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SAN FRANCISCO, April 21 /PRNewswire/ -- CNET, Inc. (Nasdaq: CNET)
today reported revenues of $19.6 million for the first quarter ended
March 31, 1999, a 101 percent increase over revenues of $9.8 million
for first quarter ended March 31, 1998. Proforma net income for the
first quarter was $3.4 million or $0.09 per diluted share, excluding
goodwill amortization related to the acquisition of WinFiles.com and
gains on the sale of equity investments. For the comparable period in
1998, CNET reported a net loss of $5.7 million or $0.19 per diluted
share.
Including goodwill amortization and gains from the sale of equity investments, net income equaled $23.0 million, or $0.61 per diluted share.
In addition, CNET today announced a 2-for-1 stock split in the form of a stock dividend payable May 28, 1999 to record holders of common stock on May 10, 1999, pending approval by stockholders at the May 26, 1999 annual meeting of a proposal to increase the number of common shares authorized for issuance.
Halsey Minor, CNET Chairman and CEO, stated, "CNET's strong financial performance in the first quarter solidified CNET's position as the Internet's leading content network. In the quarter, we focused on making our services even more useful through strategic acquisitions and key enhancements to our network |
