the rest of the weeks news
E*TRADE Reports First Quarter Revenue Growth of 63%; Adds 132,000 New
Active Accounts, Up 55% From Fourth Quarter
PR Newswire - January 11, 1999 08:40
$31 Billion in Assets Traded During Record Quarter
PALO ALTO, Calif., Jan. 11 /PRNewswire/ -- E*TRADE Group, Inc. (Nasdaq: EGRP) today reported revenues of $88.1 million for its first fiscal quarter ended December 31, 1998, up 63 percent from $54.0 million in the first quarter a year earlier and up 28 percent from $68.7 million in the fourth quarter of fiscal 1998. The Company achieved its 26th consecutive quarter of revenue growth and added 132,000 new active accounts, an increase of 55 percent over new accounts in the previous quarter. At the end of the quarter, total active accounts were 676,000, an increase of 109 percent from a year earlier. Transactions were 2.8 million for the quarter, up 75 percent from the same quarter in fiscal 1998. Customer assets under management were $15.2 billion at the end of the quarter, an increase of 94 percent over the same period last year.
In addition, E*TRADE attracted 390,000 new members to its site, bringing to over 500,000 the number of visitors to become members since E*TRADE launched its new public destination Web site in September. Overall visits to Destination E*TRADE increased significantly in the Web site's first full quarter as a public financial services destination on the Internet, with page views increasing 38 percent versus last quarter to 263 million.
Critical Path, Inc. Attracts Industry Heavy Hitters to Sales and
Marketing Team; Two Internet Industry Veterans Join Leading Email
Outsource Provider
Business Wire - January 12, 1999 07:45
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 12, 1999--Critical Path, Inc., the leading provider of email service solutions, for Internet service
providers (ISPs), Web hosting companies, telecommunications companies,
and corporations, today announced it has added two key executives to its sales and marketing team.
Bill Rinehart has joined the company as vice president, Worldwide Sales, and Judie Hayes has been named the company's new vice president, Corporate Communications.
Rinehart is charged with expanding the domestic and international sales organizations in Europe, Asia, and Latin America throughout 1999 and beyond. He will be responsible for building a direct sales team to
target ISPs, Web hosting companies, Web portals, telecommunications
companies, and corporations. Rinehart brings a wealth of knowledge and
experience with the ISP community, and is well-versed in providing
outsourced services to the world's leading Web sites. Prior to joining
Critical Path, Rinehart was senior vice president, general manager at
Frontier GlobalCenter, a leading Web hosting company.
Hayes will lead the company's Marketing Communications, Public and
Investor Relations, and Creative Services teams. She brings a breadth of experience in corporate and marketing communications and a strong
background in the data and Internet industries. Hayes joins Critical
Path from Frontier GlobalCenter where she was vice president, Corporate Marketing and Communications. Prior to Frontier GlobalCenter, Hayes served in senior marketing and communications roles at NETCOM On-Line Communication Services, Inc., MCI Data Services Division, and British Telecom North America.
"To continue Critical Path's leadership track within the global
messaging services marketplace, we are augmenting the already strong
management team with the addition of two industry veterans -- Bill
Rinehart and Judie Hayes," said Doug Hickey, president and chief
executive officer for Critical Path, Inc. "Both Bill and Judie have
proven track records in the online and networking arenas and they will
leverage that success to build comprehensive organizations to support
the tremendous growth we see for Critical Path in 1999 and beyond."
Critical Path, Inc. is a privately held corporation founded in 1997,
with venture backing from Benchmark Capital; Mohr, Davidow Ventures;
SOFTBANK Holdings, Inc.; E-TRADE Group (Nasdaq:EGRP); and @Ventures, a
division of CMG Information Services, Inc. (Nasdaq:CMGI). With a mission to "handle the world's email," the company has built an industry-leading global infrastructure with data centers connected to key Internet exchange points, and is currently under contract to host over four million mailboxes for ISPs, Web hosting companies, Web portals and corporations.
E*TRADE Group Launches E-Commerce Investment Bank with Prominent Group
of Investors, Including Sandy Robertson
PR Newswire - January 12, 1999 08:40
E*TRADE's Customers to Get Direct Access to Up to Half of Every IPO
Issued Through E*OFFERING
PALO ALTO, Calif., Jan. 12 /PRNewswire/ -- E*TRADE(R) Group Inc.
(Nasdaq: EGRP), and Sandy Robertson, founder and former CEO of
Robertson, Stephens & Company, today announced plans to invest in a new full-service investment bank on the Internet, called E*OFFERING(TM). The new company, founded by Walter Cruttenden III, former CEO and president of Cruttenden Roth, plans to bring about a new class of online investment banking services. The plans contemplate that E*OFFERING will provide individual online investors who are E*TRADE customers with greater access to subscribed public offerings and plans to reduce the corporate fees traditionally associated with the underwriting process. E*OFFERING expects to begin underwriting its first public offerings later this year.
E*TRADE will own approximately 28 percent of the Newport Beach,
Calif.-based company. E*TRADE CEO and Chairman-elect Christos M.
Cotsakos and President and Chief Operating Officer Kathy Levinson will
serve on the Board of Directors of E*OFFERING. Under the agreement,
E*TRADE will have an option to increase its ownership to 51 percent.
Financial details of the agreement were not disclosed. The transactions is subject to definitive documentation.
Robertson, a well-known investment banking industry leader who founded
Robertson, Stephens in 1978 and resigned as chairman in 1998, will be an investor in the new company. Robertson is precluded from assuming a
management role at E*OFFERING until his current non-compete agreement
with Robertson, Stephens expires in approximately 12 months. Robertson
has been a pioneer in investment banking, particularly in the
technology, health care and Internet-related industries. Walter
Cruttenden III, another leading executive in the investment banking
industry, will serve as president of the new company.
"E*OFFERING represents a potent combination of traditional investment
banking expertise, advanced technology and channel reach into the new
online investor market," said Cotsakos. "By combining E*TRADE's
techno-marketing capabilities with some of the most respected pioneers
in investment banking, we're creating a new breed of company.
"E*OFFERING is another step in our journey toward democratization of the financial services markets," continued Cotsakos. "It means more access to the public financial markets for individuals and a far more
cost-effective service model for emerging companies who now can have
better control over their most important asset -- their company's
shares."
E*TRADE to Invest in Leading Online Mortgage Lender E-LOAN; E*TRADE
Expands Investment in Privately Held Internet Mortgage Company
PR Newswire - January 13, 1999 08:40
PALO ALTO, Calif., Jan. 13 /PRNewswire/ -- As part of an ongoing effort to increase its reach in the personal financial services arena,
E*TRADE(R) Group Inc. (Nasdaq: EGRP) today announced that the company
has expanded its investment by exercising warrants with E-LOAN Inc., a
privately held multi-lender Internet mortgage company. E*TRADE acquired the warrants as part of an agreement with E-LOAN completed last year which named E-LOAN as the exclusive multi-lender partner to E*TRADE and its customers. The three-year agreement between the two companies was announced on March 31, 1998.
I hope I din't bore any too much but the marketing, strategy, and growth potential of this company is a reflection of the talent and vision of those at EGRP. I will not go into the awards they have received.
Regards
Norden |
