November 04, 1999 17:31
VERTICALNET INC files 0930 qtr 10-Q. Reports $5.1 mil tot rev and $(0.75) EPS.
Excerpted from 10-Q filed on 11/04 by VERTICALNET INC:
VERTICALNET INC files 0930 qtr 10-Q. Reports $5.1
RESULTS OF OPERATIONS
Three Months Ended September 30, 1999 and September 30, 1998
Revenues. Revenues increased from $897,000 for the three months ended September 30, 1998 to $5.2 million for the three months ended September 30, 1999. The increase in revenues was due primarily to an increase in (i) the number of storefronts from 409 as of September 30, 1998 to 2,676 as of September 30, 1999 (ii) the number of vertical trade communities from 29 as of September 30, 1998 to 51 as of September 30, 1999. Advertising revenues, including the development of the storefronts, accounted for the majority of
revenues for the periods ended September 30, 1998 and September 30, 1999. Barter transactions, in which the Company received advertising or other services in exchange for advertising on its Web sites accounted for approximately 21% of total revenues for the three months ended September 30, 1999 and 39% for the three months ended September 30, 1998. At September 30, 1999, we had deferred revenues of $7.4 million. We expect that advertising revenue will continue to
account for a substantial share of revenues for the foreseeable future.
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