Interest income (expense), net (18) 432 10 368
Net loss (1,776) (6,174) (3,243) (10,771)
Accretion of manditorily redeemable
preferred stock (164) (202) (325) (667)
Loss attributable to common
stockholders $(1,940) $(6,376) $(3,568) $(11,438)
EPS - Basic and diluted:
Loss per share attributable to
common shareholders $(2.37) $(0.54) $(5.41) $(1.76)
Shares used 819 11,763 659 6,500
EPS - Proforma basic and diluted:
Loss per share attributable to
common shareholders $(0.27) $(0.54) $(0.52) $(1.08)
Shares used 7,055 11,763 6,895 10,633
FLYCAST COMMUNICATIONS CORPORATION
BALANCE SHEETS
($ in thousands)
(unaudited)
Dec. 31, Mar. 31, Jun. 30,
1998 1999 1999
Current assets:
Cash & short-term investments $5,193 $15,217 $81,654
Accounts receivable, net 3,449 4,225 7,517
Prepaid expenses and other assets 256 1,267 2,017
Total current assets 8,898 20,709 91,188
Property & equipment, net 1,785 4,192 6,549
Other assets 108 148 196
Total assets $10,791 $25,049 $97,933
Total current liabilities $4,810 $9,241 $13,903
Long-term debt and lease obligations 4,704 4,722 4,114
Total liabilities 9,514 13,963 18,017
Mandatorily redeemable preferred stock 13,855 27,900 --
Total stockholders' equity (12,578) (16,814) 79,916
Total liabilities, preferred stock and
stockholders' equity $10,791 $25,049 $97,933
SOURCE Flycast Communications Corporation
-0- 07/22/99
/CONTACT: Carolyn Bass or Jim Byers, or media inquiries, Alicia Nieva-
Woodgate,
415-296-7383 or flycast_info@mwa-sf.com, or Patricia Walsh or Eric Gonzales
212-850-5600, of Morgen-Walke Associates, Inc., for Flycast Communications
Corporation/
/Web site: flycast.com
(FCST)
CO: Flycast Communications Corporation
ST: California
IN: CPR
SU: ERN
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