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Friday August 13, 1:07 pm Eastern Time
Company Press Release
ACTV Announces 1999 Second Quarter Results
NEW YORK--(BUSINESS WIRE)--August 13, 1999--ACTV, Inc. (NASDAQ: IATV - news)
today reported results for the six and three months ended June 30, 1999.
Revenues for the six and three months ended June 30, 1999 were $854,507 and $453,713, compared to revenues of $756,660
and $395,413 for the six and three months ended June 30, 1998. All 1999 revenues and the majority of 1998 revenues are
derived from sales of HyperTV(TM), the company's TV-Internet convergence product. The company had a net loss
applicable to common shareholders for the six and three month periods ended June 30, 1999 of $12,982,289, or $.36 per
basic and diluted share, and $5,601,821, or $.14 per basic and diluted share, compared with a net loss applicable to common
shareholders of $6,035,538, or $.35 per basic and diluted share, and $3,263,401, or $.18 per basic and diluted share for the
six and three month periods ended June 30, 1998. Approximately $10.2 million of the net loss for the first six months of 1999
was the result of non-cash charges.
William C. Samuels, chairman and chief executive officer of ACTV, Inc., commented on the results: ''This year, all of
ACTV's revenues have come via private network applications of HyperTV in online learning, and these sales continue to
show great strength. Through July of this year, new orders have already surpassed orders booked for ACTV's entire 1998
fiscal year. We have renewed key contracts in New York City and with the School District of Philadelphia, among others,
while securing significant new agreements with major organizations including the California Department of Education and the
Texas Center for Educational Technology. In addition, the entertainment and advertising communities have responded
enthusiastically to the introduction of HyperTV. This June, we announced an agreement with The Box Music Network to
create groundbreaking TV-Internet convergence music programming. We are within weeks of completing the first
point-of-presence (POP) in the HyperTV Network at an Internet Data Center facility hosted by Exodus Communications(TM),
Inc. We expect HyperTV will be a significant revenue driver for the company.''
Furthermore, the continued growth of digital cable across the country is of great significance to ACTV's ''Individualized
Television'' and ''Individualized Advertising'' digital programming capabilities. Digital's strong growth has been
demonstrated by recent news that there are already more than 100,000 digital subscribers in Dallas, Texas. This represents a
greater than 20% penetration in the introductory market for ACTV's digital regional sports network.
Additionally, earlier this summer General Instrument Corporation (GI) and ACTV announced that the two companies will
work together to develop and introduce a comprehensive, end-to-end solution for delivering addressable, targeted
advertising via digital cable, satellite, and broadcast television. GI will combine its digital interactive system and consumer
set tops with ACTV's proprietary ''Individualized Advertising'' software and programming capabilities to deliver this
complete solution, which will improve the effectiveness and accountability of television advertising.
Samuels concluded, ''We continue to make excellent progress towards the wide-scale commercialization of 'Individualized
Television,' 'Individualized Advertising,' and HyperTV as digital television and TV-Internet convergence rapidly expand.
Our company is exponentially stronger today than at anytime in our history.''
ACTV, Inc., is a leader in interactive digital television with its proprietary ''Individualized Television'' and ''Individualized
Advertising'' software and programming capabilities. The company has also pioneered TV-Internet convergence
programming with its patented HyperTV(TM) software solution. ACTV offers superior, practical solutions for television
programmers, advertisers, cable operators, educators, and consumers looking to leverage the emergence of digital television
and the broadband delivery infrastructure.
ACTV has relationships with many of the dominant players in the Internet, television and digital technology fields, including
key strategic investments from Liberty Media Group and General Instrument Corporation. ACTV Entertainment and HyperTV
Networks, Inc., are subsidiaries of ACTV, Inc. Visit ACTV's Web site at actv.com.
ACTV, INC., & SUBSIDIARIES
Consolidated Statement of Operations
(Unaudited)
Three months ended June 30, 1999 1999 1998
---------------------------------------------------------------
Revenues $453,713 $395,413
Net income (loss) applicable
to common shareholders ($5,601,821) ($3,263,401)
Basic and diluted income
(loss) per share ($0.14) ($0.18)
Weighted average number of common
shares outstanding 39,711,671 18,371,395
Six months ended June 30, 1999 1999 1998
---------------------------------------------------------------
Revenues $854,507 $756,660
Net income (loss) applicable
to common shareholders ($12,982,289) ($6,035,538)
Basic and diluted income (loss)
per share ($0.36) ($0.35)
Weighted average number of common
shares outstanding 35,859,875 17,219,660
NOTE: Approximately $10.2 million of the net loss for the first six months of 1999 was the result of non-cash charges.
Disclaimer: This news release contains forward-looking statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements which are other than statements of historical facts. These
statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance,
changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks
defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly
qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking
statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
Contact:
Mike Rosen
Bratskeir & Company
212-679-2233, ext. 213
mrosen@bratskeir.com
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