Multex reports record quarterly revenues.Revenue up 85%
Amein:
Hope you are still holding.
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Wednesday April 21, 4:03 pm Eastern Time
Company Press Release
Multex.com Reports Record Quarterly Revenues
- First Quarter Revenues Up 85% to $5.03 Million -
NEW YORK--(BUSINESS WIRE)--April 21, 1999-- Multex.com, Inc. (Nasdaq: MLTX - news), a leading provider of online investment research services for individual and institutional investors, today reported results for the first quarter ended March 31, 1999.
Revenues for the quarter ended March 31, 1999 increased 85% to $5.03 million versus $2.71 million in the first quarter of 1998. Revenues for the first quarter ended March 31, 1999 rose 30% over 1998 fourth quarter revenues of $3.86 million.
For the quarter ended March 31, 1999, the Company reported a net loss of $3.64 million, or a pro forma loss of $(0.15) per share, compared to a net loss of $1.66 million, or a pro forma loss of $(0.09) per share for the quarter ended March 31, 1998. The Company also reported a basic and diluted loss per share of $(0.89) for the quarter ended March 31, 1999 as compared to a basic and diluted loss per share of $(0.94) for the quarter ended March 31, 1998.
Commenting on the results, Isaak Karaev, President and Chief Executive Officer of Multex.com, stated, ''The first quarter revenue increase reflects the growth in demand for, and acceptance of, Multex.com products by investment professionals and individuals worldwide. With worldwide increases in the ownership of equity and fixed income investments, and the emergence of the Internet as a primary research tool for investors, Multex.com is well positioned to take advantage of these trends as we offer a broad range of research products available at multiple price points to meet the needs of active institutional and individual investors.
''During the first quarter of 1999 and early in the second quarter, Multex.com further strengthened its position as a leading supplier of investment research to both the professional and individual investor market, as we increased our product offerings and broadened our reach by establishing or extending distribution relationships with partners including America Online, CBS MarketWatch.com and Intuit's Quicken.com.
''During the fourth quarter of 1998, Multex.com launched its Multex Investor Network, offering individual investors online access to free and premium investment research from over 250 leading brokerage firms, investment banks and independent research providers. We are delighted to report that at the end of the first quarter of 1999, the number of registered Multex Investor Network users had grown 112% to over 252,000 from 119,000 at December 31, 1998, and in the second quarter to-date, continues to grow by more than 2,000 new registered users daily.
''Today's announcement of our multi-year agreement with Intuit to become the exclusive provider of brokerage research for Quicken.com and all Quicken.com partner sites, including Excite, AOL.COM, Webcrawler and Prodigy, is expected to extend the availability of high quality investment research to individual investors, as will our relationships with AOL and MarketWatch.com. These agreements complement our existing institutional distribution alliances with industry leaders such as Bloomberg, Disclosure, Dow Jones and Reuters.
About Multex.com
Multex.com is a leading provider of online investment research and information services designed to meet the needs of individual and institutional investors, including investment banks, brokerage firms and corporations. Multex.com's services enable timely online access to over 1,000,000 research reports and other investment information on over 15,000 companies published by more than 450 investment banks, brokerage firms and third-party research providers worldwide. More than 800,000 individual investors, institutional investors and financial professionals, including mutual fund managers, portfolio managers, brokers and their clients have access to Multex.com's services.
Multex.com has become the leading provider of commingled brokerage research for individual investors through its Multex Investor Network Web site (http://multexinvestor.com). The Multex Investor Network is a unique Internet community that offers individual investors online access to free and premium investment research from over 250 leading brokerage firms, investment banks and independent research providers. More than 290,000 people have become members of the Multex Investor Network since its launch in November 1998.
This news release contains statements of a forward-looking nature relating to the future events or the future financial results of Multex.com. Investors are cautioned that such statements are only predictions and that actual events or results may differ materially. In evaluating such statements, investors should specifically consider the various factors which could cause actual events or results to differ materially from those indicated from such forward-looking statements, including the matters set forth in Multex.com's reports and documents filed from time to time with the Securities and Exchange Commission.
Multex.com, Inc.
Summary Balance Sheet Data
(unaudited, in thousands)
March 31, 1999 December 31, 1998
-------------- -----------------
Cash, cash equivalents
and marketable securities $62,143 $22,332
Total assets 70,365 27,968
Deferred revenues 3,956 2,683
Total liabilities 8,832 5,323
Total stockholders' equity 61,533 22,645(a)
(a) Assuming the conversion of redeemable preferred stock to shares
of common stock on December 31, 1998.
Consolidated Statements of Operations
(unaudited; in thousands, except per share amounts)
Three Months Ended
March 31,
1999 1998
---- ----
Revenues $ 5,025 $ 2,714
Cost of revenues 1,325 694
----------- -----------
Gross profit 3,700 2,020
Operating expenses:
Sales and marketing 3,780 1,164
Research and development 733 440
General and administrative 3,095 2,004
----------- -----------
Total operating expenses 7,608 3,608
Loss from operations (3,908) (1,588)
Net interest income (expense) 267 (196)
Other income 0 125
------------- -----------
Net loss (3,641) (1,659)
Redeemable preferred
stock dividends 1,188 651
Net loss applicable to
common stockholders $ (4,829) $ (2,310)
========== ==========
Basic and diluted loss
per common share $ (0.89) $ (0.94)
=========== ===========
Number of shares used in
computing basic and diluted
loss per share 5,438,670 2,463,555
========= =========
Pro forma loss per share(a) $ (0.15) $ (0.09)
=========== ===========
Number of shares used in computing
pro forma loss per share 24,305,373 19,507,612
========== ==========
(a) The pro forma net loss per share assumes that all common stock
shares outstanding at March 31, 1999 and 1998 were outstanding
from January 1, 1999 and 1998, respectively, and also assumes
that all stock options outstanding at March 31, 1999 and 1998
were exercised on January 1, 1999 and 1998, respectively. |
