(COMTEX) B: ACTV, Inc. Announces 1999 Third Quarter Results
B: ACTV, Inc. Announces 1999 Third Quarter Results
NEW YORK, Nov 12, 1999 (BUSINESS WIRE) -- ACTV, Inc. (NASDAQ: IATV)
today announced results for the three and nine month periods ended
September 30, 1999.
Revenues for the three and nine months ended September 30, 1999 were
$474,454 and $1,328,961, compared to revenues of $301,900 and
$1,058,560, for the three and nine months ended September 30, 1998. All
1999 revenues and the majority of 1998 revenues are derived from sales
of HyperTV(TM), the company's patented TV-Internet convergence software
product.
The company had a net loss applicable to common shareholders for the
three and nine month periods ended September 30, 1999 of $3,424,802, or
$.08 per basic and diluted share, and $16,407,091, or $.47 per basic
and diluted share, compared with a net loss applicable to common
shareholders of $3,833,484, or $.16 per basic and diluted share, and $9,
869,022, or $.51 per basic and diluted share, for the three and nine
month periods ended September 1998. Approximately $10.6 million of the
net loss for the first nine months of 1999 was the result of non-cash
charges.
On Thursday, November 11, 1999, ACTV, Inc. Common Stock began trading
on the National Market tier of The NASDAQ Stock Market under the symbol
"IATV". The company's stock had previously traded on the NASDAQ Small
Cap Market.
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 networks and programmers, cable operators,
advertisers, educators, students 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 Digital, Inc. (NASDAQ: LDIG), and
General Instrument Corporation (NYSE: GIC). ACTV Entertainment and
HyperTV Networks, Inc., are subsidiaries of ACTV, Inc. Visit ACTV's Web
site at actv.com.
ACTV, INC. & SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30, 1999 1998
----------------------------------------------------------------------
Revenues $474,454 $301,900
Net income (loss) applicable
to common shareholders ($3,424,802) ($3,833,484)
Basic and diluted income (loss)
per share ($0.08) ($0.16)
Weighted average number of
common shares outstanding 41,430,091 23,422,018
Nine Months Ended September 30, 1999 1998
----------------------------------------------------------------------
Revenues $1,328,961 $1,058,560
Net income (loss) applicable
to common shareholders ($16,407,091) ($9,869,022)
Basic and diluted (loss) per share ($0.47) ($0.51)
Weighted average number of
common shares outstanding 35,154,248 19,309,832
NOTE: Approximately $10.6 million of the net loss for the first nine
months of 1999 was the result of non-cash charges.
Disclaimer: This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements which are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks defined in this document and in statements
filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and
whether made by or on behalf of the Company, are expressly qualified by
the cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements to
reflect events or circumstances after the date hereof.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Bratskeir & Company
Mike Rosen
212-679-2233, ext. 213
or
ACTV, Inc.
Christopher Cline
Chief Financial Officer
212-217-1600
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: INTERNET
ENTERTAINMENT
TELEVISION/RADIO
EARNINGS
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