Earnings are out: biz.yahoo.com
CHANTILLY, Va., Nov. 10 /PRNewswire/ -- DIDAX INC. (Nasdaq: AMEN - news), the developer of the award-winning crosswalk.com(TM) Web site (http://www.crosswalk.com), today reported financial and operating results for the 1998 third quarter ended September 30, 1998. William Parker, Chief Executive Officer and President, will moderate a telephone conference today at 2:00 p.m. EST to review the third quarter results. Call in to participate at 800-388-8975.
FINANCIAL RESULTS
For the quarter ending September 30, 1998, the Company reported revenue of $246,043, which is a 130% increase over last year's comparable period, and a 48% increase over this year's second quarter results. In the first nine months of 1998, DIDAX had revenue of $502,164, which is 64% more than a year ago, and surpasses revenues generated for all of 1997. Sponsorship revenues and retail sales are up 75% and 150%, respectively, over the comparable period last year. William Parker, since April of 1998, said that, ''The Company has made significant progress in establishing its 'community portal' strategy as evidenced by the continued growth in revenues which underlie this strategy, the release of three new Channels in the third quarter, rebranding of its award-winning web site to crosswalk.com, along with the hiring of a Channel management team necessary to focus the Company on accelerated revenue growth, marketing and driving traffic to its award-winning sites.'' He went on to say that, ''We have just initiated cross-media marketing and promotional activities which we hope will accelerate traffic and thus revenue growth over time. The Company plans to continue enhancing crosswalk.com in order to profitably become the preferred online resource for Christians in search of information, interaction and involvement opportunities that help them apply a Christian world view across the breadth of their life and interests.''
DIDAX recorded a net loss for the third quarter of 1998 of $690,856 or $.19 per share, compared with a net loss of $587,808 or $.80 per share in the third quarter of 1997. In the first nine months of 1998 the net loss was approximately $2.2 million or $.63 per share, as compared to a $2.0 million or $2.81 per share loss in the first nine months of 1997.
OPERATING RESULTS
The Company gauges growth not only by revenue, but through measuring pageviews and membership. Crosswalk.com's membership has more than tripled since the beginning of the year, to over 123,000 members at September month end. In the third quarter, monthly pageviews averaged over 1,273,000 as compared to less than 100,000 a year ago. The Company launched three major channels in the quarter with distinctive content, but all targeting proven traffic and revenue generating areas on the web: Careers, Music and Money. In this regard, the Company also announced two significant new hires: Scott Fehrenbacher, General Manager of the Money Channel, and former founder and president of American Values Investing Inc., and Neal Joseph, Vice President and General Manager of Entertainment, including, but not limited to, the Music Channel. Prior to accepting this position, Mr. Joseph was the founder and president of Warner Bros. Records' Christian music division Warner Alliance.
Crosswalk.com's proprietary mutual fund screening database, Investigator, is referenced in November's edition of MONEY magazine in an article entitled ''Investing on Faith,'' and DIDAX CEO William Parker appeared on CNBC on October 27, 1998 to discuss the values-based investing product, released in October. These are examples of the substantive recognition from external sources which are testimonial to the value of crosswalk.com at this early stage.
DIDAX INC. is primarily known as the creator of crosswalk.com (http://www.crosswalk.com), the 1997 Christian Web Site of the Year. The Company generates revenues through the sale of sponsorships and advertising; the online retailing of Christian and family-friendly products manufactured or developed by others (music, books, apparel, gifts, etc.); commissions and referral fees from co-marketing relationships; memberships in affinity marketing programs (affording participants price discounts and other benefits of group purchasing power); and to a lesser extent, the continuing provision of technology services to Christian organizations (including Promise Keepers, Christianity Today, World Vision, Family Research Council, Young Life and the Presbyterian Church in America). |
