INSP reported results(see below) and is up pretty strong in AH. This might help us tomorrow. Cooters
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InfoSpace Reports Record Third Quarter Results
Pro Forma Net Income of $0.03 Per Share and Revenues of $57.7 Million Significantly Exceeded Expectations
BELLEVUE, Wash., Oct. 25 /PRNewswire/ -- InfoSpace (Nasdaq: INSP), a leading global provider of cross-platform merchant and consumer infrastructure services on wireless, broadband, and narrowband platforms, today announced operating results for the quarter ended September 30, 2000. Financial results reflect the Go2Net merger that closed on October 12, 2000, which was accounted for as a pooling of interests.
(Photo: newscom.com )
Financial highlights for the quarter:
-- Revenues grew to $57.7 million, an increase of 189% over the year-ago
period
-- Pro forma net profits increased to approximately $9.5 million
-- Generated positive cash flow from operations
-- Committed revenue backlog increased to more than $130 million for the
next four quarters
-- Strong balance sheet, with more than $425 million in cash, cash
equivalents and commercial paper, an additional $145 million in equity
securities, with no short- or long-term debt
Revenues for the quarter ended September 30, 2000 were $57,695,129, representing an increase of 189% from the comparable quarter for the previous year. Gross margins as a percentage of revenue increased to 82% for the quarter ended September 30, 2000, as compared to 81% for the comparable period of the previous year. For the quarter, the company reported pro forma net income of $9,474,372, or $0.03 per share. This compares to pro forma net income of $2,965,987 or $.01 per share, for the comparable quarter of the previous year.
"This was an excellent quarter for InfoSpace, as we continued to build upon our market leadership in the globally-expanding wireless sector," said Arun Sarin, InfoSpace CEO. "InfoSpace is better positioned than ever to leverage four parallel areas with massive promise: Wireless, merchant, broadband, and wireline consumer services. As the industry's first true cross-platform infrastructure technology and services provider, we're also very pleased to have completed our integration with Go2Net, strengthening InfoSpace's core infrastructure technologies and services assets, while adding considerable depth to our management team."
"During the recently completed quarter, we made significant progress across all of our key operating metrics," added Russell C. Horowitz, InfoSpace president. "We're pleased to report significantly increasing pro forma operating profits, with a diversified and growing base of revenues contributing to our profile. As InfoSpace continues to aggressively expand to leverage the many opportunities in front of us, we will maintain high standards of fiscal discipline, to ensure that all of our activities are contributing to the success of our business and to the creation of sustainable shareholder value."
During the quarter, InfoSpace launched or announced strategic alliances to provide its wireless technology platform and integrated suite of services to many of the industry's best-known national and global brands, including Verizon, ALLTEL, Cingular Wireless (and all of its affiliates nationwide, including Pacific Bell Wireless, Nevada Bell Wireless, Ameritech, Cellular One, Southwestern Bell and SNET), and Virgin Mobile, expanding InfoSpace's global wireless network to include more than 20 of the world's leading carriers.
In wireline consumer services, InfoSpace's reach has grown to more than 92 percent of Internet users through the company's affiliate network, which extends to more than 3,200 Web sites, including AOL, Microsoft, Lycos, Disney's GO Network, and NBC's Snap. Meanwhile, in merchant services, InfoSpace's commerce platforms enabled more than $340 million in merchant transactions during the quarter, and the company expanded its network of member merchants to approximately 1.9 million. |
