here they are...
Monday November 2, 4:02 pm Eastern Time
Company Press Release
SOURCE: CyberShop International, Inc.
CyberShop(R) Reports Third Quarter Results;
Revenues More Than Double for Quarter and Nine Months for Leading Online Retailer
JERSEY CITY, N.J., Nov. 2 /PRNewswire/ -- CyberShop(R) International, Inc. (Nasdaq: CYSP - news), a leading online retailer, today announced that total revenues for the third quarter ended September 30, 1998 increased 121% to $454,000 from $205,000 for the third quarter ended September 30, 1997. The Company reported a net loss of $1,118,000, or ($0.15) per share on both a basic and diluted basis, versus a loss of $331,000, or ($0.08) per share on both a basic and diluted basis, for the same period last year. Weighted average basic and diluted common shares outstanding were 7,220,000 for the third quarter ended September 30, 1998 versus 4,000,000 for the third quarter ended September 30, 1997. The Company's cash balance was $14,726,000 at September 30, 1998.
The Company reported that total revenues for the nine months ended September 30, 1998 rose 116% to $1,400,000 from $647,000 for the nine months ended September 30, 1997. Net loss for the nine-month period of 1998 was $3,513,000, or ($0.57) per share on both a basic and diluted basis, versus a loss of $1,016,000, or ($0.28) per share on a basic and diluted basis for the nine months of 1997. Weighted average basic and diluted common shares outstanding for the nine months ended September 30, 1998 were 6,206,297 compared to 3,691,069 for the nine-month period of 1997. CyberShop closed its Initial Public Offering on March 26, 1998 and currently has 7,220,000 shares of common stock outstanding.
''During the past quarter, we continued to invest and build our infrastructure in preparation for the launch of our new sites prior to the upcoming holiday season,'' said Jeff Tauber, Chairman, President and CEO of CyberShop. ''We upgraded our technology platform, relocated our corporate offices to Jersey City and hired additional staff. In addition, we were able to hold the line on operating expenses in the third quarter, positioning us well for the upcoming holiday shopping period.''
CyberShop's electronics.net web site went online last week and is scheduled to have its grand opening in mid-November. The site, a joint venture between the Company and Tops Appliance City (Nasdaq: TOPS - news), a leading consumer electronics, appliance and computer retailer, offers the largest selection of consumer electronics and appliances on the Internet. electronics.net has signed model-actress Cindy Margolis, the ''Queen of the Internet,'' as its spokesperson. She will take part in the site's grand opening festivities as well as its upcoming road show. electronics.net also recently appointed Jean Pierre Le Dour, a former Vice President and Divisional Merchandise Manager with the Macy's East division of Federated Department Stores, General Manager of the site.
''With Tops, we have created a consumer electronics web site which contains the largest selection of products at the best prices on the Internet,'' added Tauber. ''Both electronics.net and egift are part of CyberShop's targeted product strategy developing more focused category killer sites.''
CyberShop will shortly re-launch egift, egift.com, based on its new technology platform. egift is the ultimate Internet destination for both consumer and corporate gift needs, offering an extensive range of gift items and services combined with unique value-added and interactive features. The Company recently announced an agreement making egift the featured tenant in the new ''Quick Gifts'' area of America Online. Once re-launched, egift will allow shoppers to purchase gifts until 9:00 p.m. EST with guaranteed delivery the next morning by Federal Express, where available.
CyberShop is currently rolling out a major site technology upgrade which is expected to be fully operational in time for the peak holiday shopping season. It is an integrated e-commerce solution combining innovative technologies and systems from InterWorld, Great Plains Software, GE Information Services and CyberSource and coordinated by leading software consultant Infosys Technologies.
CyberShop, a leading online retailer, can be found on the World Wide Web at cybershop.com and on America Online in their Shopping channel or by using keyword ''cybershop.'' egift can be found on the World Wide Web at egift.com and on America Online, on their Shopping Channel and in their ''Quick Gifts'' area or by using the keyword ''egift.'' electronics.net can be found on the World Wide Web at electronics.net.
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