SPNW Shop Now - earnings, look strong, cheap down here in the low 20's!!!
"ShopNow.com Reports Strong Revenue and Business Growth for 1999"
Company Reports Strong Financial Results for the Fourth Quarter
SEATTLE, Jan. 20 /PRNewswire/ -- ShopNow.com Inc. (Nasdaq: SPNW), a leading e-commerce enabling company, today announced financial results for the quarter and twelve months ended December 31, 1999.
Revenues for the quarter ended December 31, 1999 were $13.4 million, an increase of 78%, compared to revenues of $7.6 million for the quarter ended September 30, 1999. Gross profit in the fourth quarter of 1999 increased to 42%, compared to 36% in the third quarter of 1999.
The Company's pro forma net loss for the year ended December 31, 1999 was $53.8 million, or $2.09 per diluted share. The Company's pro forma net loss for the quarter ended December 31, 1999 was $18.9 million or $0.51 per diluted share compared to a net loss of $16.8 million or $0.65 per diluted share for the quarter ended September 30, 1999. Pro forma net loss excludes the effects of non-cash charges relating to amortization of intangible assets and stock-based compensation, as well as other non-recurring charges.
"We had an excellent year in 1999 and are very pleased with our business growth," said Dwayne Walker, Chairman and Chief Executive Officer of ShopNow.com. "In addition to successfully completing our initial public offering at the end of the third quarter, significant progress was made in several strategic areas, including our business-to-business division and the ShopNow Network division. We are clearly positioned with a strong foundation for continued growth and global business expansion."
In the fourth quarter of 1999, the ShopNow Network had over 21 million visits, up from 7 million visits in the third quarter of 1999. The ShopNow Network's page views more than doubled in the fourth quarter to 48 million, compared to 18 million in the third quarter of 1999. By the end of 1999, the ShopNow Network had more than 47,000 merchants and over 2,500 syndicated/affiliate sites that were connected to the ShopNow Network. Additionally, according to PC Data rankings, the ShopNow Network was ranked the 36th most popular property on the Internet for the fourth quarter of 1999, compared to the 186th most popular property for the prior quarter.
The ShopNow Network offers visitors over 28 shopping categories, 48,000 merchants, millions of products and services, and a host of business-to- business e-commerce solutions. During the fourth quarter of 1999, over 11,000 merchants joined the ShopNow Network, including Net2Phone, Sears, PetsMart.com, PlanetRx.com and Tavolo.com, and the number of product searches on the ShopNow Network exceeded 5 million in the month of December. ShopNow.com also launched custom eBusiness Solutions for ChickClick.com, Stairmaster and ArtGalleryLive.com. These eBusiness solutions run on the ShopNow Network and utilize ShopNow.com's eBusiness transaction processing platform. During 1999, the Company announced strategic acquisitions that strengthen the services provided to the Network's merchants along with enhancing the overall shopping experience.
ShopNow recently launched b2bNow.com ( www.b2bNow.com ), a global business-to-business portal. The b2bNow.com portal will not only expand ShopNow.com's presence in the business-to-business e-commerce arena, but also strengthen its position as a leading e-commerce enabler on the Internet. The portal is intended to enable companies to transact their business in a rich, merchant-driven environment. ShopNow eBusiness Solutions also demonstrated consistent growth in 1999.
"As a business-to-business e-commerce enabling company, ShopNow.com is poised to grow the number of new merchants and businesses joining and using b2bNow.com, ShopNow eBusiness Solutions and the ShopNow Network," said Walker. "Our strategic acquisitions, investments and partnerships are intended to grow our business, position ShopNow.com for global expansion, and provide enhanced services to our businesses and merchants."
Additionally, Joe Arciniega, ShopNow.com's current Chief Operating Officer, was recently appointed President and Chief Operating Officer of ShopNow USA, where he will oversee the day-to-day operations of ShopNow.com USA. Dwayne Walker, ShopNow.com Chairman and Chief Executive Officer, will continue general management of ShopNow.com's global business strategy and vision. Joe Arciniega has been Chief Operating Officer of ShopNow.com since November 1998. Prior to joining ShopNow.com, he was Vice President of Operations for Humongous Entertainment, a software developer and publisher.
About ShopNow.com
ShopNow.com is a leading e-commerce enabling and services company. ShopNow.com operates an e-commerce network known as the ShopNow Network, which is comprised of online access to over 48,000 businesses and millions of shoppers. ShopNow.com Inc. operates the ShopNow.com portal ( shopnow.com ) which is an online marketplace for connecting buyers and sellers worldwide. ShopNow is also the operator of b2bNow.com, a business-to-business portal ( wwwb2bnow.com ). ShopNow.com provides a range of business-to-business e-commerce products and services under ShopNow eBusiness Solutions ( ebusiness.shopnow.com ). ShopNow.com Inc. is headquartered in Seattle, Washington, with additional offices in Georgia, Arizona, Kansas, and California.
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