Revenues Up 202%
IMAL : I-MALL INC (NASDAQ) All Headlines
iMALL Reports Second Quarter Results
Revenues Up 202% From Comparable Period in 1998
SANTA MONICA, Calif.--(BUSINESS WIRE)--Aug. 13, 1999--iMALL, Inc. (NASDAQ: IMAL), a leading provider of fully-integrated, one-stop e-commerce solutions for small and medium-sized businesses, today announced that revenues from continuing operations for the three month period ended June 30, 1999 were $801,600, up 202% from $265,600 for the same three month period in 1998.
The Company reported a loss from continuing operations for the quarter of $4,449,800, or $0.25 per share, compared to a loss from continuing operations of $2,282,900, or $0.35 per share for the same three months last year. The Company also reported no income or loss during the quarter from discontinued operations, compared to a loss of $270,100, or $0.04 per share, from discontinued operations for the same quarter last year. The net loss for the quarter was $4,449,800, or $0.25 per share, on 17,535,091 weighted average shares outstanding, compared to a net loss of $2,553,000, or $0.39 per share, on 7,713,366 weighted average shares outstanding for the comparable quarter last year. Cash and cash equivalents at the end of the second quarter were approximately $7.8 million.
"These results are in line with our expectations and we are especially pleased that by the end of the quarter our reseller partners began to commerce-enable their merchants using our fully integrated solution," said Richard Rosenblatt, iMALL's Chairman and Chief Executive Officer. Rosenblatt went on to say: "These partners welcomed our announced merger agreement with Excite@Home, which we hope to close in the fourth quarter of 1999. In preparation for a shareholder vote regarding the merger, we expect to file proxy materials with the SEC within the next ten days."
About iMALL
iMALL, Inc. is the leading provider of fully integrated, "one-stop" e-commerce solutions. iMALL's unique e-commerce solutions and integrated process allow businesses to create fully commerce enabled Web sites or add transaction capabilities to their existing ones, establish "Internet ready" merchant accounts online, and process customer orders securely through iMALL's proprietary payment gateway. To help increase businesses' online sales, iMALL's popular shopping portals and sophisticated shopper services are integrated into iMALL's e-commerce solutions. iMALL's e-commerce solution, merchantstuff.com, created jointly with First Data Merchant Services, is located at merchantstuff.com. iMALL's shopping portals are located at stuff.com and imall.com. For further information, visit iMALL's corporate site at imallinc.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Statements in this press release regarding the business of iMALL, Inc., which are not historical facts, are "forward-looking statements" that involve risks and uncertainties. These forward-looking statements include statements that involve risks and uncertainties based on management's current expectations, estimates and projections about the Internet industry and the evolution of on-line commerce and electronic commerce services. In such instances, actual results may differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the Company's reports on file with the Securities and Exchange Commission.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS FOR THE
THREE MONTHS ENDED JUNE 30, 1999 AND 1998.
For the three months ended
June 30,
1999 1998
(unaudited) (unaudited)
Revenue $ 801,600 $ 265,600
Loss from continuing
operations (4,449,800) (2,282,900)
Loss from discontinued
operations -- (270,100)
Net Loss $(4,449,800) $(2,553,000)
NET (LOSS) INCOME PER
SHARE OF COMMON STOCK
- BASIC AND DILUTED:
Loss from continuing
operations $ (0.25) $ (0.35)
Loss from discontinued
operations $ -- $ (0.04)
NET (LOSS) $ (0.25) $ (0.39)
WEIGHTED-AVERAGE
SHARES OUTSTANDING 17,535,091 7,713,366
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