earnings newsrelease
Home - Yahoo! - Help
Question: How low should your APR be?
[ Business | US Market | By Industry | IPO | AP | S&P | International | PRNews | BizWire ]
Wednesday April 21, 4:57 pm Eastern Time
Company Press Release
NetGravity Announces 1999 First
Quarter Financial Results
SAN MATEO, Calif.--(BUSINESS WIRE)--April 21, 1999--NetGravity, Inc. (Nasdaq:NETG -
news), today announced financial results for the quarter ended March 31, 1999.
The Company reported revenues of $4,572,000 for the first quarter of 1999, a 10 percent increase
over revenues of $4,163,000 reported for the fourth quarter of 1998, and a 128 percent increase
over revenues of $2,003,000 reported for the first quarter of 1998. The net loss for the first quarter
of 1999 was $3,749,000, or $0.28 per share, compared to a net loss of $2,660,000, or $0.20 per
share for the fourth quarter of 1998, and a net loss of $2,800,000, or $0.93 per share for the first
quarter of 1998.
During the first quarter of 1999 the Company completed a secondary public offering of 4,080,000
shares of its common stock for net proceeds of approximately $120.4 million, after deducting
underwriting discounts, commissions and estimated offering expenses payable by the Company. The
Company sold 3,218,440 shares for net proceeds of approximately $94.8 million, and certain
NetGravity stockholders sold 861,560 shares for net proceeds of approximately $25.6 million.
In addition, the Company granted the underwriters an option to purchase an additional 612,000
shares of common stock to cover over-allotments. The underwriters exercised their option on the
612,000 shares on April 19, 1999, for net proceeds of approximately $18.2 million.
''We have had another strong quarter across the board in each of our target market segments --
web publishers, advertising agencies, and e-commerce sites -- while we have continued our planned
investments in new products and services,'' said John Danner, chairman and chief executive officer of
NetGravity. ''We are extremely pleased with the high level of activity this early in the year and
remain focused on our mission of providing leading online advertising and direct marketing
management solutions.''
About NetGravity
NetGravity is a leading provider of mission-critical online advertising and direct marketing solutions.
NetGravity delivers a range of comprehensive software and service solutions to reliably manage,
target and analyze online campaigns. The Company's worldwide customer base numbers more than
360, including many of the leading e-commerce sites, advertising agencies, and web publishers.
NetGravity was founded in 1995 and has headquarters in San Mateo, Calif. NetGravity's common
stock trades on The Nasdaq Stock Market(sm) under the symbol NETG. For more information,
please call 650/425-6000 or visit www.netgravity.com.
NETGRAVITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
1999 1998
(Unaudited)
Revenues $ 4,572 $ 2,003
Cost of revenues 2,206 1,173
Gross profit 2,366 830
Operating expenses:
Research and development 1,962 996
Sales and marketing 3,354 1,956
General and administrative 989 708
Total operating expenses 6,305 3,660
Loss from operations (3,939) (2,830)
Other income, net 190 30
Net loss (3,749) (2,800)
Basic and diluted net loss per share $ (0.28) $ (0.93)
------ ------
Weighted average shares used in
basic and diluted net loss per share
calculation 13,489 3,025
NETGRAVITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 31, December 31,
1999 1998
(Unaudited)
ASSETS
Current assets:
Cash & short-term investments $ 18,277 $ 20,799
Accounts receivable, net 6,543 6,311
Proceeds receivable from
secondary offering 95,813 --
Prepaid expenses and
other current assets 1,222 778
Total current assets 121,855 27,888
Property and equipment, net 4,107 3,473
Other assets 1,857 2,059
Total assets $127,819 $ 33,420
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of notes payable 485 618
Accounts payable 1,535 898
Accrued liabilities 3,391 2,867
Deferred revenue 6,972 5,800
Total current liabilities 12,383 10,183
Notes payable, less current portion 1,121 1,109
Stockholders' equity:
Common stock 17 14
Additional paid-in capital 142,942 46,817
Deferred compensation (1,898) (1,706)
Accumulated deficit (26,746) (22,997)
Total stockholders' equity 114,315 22,128
Total liabilities and
stockholders' equity 127,819 33,420
Contact:
NetGravity, Inc.
Ann Burgraff, 650/425-5908
ann@netgravity.com
or
Blanc & Otus
Melissa Sheridan, 415/512-0500
msheridan@bando.com
More Quotes and News:
NetGravity, Inc (Nasdaq:NETG - news)
Related News Categories: computers, earnings, internet, software
Help
Copyright © 1999 Business Wire. All rights reserved. All the news releases provided by Business Wire are
copyrighted. Any forms of copying other than an individual user's personal reference without express written
permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to,
posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form.
See our Important Disclaimers and Legal Information.
Questions or Comments?
lm |
