ZD posts cash flow, revenue growth. ZDNet third-quarter revenue up 81 percent
By Steve Gelsi, CBS MarketWatch
Last Update: 6:19 PM ET Oct 27, 1999
NewsWatch
SAN FRANCISCO (CBS.MW) -- Tech media specialist Ziff Davis
posted a narrower-than-expected third quarter loss on growth in its
consumer publications.
Ziff Davis (ZD: news, msgs) said after the bell Wednesday that it lost
$14.9 million, or 14 cents per share vs. a net loss of $4.5 million, or 4
cents per pro forma share in the year-ago period.
The latest number
beat the estimate for a
loss of 21 cents per
share in a survey of
two analysts by First
Call.
It also said it expects
to complete the sale of
all or part of the
company by the end of the year. Ziff Davis hired Morgan Stanley Dean
Witter back in July for this purpose.
Shares of Ziff Davis fell 7/16 to 14 7/16 on Wednesday ahead of the bell.
The company said its PC Magazine is the number-three magazine overall
in the publishing market in terms of ad revenue from Internet advertisers.
Ad pages from consumer advertisers -- including AT&T, Citibank,
Fidelity Investments, Ford, Goodyear, Jeep and Sheraton Hotels is up
250 percent from the year-ago period.
ZD Group reported earnings before interest, taxes, depreciation and
amortization of $50.2 million on revenue of $232 million vs. $27.6 million
on revenue of $211.5 million last year.
ZDNet
Meanwhile, Ziff Davis unit ZDNet (ZDZ: news, msgs) posted an 81
percent rise in third-quarter revenue as the technology content specialist
met Wall Street expectations.
ZDNet said it lost $741,000 or 1 cent per share, vs. net income of
$212,00, or break-even, in the year ago period.
Shares of ZDNet dipped 5/16 to 20 1/16 on Wednesday.
The latest number matched the estimate for a loss of a penny per share in
a survey of analysts by First Call.
Third-quarter revenue rose to $26.3 million, an 81 percent increase over
the $14.5 million recorded last year, the company said in a statement.
Third-quarter earnings before interest, taxes, depreciation and
amortization were $4.6 million, or 6 cents per share, vs. $1.9 million, or 4
cents per share, in the year-ago period
In a related move, ZDNet hired Lowe & Partners of San Francisco to
launch a $25 million ad campaign. |
