(COMTEX) B: ACTV Announces 1999 Second Quarter Results
B: ACTV Announces 1999 Second Quarter Results
NEW YORK, Aug 13, 1999 (BUSINESS WIRE via COMTEX) -- ACTV, Inc.
(NASDAQ: IATV) today reported results for the six and three months
endedJune 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
(COMTEX) B: ACTV Announces 1999 Second Quarter Results
B: ACTV Announces 1999 Second Quarter Results
NEW YORK, Aug 13, 1999 (BUSINESS WIRE via COMTEX) -- ACTV, Inc.
(NASDAQ: IATV) today reported results for the six and three months
endedJune 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 majororganizations 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, cableoperators,
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.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Mike Rosen
Bratskeir & Company
212-679-2233, ext. 213
mrosen@bratskeir.com
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: COMPUTERS/ELECTRONICS
COMED
INTERACTIVE/MULTIMEDIA/INTERNET
ENTERTAINMENT
EARNINGS
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