In CGLD @ $10. Volume picking up and record earnings. (COMTEX) B: Cybergold Announces Record Quarterly Results; Revenues In
B: Cybergold Announces Record Quarterly Results; Revenues Increase 387% Year
Over Year; 78% Sequentially Quarter Over Quarter
OAKLAND, Calif., Nov 4, 1999 (BUSINESS WIRE) -- Cybergold, Inc.
(NASDAQ:CGLD) today announced that for the quarter ended September 30,
1999, total revenues increased 387% to $1.38 million from revenues of
$283,000 for the same period in 1998.
Revenues for the quarter increased 78% compared to revenues reported
for the quarter ended June 30, 1999, led by a 97% increase in
transaction revenues to $1.08 million from $548,000 for the same
periods. Gross margin improved to 60% for the quarter ended September
30, 1999 from 50% for the same period in 1998 and from 54% for the
quarter ended June 30, 1999. Reported net loss for the quarter ended
September 30, 1999, was $2.92 million, or $(0.15) per common share on a
pro forma basis, reflecting the Company's September IPO as if it had
occurred on July 1, 1999.
For the nine months ended September 30, 1999, total revenues were $2.66
million, a 380% increase from revenues of $553,000 for the same period
in 1998. Reported net loss for the nine months ended September 30, 1999
was $6.87 million, or $(0.38) per common share on a pro forma basis,
reflecting the Company's September IPO as if it had occurred on January
1, 1999.
"We are extremely pleased with our third quarter financial results, and
the momentum we have seen in the marketplace," said Nat Goldhaber,
President and CEO of Cybergold. "Growing numbers of consumers have
earned cash through Cybergold. A growing number of merchants have used
Cybergold's pay-for-performance marketing model in an effort to reduce
their cost of customer acquisition. In the third quarter, we added more
than 60 new incentives clients bringing us to more than 200 advertising
and marketing clients since inception."
Cybergold added more than 900,000 new consumer members for the quarter
ended September 30, 1999 and had more than 3.1 million members as of
September 30, 1999. The Company's new incentives clients include CDNOW
(NASDAQ:CDNW), Infonautics (NASDAQ:INFO), Whole Foods (NASDAQ:WFMI),
Motley Fool, MapQuest (NASDAQ:MQST), Big Star, NetGrocer, YesMail
(NASDAQ:YESM), eWanted, Gator, Healthshop and two divisions of
NetMarket: AutoVantage and Traveler's Advantage.
Cybergold's micropayment initiative surpassed 50 signed merchants by
September 30, 1999. New micropayment customers during the quarter
include Xoom, ZDNet (NYSE:ZDZ) and Riffage. The Company also extended
relationships with key existing incentive customers such as EarthLink
Network, MBNA, E*Trade, Uproar, Cendant (NYSE:CD) and Doubleday.
"In September, our initial public offering was successful, pricing at
the top of the range, and giving us a strong balance sheet with nearly
$50 million in cash and short-term investments as of September 30, 1999,
" said Goldhaber.
Cybergold also announced the launch of a new service called
Cash2Register: a joint partnership with Inference (NASDAQ:INFR) that
pays consumers to fill out product registration cards. Manufacturers,
in return, get real-time marketing information and analysis on their
customers.
About Cybergold
Cybergold, Inc. (NASDAQ:CGLD) is a leading provider of Internet-based
direct marketing and advertising solutions, including incentive
programs which reward consumers with cash for responding to ads and
programs. Cybergold's nearly 3.5 million members can spend their cash
rewards both online and offline, when they transfer their earnings to a
credit card or a bank account. Cybergold consistently ranks among the
100 most visited Web sites, according to PC Data Online. Cybergold's
partnerships include Visa USA, MBNA (NYSE:KRB), AOL (NYSE:AOL),
EarthLink (NASDAQ:ELNK), E*TRADE (NASDAQ:EGRP), Xoom (NASDAQ:XMGM),
Quintel (NASDAQ:QTEL) and Autobytel (NASDAQ:ABTL). It counts Intel
(NASDAQ:INTC) among its corporate investors. Cybergold is headquartered
in Oakland, California. For more information, visit www.cybergold.com
Statements in this press release regarding Cybergold, Inc.'s business
which are not historical facts are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the Company's expectations,
beliefs, hopes, intentions or strategies regarding the future.
Forward-looking statements include statements regarding future revenue
and market growth. All forward-looking statements included in this
document are based upon information available to the Company as of the
date hereof, and the Company assumes no obligation to update any such
forward-looking statement. Actual results could differ materially from
the Company's current expectations. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see "Risk Factors" in the
Company's registration statement on Form S-1, as amended. |
