iMALL Reports Results for the Second Quarter of Fiscal 1998
Business Wire - August 13, 1998 06:46
%IMALL IMAL %CALIFORNIA %COMPUTERS %ELECTRONICS %COMED %RETAIL %INTERACTIVE %MULTIMEDIA %INTERNET %TELECOMMUNICATIONS %EARNINGS V%BW P%BW
STUDIO CITY, Calif.--(BUSINESS WIRE)--Aug. 13, 1998--
Company Delivers Bolt-On E-Commerce Services to Prepare for Third Quarter Roll-Out of Verio, GEN International and Cardservice International Partnerships, and Animalhouse.com Back-to-School Launch
iMALL Inc. (NASDAQ:IMAL) today announced financial results for the quarter ended June 30, 1998.
For the quarter ended June 30, 1998, revenues were $3,395,381, compared to $5,109,603 in the same period one year ago. The net loss for the quarter was $2,553,077, or $0.39 per share, compared to a net loss of $609,797, or $0.08 per share, for the 1997 second quarter.
Richard Rosenblatt, the Company's chairman and chief executive officer, commented, "I am very pleased with the progress we made during the second quarter. Our revenues showed a downtick quarter-to-quarter, consistent with our shifting focus away from providing Internet training and consulting toward developing and strengthening the electronic commerce segments of our business.
"Late in the quarter, we released Bolt-on e-commerce(TM), an innovative browser based e-commerce solution that significantly reduces the cost of doing business on the Internet for companies of all sizes. "This product enables a company to inexpensively and seamlessly upgrade any existing Web site from a static 'brochure-ware' site into a fully transaction-enabled Web site, capable of listing thousands of products and taking credit card orders over the Web.
"The Bolt-on e-commerce launch, and overall expansion of our technical infrastructure, is driving us into the third quarter, as we prepare for the full rollouts of our relationships with Verio, GEN International, Cardservice International and animalhouse.com. The sales forces at Verio and Cardservice have been trained and have begun marketing iMALL's services to their customers.
"Animalhouse.com is preparing for a back-to-school launch and we are actively signing up merchants and sourcing products for the online store. All of these agreements feed our long-term strategy of leveraging our merchant and consumer expertise, built over the past four years with our flagship imall.com Web site -- the largest independent online shopping mall -- to build an extensive electronic commerce business designed to connect hundreds of thousands of merchants to consumers all over the world.
"With all the dynamic change that has transpired in the last three quarters, I am very excited about where we stand today. I believe we are well positioned to capitalize on the opportunities in the booming online commerce market."
iMALL is an electronic commerce enabler of small and medium sized businesses allowing them to cost effectively engage in electronic commerce through the use of iMALL's proprietary e-commerce tools and services. iMALL offers its electronic commerce services directly to merchants, as well as through partnerships with leading ISPs, Web hosting firms, and financial service companies with an Internet focus.
The Company also operates the largest shopping mall on the Internet, located at www.imall.com, with more than 1,600 hosted storefronts, and millions of visitors monthly.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the Company's SEC reports.
SELECTED CONSOLIDATED FINANCIAL DATA
iMALL, Inc.
Balance Sheet Data
At June 30, At December 31,
1998 1997
Balance Sheet Data:
Current Assets $ 10,707,814 $ 16,164, 769
Total Assets 12,820,030 17,055,672
Current Liabilities 2,998,968 2,690,669
Long-term Liabilities 59,421 10,788
Stockholders Equity 9,761,641 14,354,215
iMALL, Inc
Statement of Operations
For the three months
ended June 30
1998 1997
Statement of Operations:
Net Revenues $ 3,395,381 $ 5,109,603
Cost of Revenues 815,419 1,595,740
Selling Expenses 2,598,926 2,297,146
General and Administrative
Expenses 2,752,353 1,859,981
Other Income, Net 84,916 51,063
Interest Income (Expense), Net 133,324 (17,596)
Benefit (Provision)
for Income Taxes -- --
Net (Loss) Income (2,553,077) (609,797)
Net (Loss) Income Per Common
Share - Basic and Diluted $ (0.39) $ (0.08)
Weighted-Average Common Shares
Outstanding 7,713,366 7,410,566
CONTACT: iMALL Inc.
Anthony Mazzarella, 818/509-3600
or
Morgen-Walke Associates
Chris Danne, Todd Friedman, Alex Wellins, 415/296-7383
Sandra Badurina, Karen Amlong, 212/850-5600
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