NetGravity Announces 1998 Second Quarter Results
PR Newswire - July 29, 1998 16:45
SAN MATEO, Calif., July 29 /PRNewswire/ -- NetGravity, Inc. (Nasdaq:NETG), today announced financial results for the quarter ended June 30, 1998.
The Company reported revenues of $2,332,000 for the second quarter of 1998, a 16 percent increase over revenues of $2,003,000 reported for the first quarter of
1998, and a 66 percent increase over revenues of $1,401,000 reported for the second quarter of 1997. The net loss for the second quarter of 1998 was
$3,010,000, or $0.59 per share, compared to a net loss of $2,800,000, or $0.93 per share for the first quarter of 1998, and a net loss of $1,686,000, or $0.71 per
share for the second quarter of 1997.
The Company reported revenues of $4,335,000 for the six months ended June 30, 1998, a 57 percent increase over revenues of $2,754,000 reported for the six
months ended June 30, 1997. The net loss for the six months ended June 30, 1998, was $5,810,000, or $1.42 per share compared to a net loss of $2,846,000, or
$1.27 per share for the six months ended June 30, 1997.
"We are extremely pleased with our performance during our first quarter as a public company," said John Danner, chairman and chief executive officer of
NetGravity. "We remain focused on our mission of providing leading online advertising and direct marketing management solutions to content publishers, advertising
agencies, Internet advertising networks and merchants."
About NetGravity
NetGravity is the leading provider of software solutions for online advertising and direct marketing. NetGravity delivers a range of scalable solutions to manage
advertising inventory, dynamically target ads, and reliably measure ad performance for websites and networks. The company's worldwide customer base numbers
more than 240, including many of the most frequently visited websites. NetGravity was founded in 1995 and has headquarters in San Mateo, California.
NetGravity's common stock trades on The Nasdaq Stock Market under the symbol NETG. For more information, please call 650-655-4777 or visit
netgravity.com.
NETGRAVITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except per share amounts)
June 30, Dec. 31,
1998 1997
ASSETS
Current assets:
Cash & short-term investments $ 28,027 $ 5,637
Accounts receivable, net 4,323 2,739
Prepaid expenses and other current assets 318 155
Total current assets 32,668 8,531
Property and equipment, net 1,950 1,356
Other assets 284 --
Total assets $ 34,902 $ 9,887
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Current portion of notes payable 485 1,140
Accounts payable 1,174 305
Accrued liabilities 1,895 1,344
Deferred revenue 5,318 3,520
Total current liabilites 8,872 6,309
Notes payable, less current portion 484 727
Stockholders equity:
Convertible preferred stock -- 11
Common stock 20 4
Additional paid-in capital 45,576 16,209
Deferred compensation (2,536) (1,669)
Accumulated deficit (17,514) (11,704)
Total stockholders' equity 25,545 2,851
Total liabilities and stockholders' equity 34,902 9,887
SOURCE NetGravity, Inc.
/CONTACT: Steve Recht of NetGravity, 650-655-4777, or
srecht@netgravity.com/
/Web site: netgravity.com
(NETG)
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