BYND beats estimates... I believe estimates were for a -.75 Loss
Actual .66 loss
Beyond.com Announces First Quarter Financial Results; Overall Cumulative Customer Accounts Reach 1.2 Million
April 21, 1999 04:08 PM
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 21, 1999--Online software superstore Beyond.com(TM) BYND today announced its first quarter 1999 financial results.
Revenues for the first quarter of 1999 were a record $19.1 million, a 45 percent increase compared with revenues of $13.1 million in the fourth quarter of 1998 and a 208 percent increase compared with revenues of $6.2 million reported in the first quarter a year ago. The net loss for the first quarter of 1999 was $18.8 million. This compares with a net loss of $14.4 million in the fourth quarter of 1998 and a net loss of $2.2 million in the first quarter a year ago. The pro forma basic and diluted net loss per share for the first quarter of 1999 was ($0.66) per share. This compares with a pro forma basic and diluted net loss of ($0.53) per share in the fourth quarter of 1998 and a pro forma basic and diluted net loss of ($0.11) per share in the first quarter of 1998.
"Our innovative, award-winning TV commercials and memorable radio ads drove record numbers of software buyers to our site enabling us to top the millionth cumulative customer mark," said Mark Breier, Beyond.com president and chief executive officer.
Overall cumulative customer accounts grew to more than 1.2 million in the first quarter, an increase of 91 percent from the 634,000 cumulative customers in the fourth quarter of 1998.
According to Media Metrix, Beyond.com's reach on the Internet in March was 4.2, catapulting the company from the 12th most-visited Internet shopping site in December 1998 to the 8th most-visited shopping site in March.
The company's affiliates program, which enables qualified commercial websites to market and sell Beyond.com's software and other products, increased to 26,200 affiliates in the first quarter of 1999, a 77 percent increase from 14,800 affiliates at the end of the fourth quarter of 1998.
"During the first quarter, we also added Yahoo! to our list of portal alliances and signed our first OEM agreement with Compaq Computer Corp. to deliver software and support services through its online software store," Breier said.
"At the end of the first quarter, we completed our acquisition of BuyDirect.com, gaining strategic alliances with broadband leaders @Home Network and Road Runner/ServiceCo, leading Internet-based direct marketer XOOM.com and content providers CNET and ZDNet.
"Additionally, the company raised gross proceeds of $105 million in a follow-on offering immediately after the quarter on April 8th.
"Most recently in April, we signed an agreement with Symantec Corp. to create and manage its global online software store. Beyond.com is the leader in branded fulfillment partnerships among the top eight publishers as ranked by Softoletter, a Massachusetts firm. Beyond.com offers publishers not only software fulfillment off of the publisher's website, but co-marketing on Beyond.com's website, our partner's websites and via our partner channels," Breier explained.
"Today, our competitive advantages and barriers to entry include an experienced, deep management team; expert digital downloading technology; strong technical customer support; top portal, content, broadband and OEM alliances; strategic relationships with top software publishers; a helpful website with software reviews and recommendations; and a unique sales approach targeting three distinct markets: consumers, corporations and government enterprises.
"Going forward, we plan to continue our aggressive marketing campaign to strengthen our brand identity and gain new customers in a worldwide software market that researchers forecast will reach $96 billion in 2002. As always, our goal is to be first in customers' minds as the place to go to buy software," Breier said.
About Beyond.com
Beyond.com sells commercial, off-the-shelf software to the government, enterprise, corporate and consumer markets, offering its customers a better place to buy software. Visitors to the company's online store beyond.com enjoy a comprehensive selection of software backed by customer service and competitive pricing. Approximately 44,000 software stock-keeping units (SKUs) are available for online purchase with 5,600 SKUs available for immediate, electronic delivery, including software from such major publishers as Adobe Systems Inc., IBM Corp., Lotus Development Corp., Microsoft Corp., Sun Microsystems Inc. and Symantec Corp. The company has established strategic marketing alliances with America Online Inc., @Home Network, CNET Inc., Compaq Computer Corp., Excite Inc., Microsoft Corp., Netscape Communications Corp., Road Runner/ServiceCo, XOOM.com Inc., Yahoo! Inc. and ZDNet. Additionally, Beyond.com offers publishers transaction processing, physical and electronic order fulfillment, customer support, site design consultation, marketing support and reporting. The company has applied for federal registration of the marks BEYOND.COM and BEYOND DOT COM. Beyond.com Corporation trades on the Nasdaq National Market under the symbol ("BYND"). More information on the company can be found in the company's filings with the Securities and Exchange Commission ("SEC").
To the extent that this news release discusses expectations about Beyond.com's revenues and earnings projections, expectations about the company's business in the second quarter of 1999 and beyond, or plans to grow the company's customer base through its website, recent agreements with Compaq Computer Corp. and Symantec Corp., its TV and radio advertising campaign, portal, content, OEM and publishers agreements, these statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results for the second quarter of 1999 and subsequent quarters could differ materially from any future performance suggested above. Among the factors that could affect subsequent periods include: Reductions in or cancellations of customer orders, changes in relationships with software suppliers, changes in relationships with strategic partners, changes in the product mix sold by the company, competition from other online software resellers or publishers, inability to raise sufficient capital on satisfactory terms, or at all, and other factors described in the company's follow-on prospectus dated April 8, 1999, as filed with the SEC. Beyond.com news and product/service information is available at the company's World Wide Web site located at beyond.com.
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