It came out Friday morning Bev. Here's the report:
08:26am EDT 11-May-01 Gruntal & Co (Catherine Skelly 212-820-3610) IATV
IATV: ACTV, Inc. First Quarter Earnings Preview
Gruntal & Co. L.L.C. Equity Research Note
May 11, 2001
Catherine M. Skelly Matthew Weiss
(212) 820-3610 (212) 820-3681
Skellyc@gruntal.com Weissm@gruntal.com
Company: ACTV, Inc. # IATV - $3.64 a/o 7:30 EDT
Industry: New Media and E-commerce
Intermediate Rating:1 - Outperformer Target Price: $15
Long Term Rating: 1 - Outperformer Target Price: $20
Suitability: Aggressive
ACTV, Inc., First Quarter 2001 Earnings Preview
*ACTV, Inc., plans to report first quarter results midday on
Friday, May 11.
*We are comfortable with our first quarter revenue projection of
$3.47 million and loss per share estimate of $0.26.
*In 2001, we expect such catalysts as positive feedback from AT&T
Broadband on SpotOn, as well as new distribution agreements for
SpotOn, to drive common share appreciation.
*We maintain our intermediate-term and long-term Outperformer
ratings and our price targets of $15 and $20 for the intermediate-
term and long-term, respectively.
Annual Dividend: $0.00 Revenue Multiple 2001E: 7.2x
Yield: NM Revenue Multiple 2002E: 2.5x
Book Value / Share $3.33 52 Week Range: $19.50 -$2.22
3/2000A:
ROC 2000E: NM 2000E Cash flow/share: ($0.55)
Institutional 19.0% 5yr Estimated 139.5%
Holdings: Revenue CAGR:
Insider Holdings: 35.0% Shares Outstanding (Mil): 49.6
Next Reporting Date: May 11 Market Capitalization (Mil): $180.5
Year End 12/31 Float (Mil): 37.4
EPS($) Q1 Q2 Q3 Q4 Year Consensus
2000A (0.12) (0.14) (0.17) (0.26) (0.68) -
2001E (0.26) (0.24) (0.17) (0.14) (0.81) (0.63)
2002E - - - - 0.02 (0.20)
2003E - - - - 0.37 0.46
2004E - - - - 1.10 NE
Quarters may not add to year due to rounding and changes in share
count.
Rev($mil) Q1 Q2 Q3 Q4 Year
2000A 1.39 1.65 2.79 2.17 8.02
2001E 3.47 5.18 7.11 9.25 25.00
2002E - - - - 71.50
2003E - - - - 129.82
2004E - - - - 229.33
E = Estimate, A = Actual
First Quarter 2001 Earnings Preview
ACTV, Inc., plans to report its first quarter April 2000
financial results midday Friday, May 11. Our revenue projection
is $3.47 million versus $1.39 million for the same period last
year. Most of ACTV, Inc.'s revenues are generated by the
company's HyperTV product, which enables users to view PC-based
Internet content synchronized with the actual programs and
advertisements that they are watching on television. However, the
company has recently begun reporting revenue attributable to fees
related to the integration of SpotOn, ACTV, Inc.'s targeted
advertising product for digital television. We expect this trend
to continue and account for an increasing portion of ACTV Inc.'s
overall revenue stream. Our loss per share estimate is $0.26
versus a loss of $0.12 in the comparable quarter of the prior
year.
Outlook
We remain optimistic about the fundamental outlook for ACTV,
Inc., as a leader in the interactive television marketplace. The
company has strong intellectual property, a broad menu of
services, and strong strategic and distribution partners. With
approximately $100 million in cash, we believe that ACTV, Inc.,
has more than sufficient cash to fund its growth initiatives
until it becomes cash flow positive. We still believe positive
feedback from AT&T (T-NYSE-$21.41-NR) Broadband on SpotOn, as
well as new distribution agreements for SpotOn, will serve as
catalysts to drive common share appreciation.
Time: 7:35 AM, EDT
S&P 500: 1255.18 |
