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Technology Stocks : INFOSEEK (GO) -- Ignore unavailable to you. Want to Upgrade?

To: Dale Geffrey who wrote (8962)	1/28/1999 5:07:00 PM
From: SHGLaw	Read Replies (1) \| Respond to of 9343

Infoseek Reports Record Revenues for its First Fiscal Quarter of 1999; Company Launches New Internet Portal, GO Network, on January 12, 1999; Revenues Up 57 Percent Over Prior Quarter SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 28, 1999--Infoseek Corporation (Nasdaq:SEEK) today announced record revenues totaling $30.2 million for the first fiscal quarter of 1999, an increase of 138 and 57 percent over the same three-month period one year ago and prior quarter, respectively. On November 18, 1998, Infoseek and The Walt Disney Company (NYSE:DIS) entered into a strategic relationship (the "Disney Transaction") which included the creation of GO Network (go.com) and the acquisition of Starwave Corporation by Infoseek from The Walt Disney Company. Infoseek also announced today that the company changed its accounting year to a 52/53-week fiscal year ending on the Saturday closest to September 30 of each year. The first fiscal quarter of 1999 included revenue from Starwave for that period of time after the closing of the Starwave acquisition. Pro forma net loss for the first fiscal quarter of 1999 was $18.2 million, or $0.39 per share based on 46.1 million shares outstanding, excluding $13.3 million for the effects of amortization of intangible assets and $72.6 million for charges related to in-process research and development. Including the charges related to amortization of intangible assets and in-process research and development, the net loss for the first fiscal quarter of 1999 was $104.0 million, or $2.26 per share. In comparison, the company reported a net loss of $4.6 million, or $0.17 per share based on 27.3 million shares outstanding for the last three calendar months of 1997. Total shares outstanding as of January 2, 1999 were approximately $61 million. GO Network Launched During the last several months, Infoseek made significant strides in building a stronger, more competitive company. As a result of Disney Transaction, the company entered into a strategic off-line marketing relationship with Disney, launched GO Network, and gained access to millions of new users and original interactive programming content through award-winning online services, such as ABCNEWS.com, ESPN.com, Mr. Showbiz, and the official league sites of the NFL, NBA, NASCAR and the WNBA. "The launch of GO Network earlier this month demonstrates the power of our strategy to combine integrated internet services with leading consumer bands, such as Disney.com, ABCNEWS.com and ESPN.com. At the time of the launch, the GO Network had more than eight million registered users, 21 million viewers and a 36% reach. With over 750 employees, Infoseek now has the critical mass of engineering and marketing talent to build GO Network and challenge today's largest industry players," said Harry Motro, Infoseek Corporation's president and CEO. "We believe that GO Network is uniquely positioned to expand Infoseek's market share over time through the collective strengths of Infoseek and Disney. Together our organizations are singularly positioned to offer customers trusted, well known brands, original content programming, and leverage the programming between Disney's broad-band franchises and Infoseek's narrow-band properties. Looking ahead, we are very excited about working closely with our partners as we implement integrated highly focused marketing and promotional activities with ABC-TV, the four ESPN-TV channels, Disney theme parks, and Disney movie studios," said Motro. GO Network represents a new model for Internet portals. GO Network is the first portal designed from the ground up based on consumer input and is centered on three