"Thursday August 2, 7:32 am Eastern Time
Press Release
SOURCE: ACTV, Inc.
ACTV, Inc. Reports 2001 Second Quarter and First Half Results
NEW YORK, Aug. 2 /PRNewswire/ -- ACTV, Inc. (Nasdaq: IATV - news), a digital media company specializing in interactive television and enhanced media technologies, today reported results for the three- and six-month periods ended June 30, 2001.
Revenues for the three and six months ended June 30, 2001 were $4.2 million and $7.5 million, respectively, compared with revenues of $1.7 million and $3.0 million, respectively, for the three and six months ended June 30, 2000. The company had a net loss for the three- and six-month periods ended June 30, 2001 of $8.9 million, or $0.16 per diluted share, and $19.3 million, or $0.36 per share, respectively. In the corresponding three-and six-month periods in 2000, ACTV's net loss before an extraordinary item was $7.2 million, or $0.14 per diluted share, and $12.4 million, or $0.26 per diluted share, respectively. Including a charge for the early extinguishment of debt of $1.4 million, or $0.03 per diluted share, in the second quarter of 2000, the comparable net loss was $8.6 million, or $0.17 per diluted share, and $13.8 million, or $0.29 per diluted share, respectively, for the three- and six-month periods ended June 30, 2000.
``Although ACTV generated increased revenues in the second quarter and has made headway in reducing operating expenses compared with the 2001 first quarter, the company is sharply focused on operating with a more efficient structure that recognizes the realities of the economy and marketplace, and on maintaining the strength of its balance sheet,'' said David Reese, ACTV's Chairman and CEO.
The company reported that it is evaluating and implementing a series of restructuring initiatives. Further details on these initiatives will be discussed on ACTV's conference call scheduled for this morning at 9:30 a.m. EDT. A live webcast of that call will be accessible at the company's Web site, actv.com.
ABOUT ACTV, INC.
ACTV, Inc. (Nasdaq: IATV - news) is a digital media company providing proprietary technologies, tools, and technical and creative services for interactive TV advertising, personalized programming applications and enhanced media. For more information, visit actv.com.
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 companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
ACTV, INC., & SUBSIDIARIES
Consolidated Condensed Balance Sheets
As of June 30, 2001 and December 31, 2000
June 30, December 31,
2001 2000
Assets (Unaudited)
Cash and cash equivalents 86,826,944 122,488,041
Accounts receivable - net 3,927,428 1,182,376
Other 3,066,629 4,402,541
Total current assets 93,821,001 128,072,958
Property and equipment - net 17,098,576 12,628,232
Other assets 129,555,556 95,450,996
Total assets 240,475,133 236,152,186
Liabilities and Stockholders Equity
Current liabilities and deferred revenue 11,621,785 11,745,633
Deferred revenue 68,776,544 70,586,450
Minority interest 11,793,364 13,307,131
Stockholders' equity 148,283,440 140,512,972
Total Liabilities and Stockholders Equity 240,475,133 236,152,186
ACTV, INC., & SUBSIDIARIES
Consolidated Statements of Operations
Three and Six Months Ended June 30, 2001 and 2000
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
Revenues $4,226,452 $1,655,176 $7,499,894 $3,048,213
Costs and expenses:
Operating expenses 4,710,216 2,785,389 8,883,266 5,581,775
Selling and
administrative 7,947,027 7,685,321 17,863,112 11,775,774
Depreciation and
amortization 1,466,813 753,054 2,886,335 1,464,591
Amortization of
goodwill 1,042,308 106,593 1,460,806 213,186
Total expenses 15,166,364 11,330,357 31,093,519 19,035,326
Loss from
operations (10,939,912) (9,675,181) (23,593,625) (15,987,113)
Interest income/
(expense)-net 1,171,229 2,198,618 2,791,638 3,105,192
Loss before minority
interest and
extraordinary item (9,768,683) (7,476,563) (20,801,987) (12,881,921)
Minority interest 819,157 307,446 1,513,771 477,897
Loss before
extraordinary item $(8,949,526) $(7,169,117) (19,288,216) $(12,404,024)
Extraordinary loss
on early
extinguishment of debt -- (1,411,139) -- (1,411,139)
Net loss $(8,949,526) $(8,580,256) $(19,288,216) $(13,815,163)
Basic and diluted
loss per common
share before
extraordinary item $(0.16) $(0.14) $(0.36) $(0.26)
Basic and diluted loss
per common share after
extraordinary item $(0.16) $(0.17) $(0.36) $(0.29)
Weighted average
number of common
shares outstanding 55,916,619 50,606,978 54,147,428 47,935,824
SOURCE: ACTV, Inc. "
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