WavePhore Reports Revenue Growth in Second Quarter of 1998
PHOENIX, Ariz., July 23 /PRNewswire/ -- WavePhore, Inc. (Nasdaq: WAVO - news), today reported second quarter 1998 revenues of $6.8 million compared with $5.5 million for the comparable year earlier period, a 24% increase. ''Our Newscast business unit continues to experience significant growth, with revenue in the second quarter 171% greater than the comparable quarter of 1997,'' stated Ken Swenson, Chief Financial Officer of WavePhore.
The net loss was $4.9 million, or $0.23 per basic and dilutive common share, excluding preferred stock dividends, for the second quarter of 1998 compared to net loss of $9.8 million, or $0.60 per basic and dilutive common share, for the 1997 comparable period. The net loss in 1997 included a one- time non-cash charge to operations of $6.0 million, or $0.37 per basic and dilutive common share, related to the acquisition of Paracel Online Systems, Inc.
For the six months ended June 30, 1998, WavePhore reported revenue of $12.2 million compared to $9.2 million for the same period in 1997, a 33% increase. The net loss was $9.7 million, or $0.50, per basic and dilutive common share, excluding preferred stock dividends, for the six months ended June 30, 1998 compared to a net loss of $13.3 million, or $0.81 per basic and dilutive common share, excluding preferred stock dividends for the same period of 1997. The 1997 period includes the one-time acquisition charge of $6.0 million, or $0.37 per share.
''We are pleased with the continued strong revenue growth by our Newscast and Networks business units, while at the same time we have just launched a major consumer advertising campaign introducing WaveTop for Windows 98(R),'' stated David E. Deeds, Chairman, President and CEO of WavePhore. ''Our WaveTop advertising campaign is designed to spread the word that, for the first time, consumers have fast, free and easy-to-use access to the best of the World Wide Web without having to tie up a telephone line or deal with the delays of the Internet,'' said Mr. Deeds.
About WavePhore
WavePhore, Inc., (Nasdaq: WAVO - news) is the global leader in connecting people with compelling information in the office and at home. The corporation is headquartered in Phoenix, AZ and composed of three business units: WavePhore Networks, WavePhore Newscast and WavePhore WaveTop. WavePhore Networks, the industry leader in data broadcasting provides flexible, high-speed data delivery for information publishers, to more than 80,000 sites worldwide. WavePhore Newscast, is the Web's premier business infosource for enterprise- wide use. WavePhore WaveTop is the first free, advertising-supported, nationwide data broadcast system to deliver multimedia content to broadcast ready PCs in the home. Additional information on WavePhore is available via the Internet at wavephore.com, wavetop.net, wavo.com and newscast.com.
Certain of the above statements regarding WavePhore constitute forward- looking statements, which may involve risks and uncertainties. Actual results could differ materially from such forward-looking statements as a result of a variety of factors, including, but not limited to, technology changes, competitive developments, industry and market acceptance of new products and services, risk factors listed from time to time in WavePhore's SEC filings.
For Further Information Contact, Kenneth D. Swenson, Chief Financial Officer of WavePhore, Inc., at 602-952-5500, or kswenson@wavephore.com.
Investors are invited to join a conference call with David E. Deeds, Chairman, President and CEO of WavePhore, Inc. today, Thursday, July 23, 1998 at 4:35 p.m. EST by calling 800-388-8975 the password is ''WavePhore.''
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