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ACTV Announces 1999 Second Quarter Results
NEW YORK--(BUSINESS WIRE)--August 13, 1999--ACTV, Inc. (NASDAQ: IATV - news) today reported results for the six and three months ended June 30, 1999.
Revenues for the six and three months ended June 30, 1999 were $854,507 and $453,713, compared to revenues of $756,660 and $395,413 for the six and three months ended June 30, 1998. All 1999 revenues and the majority of 1998 revenues are derived from sales of HyperTV(TM), the company's TV-Internet convergence product. The company had a net loss applicable to common shareholders for the six and three month periods ended June 30, 1999 of $12,982,289, or $.36 per basic and diluted share, and $5,601,821, or $.14 per basic and diluted share, compared with a net loss applicable to common shareholders of $6,035,538, or $.35 per basic and diluted share, and $3,263,401, or $.18 per basic and diluted share for the six and three month periods ended June 30, 1998. Approximately $10.2 million of the net loss for the first six months of 1999 was the result of non-cash charges.
William C. Samuels, chairman and chief executive officer of ACTV, Inc., commented on the results: ``This year, all of ACTV's revenues have come via private network applications of HyperTV in online learning, and these sales continue to show great strength. Through July of this year, new orders have already surpassed orders booked for ACTV's entire 1998 fiscal year. We have renewed key contracts in New York City and with the School District of Philadelphia, among others, while securing significant new agreements with major organizations including the California Department of Education and the Texas Center for Educational Technology. In addition, the entertainment and advertising communities have responded enthusiastically to the introduction of HyperTV. This June, we announced an agreement with The Box Music Network to create groundbreaking TV-Internet convergence music programming. We are within weeks of completing the first point-of-presence (POP) in the HyperTV Network at an Internet Data Center facility hosted by Exodus Communications(TM), Inc. We expect HyperTV will be a significant revenue driver for the company.'
Furthermore, the continued growth of digital cable across the country is of great significance to ACTV's ``Individualized Television' and ``Individualized Advertising' digital programming capabilities. Digital's strong growth has been demonstrated by recent news that there are already more than 100,000 digital subscribers in Dallas, Texas. This represents a greater than 20% penetration in the introductory market for ACTV's digital regional sports network.
Additionally, earlier this summer General Instrument Corporation (GI) and ACTV announced that the two companies will work together to develop and introduce a comprehensive, end-to-end solution for delivering addressable, targeted advertising via digital cable, satellite, and broadcast television. GI will combine its digital interactive system and consumer set tops with ACTV's proprietary ``Individualized Advertising' software and programming capabilities to deliver this complete solution, which will improve the effectiveness and accountability of television advertising.
Samuels concluded, ``We continue to make excellent progress towards the wide-scale commercialization of `Individualized Television,' `Individualized Advertising,' and HyperTV as digital television and TV-Internet convergence rapidly expand. Our company is exponentially stronger today than at anytime in our history.'
ACTV, Inc., is a leader in interactive digital television with its proprietary ``Individualized Television' and ``Individualized Advertising' software and programming capabilities. The company has also pioneered TV-Internet convergence programming with its patented HyperTV(TM) software solution. ACTV offers superior, practical solutions for television programmers, advertisers, cable operators, educators, and consumers looking to leverage the emergence of digital television and the broadband delivery infrastructure.
ACTV has relationships with many of the dominant players in the Internet, television and digital technology fields, including key strategic investments from Liberty Media Group and General Instrument Corporation. ACTV Entertainment and HyperTV Networks, Inc., are subsidiaries of ACTV, Inc. Visit ACTV's Web site at actv.com.
ACTV, INC., & SUBSIDIARIES
Consolidated Statement of Operations
(Unaudited)
Three months ended June 30, 1999 1999 1998
---------------------------------------------------------------
Revenues $453,713 $395,413
Net income (loss) applicable
to common shareholders ($5,601,821) ($3,263,401)
Basic and diluted income
(loss) per share ($0.14) ($0.18)
Weighted average number of common
shares outstanding 39,711,671 18,371,395
Six months ended June 30, 1999 1999 1998
---------------------------------------------------------------
Revenues $854,507 $756,660
Net income (loss) applicable
to common shareholders ($12,982,289) ($6,035,538)
Basic and diluted income (loss)
per share ($0.36) ($0.35)
Weighted average number of common
shares outstanding 35,859,875 17,219,660
NOTE: Approximately $10.2 million of the net loss for the |
