Details on INSP earnings -- blow-out estimates, also lots of new partnerships and ambitious plans (consensus was profit of .01, actual profit .04 -- and price way up A-H)...
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Monday January 29, 4:20 pm Eastern Time
InfoSpace Reports Fourth Quarter and Year End 2000 Financial Results; InfoSpace Reports a Pro-Forma Profit of $0.04 Per Diluted Share and Revenues Of $66.1 Million
BELLEVUE, Wash., Jan. 29 /PRNewswire/ -- InfoSpace, Inc. (Nasdaq: INSP - news), a leading global provider of cross-platform merchant and consumer infrastructure services on wireless, broadband and narrowband platforms, today announced that fourth quarter revenues grew to $66.1 million. This is a 125% increase compared to the $29.4 million reported in the comparable quarter of 1999. InfoSpace earned a pro forma net profit of $12.6 million, or $0.04 per diluted share compared to a pro forma net loss of $7.8 million, or a loss of $0.03 per basic share reported in the same period last year. InfoSpace also reported pro forma operating income of $6.1 million for the quarter and $19.9 million for the full year.
(Photo: newscom.com )
InfoSpace also announced that more than 1.5 million wireless subscribers have registered to use InfoSpace powered services. Wireless subscribers reached record levels as consumers worldwide continued to sign up and use wireless Internet services through leading wireless carriers including Verizon, Cingular, AT&T and others.
Revenues for 2000 were $214.6 million, an increase of 197% from the $72.3 million reported for 1999. Pro forma net profit for the year was $46.2 million, or $0.14 per diluted share compared to a pro forma net loss of $9.9 million, or a loss of $0.03 per basic share reported for 1999.
``InfoSpace continues to expand its relationships and deliver value to wireless carriers proven by the significant revenue growth in our wireless business and the more than 1.5 million wireless subscribers,'' said Naveen Jain, chairman and CEO, InfoSpace. ``InfoSpace will continue to relentlessly execute and rapidly innovate to consistently provide wireless carriers worldwide with exceptional service and unique products needed to be successful in this space.''
InfoSpace announced additional strong partnerships in the wireless space demonstrating its leadership in providing the platform that is used by leading wireless carriers, wireless hardware providers and other mobile device manufacturers and service providers. These relationships include new wireless carrier relationships with Powertel and Cincinnati Bell. These wireless carriers join a distinguished list of partners that already use InfoSpace's platform including Verizon, Cingular, AT&T, ALLTEL, Qwest and VoiceStream.
InfoSpace continues to demonstrate its ability to OEM its products directly with leading hardware manufacturers such as Intel, and leading network infrastructure providers such as Nortel. During the quarter, InfoSpace announced that Lucent will integrate InfoSpace's platform and suite of services with its products and offer it to wireless carriers worldwide. Lucent will also use InfoSpace's location-based technology and services that will make use of the Lucent Mobile Internet Gateway.
In addition, InfoSpace announced that Compaq will be using its platform and suite of services on the Compaq iPAQ PocketPC and Blackberry devices.
InfoSpace continues to expand its platform delivering innovative services to the Company's wireless carrier partners. InfoSpace recently announced that it plans to add multi-lingual speech recognition technologies to its platform that will deliver speech-based applications to the wireless carriers. InfoSpace plans to release a beta version of its speech-enabled applications and services in the first quarter of 2001. These services will enable cellular phone and desktop users to use InfoSpace powered-services to take advantage of wireless Internet data and applications.
Mobile commerce continues to gain traction as more wireless carriers look to expand their service offerings sooner than expected. InfoSpace announced that Cingular, the second largest wireless carrier in the U.S., launched its mobile commerce services powered by InfoSpace's platform and network of merchants. In addition, Cingular added InfoSpace's messaging applications to the suite of services already launched with InfoSpace last fall.
InfoSpace also announced an expanded relationship with Intel to provide the wireless promotions technology for its hardware. InfoSpace currently provides Intel with its wireless platform and suite of services for its new Web appliance.
InfoSpace's broadband business continues to heat up as new partnerships were announced with Microsoft, OpenTV, Winfire and Liberate. InfoSpace also announced it will be launching its first broadband application with Bloomberg TV coming soon.
Note: InfoSpace has scheduled a conference call for 2:00 p.m. PST to discuss fourth quarter and full year 2000 financial results as well as financial guidance for 2001. Interested parties may access the conference call over the Internet through the Company's Web site at www.infospace.com in the Investor Relations section. Or, callers may telephone at 888-324-3612 using the passcode 'Earnings.'
A replay will be available approximately one hour after the call until Monday, February 5 at 6:00 p.m. PST on the website or by dialing 800-283-4984, no passcode is necessary.
About InfoSpace, Inc.
InfoSpace is a leading global provider of cross-platform merchant and consumer infrastructure services on wireless, broadband and narrowband platforms. The company provides commerce, information and communication infrastructure services to wireless devices, merchants, and Web sites. InfoSpace's affiliates encompass a global network of wireless, PC, and non-PC devices, including cellular phones, pagers, screen telephones, television set-top boxes, online kiosks and personal digital assistants. These include relationships with AT&T Wireless, Intel, Ericsson, Nokia, Mitsui, Acer America, Hasbro, National Discount Brokers, and Bloomberg LLC. InfoSpace's affiliate network also consists of more 3,200 Web sites that include AOL, Microsoft, Disney's GO Network, NBC's Snap, Lycos, DoubleClick and ABC LocalNet, among others. InfoSpace is also positioned to tap the market for broadband wired (DSL and cable) and broadband wireless (2.5G and 3G) services, such as interactive gaming, television and other entertainment services. In addition, the company recently added full back end payment processing to InfoSpace's existing commerce services, allowing InfoSpace to offer everything a merchant needs to conduct the entire lifecycle of a transaction, one of the key drivers of mobile commerce adoption. |
