7/19...BOUT..Second Quarter 2000 Revenue Increases 443% Year Over Year And 27% Sequentially
With Increased Business Efficiencies About Moves Profitability Goal Forward to 1Q2001
NEW YORK, July 19 /PRNewswire/ -- About, Inc. (Nasdaq: BOUT - news), the Internet's leading network of comprehensive sites, today announced financial results for the three months ended June 30, 2000. As a result of continued strong revenue growth and increased business efficiencies, About is moving its goal to report a profit-excluding non-cash compensation and goodwill amortization-forward one quarter to the first quarter of 2001.
Revenue for the second quarter totaled $20.1 million, a 443% increase compared with revenue of $3.7 million in the year-ago quarter and a 27% increase compared with first quarter 2000 revenue of $15.8 million. Revenue for the six months ended June 30, 2000 increased 489% to $35.9 million, compared with $6.1 million for the corresponding period in the prior year.
Pro Forma Net Loss Excluding Non-Cash Compensation and Goodwill
Amortization Charges:
The pro forma net loss for the second quarter of 2000 was $5.9 million or ($0.33) per share. This compares with a pro forma net loss of $20.4 million, or ($1.69) per share, for the year-ago period and a pro forma net loss of $7.5 million, or ($0.44) per share, for the first quarter of 2000. The pro forma net loss for the six months ended June 30, 2000, was $13.4 million, or ($0.77) per share, compared with a pro forma net loss of $28.3 million, or ($2.73) per share, for the comparable period in 1999.
Cash, cash equivalents and investments totaled $144.5 million at June 30, 2000.
``Our ability to generate great revenue growth and narrowing losses points to the strength of our model, execution and distinctive competitive position,'' commented Scott Kurnit, Chairman & CEO of About. ``We believe that the largest, most established web properties will continue to attract a greater portion of industry revenues. Our targeted sites and direct relationship with millions of users sets us apart from the vast majority of Internet and offline businesses, which we believe bodes well for continued solid performance. We are excited that with our increasing efficiencies in product development, distribution and revenue generation we can achieve profitability sooner than we had previously expected, which we now target for the first quarter of next year.''
About Continues to Achieve Strong Audience Growth
-- According to Media Metrix, unique users in the U.S. for May 2000
increased 24% to 17.9 million, compared with 14.4 million for
March 2000, moving us to the position of 7th largest web property in
the U.S.
-- Company measurement systems report total users increased to
44.9 million in June 2000, compared with 36.3 million in March 2000.
-- Average daily page views increased 80% to 23.0 million in June,
compared with 12.8 million in March 2000.
-- Membership grew to 8.5 million in June, from 5.2 million in March 2000.
About Continues to Expand Targeted Opportunities To Advertisers
-- The number of advertisers on About increased to more than 1,800 from
approximately 620 at the end of the first quarter of 2000, largely as a
result of the launch of Sprinks, our online auction-base ad buying
system. In its first six weeks of operation, Sprinks attracted more
than 1,000 advertisers.
-- About signed several new integrated channel deals during the second
quarter including ZDNet, MP3.com, Office.com and AllBusiness.com.
-- During the second quarter, the number of targeted site sales increased
to 306 of About's 700 verticals.
-- About selected 450 new Luna partners during the quarter, bringing the
total number to 633.
-- The direct marketing abilities of About Direct, formerly known as
Sombasa Media, create new opportunities for advertisers to reach a
highly targeted audience. The content and frequency of About Direct's
Bargain Dog newsletter is highly customizable by the subscriber. About
will use this proprietary technology to personalize all of its
newsletters, creating increased subscriber satisfaction and targeted
advertising.
-- During the second quarter About sent 35.4 million email newsletters,
compared with 17.0 million newsletters in the first quarter of 2000.
About Launches HowTo's
-- About recently launched its HowTo's offering. Each HowTo lists a
specific procedure in 10 steps or less. The HowTo's can be accessed
under the appropriate GuideSites(TM) or in aggregate at
howto.about.com. HowTo's are a natural extension of About's Guide
model and within six weeks of starting the program, About had 5,000
original HowTo's. About's HowTo's are an excellent wireless
application and to this end the Company has entered into distribution
agreements with AvantGo and GoAmerica.
About Pushes Forward With Global Expansion and B2B
-- During the second quarter the Company launched About Canada and
About UK. About's "Human Internet" is appealing internationally
because by utilizing Guides native to each country we can offer a truly
"local" product specifically created to meet the needs of varying
cultures, backed by a proven business model.
-- Our B2B offering is on schedule to launch during the third quarter. |
