ACTV, Inc. Reports Third Quarter and Nine-Month Results
NEW YORK--(BUSINESS WIRE)--Nov. 14, 1997--ACTV, Inc. (NASDAQ:IATV -
news) today announced that revenues for the first three and nine
months ended September 30, 1997 were respectively $191,440 and
$1,534,295 compared with revenues of $332,220 and $1,105,816 for the
comparable periods of 1996.
For the three and nine months ended September 30, 1996, ACTV's net
losses were respectively $1,678,598 or $0.13 per share and $5,167,623
or $0.42 per share compared with net losses of $1,825,786 or $0.15
per share and $5,878,805 or $0.50 per share for the comparable
periods of 1996.
William C. Samuels, ACTV's Chairman and CEO, stated, ''This year, in
our two business segments, entertainment and education, we have
nearly completed the transition from a development company to an
operating company. In entertainment, we just completed construction
in Dallas of our new master control facility to prepare for the
imminent launch of the Company's first individualized regional sports
network, in conjunction with FOX Sports Southwest. In our educational
segment we have developed new state-of-the-art software for
individualized Internet and television distance learning
applications. These efforts are expected to begin to positively
impact our revenues in the current quarter. Looking beyond the
transition year of 1997 we expect a number of the recently announced
contracts for our educational operations to produce significant year
over year revenue increases for ACTV in 1998. Also, during 1998, we
expect ACTV's entertainment operations will begin to produce its
first meaningful revenues from its individualized regional sports
networks.''
Based in New York City, ACTV, Inc. improves the quality of television
viewing by offering both live and pre-recorded individualized
entertainment and educational programming options. The Company has a
programming agreement with FOX Sports Net, which includes ten owned
and operated regional sports networks, along with numerous affiliated
systems throughout the United States. Additionally, through its
ongoing relationships with the Sarnoff Corporation and NextLevel
Systems, Inc. (formerly a part of General Instrument Corporation),
ACTV has created a unique digital application, which is fully
compatible with NextLevel's digital set-top terminal at no additional
technology cost.
ACTV, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
Three months ended September 30, 1997 1996
Revenues $191,440 $332,220
Net income (loss) $(1,678,598) $(1,825,786)
Net income (loss) per share $(0.13) $(0.15)
Weighted average number of common
shares outstanding 13,171,584 11,799,797
Nine months ended September 30, 1997 1996
Revenues $1,534,295 $1,105,816
Net Income (loss) $(5,167,623) $(5,878,805)
Net income (loss) per share $(0.42) $(0.50)
Weighted average number of common
shares outstanding 12,338,339 11,723,874 |
