Just released. Easy quarterly compare so far.
Three Months Ended
-----------------------------------------------------------------------------------------
March 31, June 30, September 30, December 31, March 31, June 30, September 30,
1997 1997 1997 1997 1998 1998 1998
--------- --------- ------------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues................ $ 163,263 $ 196,561 $ 190,824 $ 241,174 $ 377,371 $ 587,422 $ 897,006
Operating loss.......... (551,416) (907,733) (1,354,081) (1,850,453) (2,008,935) (2,885,803) (3,454,845)
Interest income
(expense).............. (2,778) (12,493) (13,913) (85,922) (75,934) 14,291 76,809
--------- --------- ----------- ----------- ----------- ----------- -----------
Net loss................ $(554,194) $(920,226) $(1,367,994) $(1,936,375) $(2,084,869) $(2,871,512) $(3,378,036)
========= ========= =========== =========== =========== =========== ===========
VerticalNet, Inc. Announces Fourth Quarter and 1998 Results
BusinessWire, Tuesday, March 02, 1999 at 17:49
HORSHAM, Pa.--(BUSINESS WIRE)--March 2, 1999--VerticalNet, Inc.
(NASDAQ:VERT) owns and operates 33 industry -specific Web sites
designed as online business-to-business communities, which are
targeted business to business communities of commerce on the Internet,
today announced its financial results for the fourth quarter and year
ended December 31, 1998.
For the quarter ended December 31, 1998, and as previously
reported in VerticalNet's prospectus dated February 10, 1999,
VerticalNet reported revenues of $1.27 million, a 427% increase over
the $241,000 reported for the same period one year ago. Net loss for
the fourth quarter was $5.3 million, or ($2.00) per share, compared to
$1.9 million, or ($.77) per share in last year's fourth quarter.
For the year ended December 31, 1998, and as previously reported
in VerticalNet's prospectus, VerticalNet's revenues increased by 295%
to $3.13 million from $792,000. Net loss for 1998 increased from $4.77
million or ($1.89) per share in 1997 to $13.59 million, or ($5.29) per
share.
*T
VerticalNet, Inc.
Consolidated Statements of Operations
(unaudited)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
Revenues $ 1,272,970 $ 241,174 $ 3,134,769 $ 791,822
Costs and Expenses:
Editorial and
operational 1,137,086 381,941 3,237,971 1,055,725
Product development 606,742 260,284 1,404,557 711,292
Sales and marketing 3,489,255 952,047 7,894,662 2,300,365
General and
administrative 1,019,883 497,355 3,823,593 1,388,123
Amortization of
goodwill 179,425 282,990
Operating loss (5,159,421) (1,850,453) (13,509,004) (4,663,683)
Interest and dividend
income 47,595 3,285 212,130 10,999
Interest expense (148,032) (89,207) (297,401) (126,105)
Interest, net (100,437) (85,922) (85,271) (115,106)
Net loss $(5,259,858) $(1,936,375)$(13,594,275)$(4,778,789)
Basic and diluted loss
per share $ (2.00) $ (0.77) $ (5.29) $ (1.89)
Shares used in
computing basic
and diluted net loss
per share 2,631,552 2,526,865 2,570,550 2,526,865
Pro forma net loss per
share (1) $ (0.43) $ (0.25) $ (1.28) $ (0.77)
Shares used in
computing
pro forma net loss per
share 12,366,397 7,688,156 10,635,489 6,184,326
(1) Pro forma net loss per share is computed using the weighted
average number of shares of common stock, including common equivalent
shares from the convertible preferred shares which were converted into
common shares upon the completion of the Company's IPO on February 10,
1999.
VerticalNet, Inc.
Condensed Consolidated
Balance Sheets
(unaudited)
December December December
31, 31, 31,
1997 1998 1998
---- ---- ----
Assets Pro Forma
(1)
Current Assets:
Cash and cash equivalents $ 754,716 $5,662,849 $62,254,849
Prepaid expenses and other 837,375 2,542,679 2,542,679
Total current assets 1,592,091 8,205,528 64,797,528
Property and equipment, net 491,853 1,072,063 1,072,063
Goodwill and other assets 20,143 3,065,384 3,065,384
Total assets $2,104,087 $12,342,975 $68,934,975
Liabilities and Shareholders' Equity
(Deficit)
Current Liabilities:
Current portion of long-term debt $ 150,856 $ 288,016 $ 288,016
Line of credit 2,500,000 2,000,000 -
Accounts payable and
accrued expenses 766,415 2,802,601 2,802,601
Deferred revenues 710,393 2,176,585 2,176,585
Total current liabilities 4,127,664 7,267,202 5,267,202
Long-term and convertible debt 399,948 5,351,924 351,924
Shareholders' equity (deficit) (2,423,525) (276,151) 63,315,849
Total liabilities and shareholders'
equity $2,104,087 $12,342,975 $68,934,975
(1) The Pro Forma column reflects the following-
-Net proceeds from the Company's initial public offering of $58.6
million
-Conversion of $5.0 million in convertible notes in to Common
Stock
-Repayment of $2.0 million note to bank
*T
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this release regarding VerticalNet,
Inc.'s business, which are not historical facts, are "forward-looking
statements" that involve risks and uncertainties. For a discussion of
such risks and uncertainties, which could cause actual results to
differ from those contained in the forward-looking statements, see
"Risk Factors" in the Company's Prospectus dated February 10, 1999.
CONTACT: VerticalNet, Inc.
Gene S. Godick
CFO
215/328-6130
ggodick@verticalnet.com
or
Peter Harris
PepperCom
212/931-6112
pharris@peppercom.com
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS
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