Earnings out--
Subj: ACTV, Inc. Reports 1998 Financial Results
Date: 3/19/99 12:49:30 PM Pacific Standard Time
From: AOL News
BCC:
ACTV, Inc. Reports 1998 Financial Results
NEW YORK--(BUSINESS WIRE)--March 19, 1999--ACTV, Inc. (NASDAQ:
IATV) today reported results for the year ended December 31, 1998.
Revenues for the year ended December 31, 1998 were $1,405,838,
compared to $1,650,955 in the prior year. All 1998 revenues derived
from sales of the Company's Internet software and services, compared
to $353,000 in Internet revenue for 1997. The Company had a loss
applicable to common shareholders of $20,868,324, or $.98 per share,
in the more recent year, compared with a net loss of $10,358,683, or
$.80 per share, for the year ended December 31, 1997. More than 50% of
the net loss for 1998 came from a series of non-cash charges,
including preferred stock accretion, redemptions and dividends, and
stock appreciation rights charges resulting from a higher market price
for the Company's common stock.
ACTV is a leader in interactive digital television with its
proprietary "Individualized Television" programming capabilities, and
a pioneer in TV-Internet convergence with its patented HyperTV(tm)
software application.
The Company is launching regionally-based digital cable networks
featuring programming provided through the Company's alliance with FOX
Sports Net.
ACTV's "Individualized Television" digital programming
capabilities take traditional television programming into the digital
age by allowing viewers to switch seamlessly among multiple, real-time
feeds of video, audio and data. Using a standard digital set-top box
and remote control, "Individualized Television" can enhance a variety
of television genres.
ACTV's HyperTV(tm) uses patented methods that permit the
simultaneous and synchronized delivery of streamed video and Web URLs
(Uniform Resource Locators) to television viewers and/or PC users.
HyperTV also has a database capability that captures valuable
permission-based marketing information, such as consumer demographics
and preferences.
For more information, visit ACTV's Web site at
actv.com.
-0-
*T
ACTV, INC. & SUBSIDIARIES
Consolidated Statements of Operations
Year Ended December 31, 1998 1998 1997
Revenues $ 1,405,838 $ 1,650,955
Income (loss) applicable to
common shareholders $(20,868,324) $(10,358,683)
Income (loss) per share $ (.98) $ (.80)
Weighted average number
of common shares outstanding 21,399,041 12,883,848
*T
Disclaimer: This news release contains forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements which are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks defined in this document and in statements
filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and
whether made by or on behalf of the Company, are expressly qualified
by the cautionary statements and any other cautionary statements which
may accompany the forward-looking statements. In addition, the company
disclaims any obligation to update any forward-looking statements to
reflect events or circumstances after the date hereof.
--30--tia/ny
CONTACT:
Bratskeir & Company, New York
Mike Rosen, 212/679-2233, ext. 213
E-mail: mrosen@bratskeir.com |
