S.W, FRTI, IMO, a near perfect Internet Start-up, Reports Quarterly Earnings....
FreeRealTime.com Reports First- Quarter Fiscal 2000 Results... Increased Registered Members and Subscriptions Result in 1,385% Top-Line Growth...
IRVINE, Calif.--(BUSINESS WIRE)--Oct. 20, 1999--FreeRealTime.com Inc. (OTC BB:FRTI) Wednesday reported its results for the three months ended June 30, 1999 (''Q1 Fiscal 2000'').
The company reported revenues of $1.5 million for the quarter, as compared with revenues of $101,000 for the prior year first quarter ended June 30, 1998, representing 1,385% growth. In highlighting its substantial growth, the company noted that its first-quarter revenue exceeded the $1.4 million revenue generated during the entire fiscal year ended March 31, 1999.
The company also reported a net loss of $1.3 million for the quarter, or a $0.20 loss per share. The Q1 Fiscal 2000 results were filed with the SEC today as an Amendment to its Form 10-SB, originally filed last month.
Brad Gunn, FreeRealTime.com president and CEO, attributed the substantial increase in revenue to large growth experienced in the number of users, page views and ad impressions on the company's financial services Web site, www.freerealtime.com, and in the number of subscribers to its www.bullsession.com site.
FreeRealTime.com's 660,000 registered users viewed more than 100 million pages (''page-views'') during the month of June 1999. For the BullSession.com site, the company reported 4,700 paid subscribers as of June 30, 1999, as compared with just over 700 as of June 30, 1998.
Revenue from subscriptions to its BullSession.com site increased from $50,000 for the three months ended June 30, 1998, to $444,000 for the three months ended June 30, 1999.
''We are pleased with the substantial revenue growth in the first quarter of fiscal 2000 across all segments of our business,'' said Gunn, who noted that the company launched its sites in early 1998.
''In order to enhance our position as a leading Internet financial destination, we plan to continue to build the infrastructure necessary to sustain and drive the growth we are experiencing, with the likely result of continued net losses over the near term.''
''As previously announced,'' said Gunn, ''we have filed our annual report with the SEC to become a fully reporting company. We look forward to ongoing communication with our shareholders and the financial community through regular reporting with the SEC, investor conference calls and shareholder meetings.''
Contact the company's Investor Relations firm at 949/566-9860 for more information. The amended Form 10-SB Information Statement, as filed with the SEC, is available through freeedgar.com or from the company's Investor Relations firm as well.
About FreeRealTime.com
FreeRealTime.com is a digital financial media company providing an array of stock market data, business information and sophisticated research, analysis and management tools for institutional investors, brokers, independent investors and respected resellers. CNBC's Power Lunch selected FreeRealTime.com as its ''Cool Web Site of the Day'' on April 27, 1999.
FreeRealTime.com was also featured in Online Investor's May/June 1999 issue, as a ''Blue Chip Pick'' for market data. Visit the FreeRealTime.com Web site at www.freerealtime.com.
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Contact:
Investor Relation Resources
Marty Tullio, 949/566-9860
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