EARNINGS IN:
Friday November 12, 3:17 pm Eastern Time
Company Press Release
ACTV, Inc. Announces
1999 Third Quarter
Results
NEW YORK--(BUSINESS WIRE)--Nov. 12, 1999--ACTV, Inc.
(NASDAQ: IATV - news) 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 - news), and
General Instrument Corporation (NYSE: GIC - news). 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.
Contact:
Bratskeir & Company
Mike Rosen
212-679-2233, ext. 213
or
ACTV, Inc.
Christopher Cline
Chief Financial Officer
212-217-1600 |
