BancBoston Robertson Stephens Reiterates Buy Rating on TMCS
SAN FRANCISCO, July 28 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens managing director and senior Internet analyst Keith E. Benjamin today reiterated his Buy rating on TicketMaster Online-CitySearch, Inc. (Nasdaq: TMCS). CitySearch creates and delivers local-city guides on the Web, while offering online-ticket sales through TicketMaster Online.
"We are reiterating our Buy rating on TicketMaster Online-City Search, following the company's announcement of strong-second-quarter 1999 results," said Benjamin. "The company reported revenues of nearly $25.5 million and earnings-per-share of ($0.31), well above our estimates of $17.3 million and ($0.36), respectively. In addition, ticketing sales of $17.8 million were nearly double $10.1 million estimate.
"We are raising our fiscal 1999, fiscal 2000 and fiscal 2001 revenue estimates from $70.5 million to $91.6 million, from $107.5 million to $135 million and from $161 million to $185 million, respectively," said Benjamin. "These adjustments reflect the strong growth of online-ticket-sales and amortization for the Sidewalk deal of $325 million over five years.
"Going forward, we see prospects for accelerated growth and higher stock values and believe the company will return to its previous highs," said Benjamin.
Clients interested in receiving more information should contact their salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment banking firm focused on growth companies. The firm's 55 equity and high yield research analysts cover more than 600 companies. Additional information is available upon request.
The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of BancBoston Robertson Stephens, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in "Investment Risks." BancBoston Robertson Stephens from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, BancBoston Robertson Stephens has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. BancBoston Robertson Stephens, its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. BancBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.
SOURCE BancBoston Robertson Stephens
CO: BancBoston Robertson Stephens; BankBoston N.A.; TicketMaster Online-CitySearch, Inc.
ST: California
IN: FIN MLM
SU: RTG
07/28/99 09:47 EDT prnewswire.com
Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: News Profiles and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left.
To edit your profile, go to keyword NewsProfiles.
For all of today's news, go to keyword News |
