(COMTEX) B: FASHIONMALL.COM, INC. REPORTS Q3 REVENUE UP 36% FROM PRIO
B: FASHIONMALL.COM, INC. REPORTS Q3 REVENUE UP 36% FROM PRIOR YEAR
NEW YORK, Nov 10, 1999 /PRNewswire via COMTEX/ -- fashionmall.com, Inc.
(Nasdaq: FASH) today reported total revenue of $889,000 for the third
quarter 1999, up 36% from the third quarter of 1998 of $653,000. Barter
revenue was $402,000 for the third quarter, as compared to $257,000 in
the third quarter of 1998. For the nine months ended September 30,
1999, revenue was $2,609,000 as compared to $1,494,000 for the nine
months ended September 30,1998. This represents an increase of 75% for
the year to date comparable periods.
The net loss for the third quarter 1999, on a pro forma basis excluding
non-cash charges and assuming the company was a C corporation since
inception and the closing of the private placement debt and private
equity investment was made on January 1, 1998, was $1,063,000, or $0.14
per share. The net income for the same quarter in the prior year was
$203,000, or $0.05 per share. For the nine months ended September 30,
1999, the pro forma net loss was $1,205,000 as compared to net income
of $121,000 for the same period in the prior year. This resulted in a
pro forma loss per share loss of $0.21 for the nine months ended
September 30,1999 as compared to $0.03 for the nine months ended
September 30, 1998.
The non-cash charges excluded above totaled $1,269,000 of which
$106,000 was expensed in general and administrative expense in the
statements of operations and $1,163,000 relating to the beneficial
conversion feature of convertible preferred stock included in the
computation of earnings per share for the current quarter. These items
totaled $4,841,000 for the nine months ended September 30, 1999, of
which $2,903,000 was expensed in general and administrative expense and
$1,938,000 related to the beneficial conversion feature of convertible
preferred stock. In addition, other income and expense was excluded for
the pro forma computations, as these were not reflective of operations.
These items consisted of dividend income, interest income, realized
gains on investments and financing costs. (see footnotes on Pro Forma
Statements of Operations for additional information)
fashionmall.com, Inc. operates fashionmall.com
(http://www.fashionmall.com) a vertical fashion portal established in
1994 that combines an on-line shopping mall with fashion content to
provide a centralized site for manufacturers, retailers, magazines and
catalogs to advertise, display and sell their products. The company
also operates outletmall.com (www.outletmall.com), an on-line off-price
fashion site offering name brand designer merchandise at discounts of
25%-75% off retail.
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