Applied Theory announces record Q1 revenue.
Tsio
May be this news will help if the numbers are above above expectations.Guess we'll know tomorrow from the market reaction as the news came out after the market hours.
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biz.yahoo.com
Tuesday May 11, 5:37 pm Eastern Time
Company Press Release
SOURCE: AppliedTheory Corporation
AppliedTheory Corporation Announces Record First Quarter 1999 Revenue
GREAT NECK, N.Y., May 11 /PRNewswire/ -- AppliedTheory Corporation (Nasdaq: ATHY - news), today announced that revenue for the quarter ended March 31, 1999 was a record $6.87 million, an increase of 29% from the same period in the prior year, and an increase of 10% from the fourth quarter ended December 31, 1998.
Net loss attributable to common shareholders for the quarter ended March 31, 1999 was $1.71 million, or $.11 per share, compared with $790,000, or $.07 per share, for the quarter ended March 31, 1998. Loss from operations before Interest, Taxes, Depreciation and Amortization (EBITDA) (A) for the quarter ended March 31, 1999, was $880,000 versus $235,000 for the quarter ended March 31, 1998.
Richard Mandelbaum, Chairman and Chief Executive Officer, said, ''We were pleased that our 1999 first quarter revenue exceeded our expectations. In addition, Internet integration and enterprise portal development accounted for 39% of total net revenue in the 1999 first quarter, which was an improvement from the 33% of total net revenue that these operations contributed in the comparable 1998 period. Both Internet integration and enterprise portal development are higher margin businesses than Internet Connectivity, which accounted for the remaining percentage of revenue in both the 1999 and 1998 quarters. Our increasing focus on Internet Integration and enterprise portal development, combined with higher-than-expected overall revenues, resulted in gross margins and EBITDA that were ahead of our internal projections.''
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APPLIEDTHEORY CORPORATION
STATEMENT OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three months ended
March 31,
STATEMENT OF OPERATIONS 1998 1999
Net revenues
Internet connectivity revenues $3,577 $4,161
Internet integration and enterprise
portal development revenues 1,361 2,095
Web hosting revenues 396 611
Total net revenues 5,334 6,867
Costs and expenses
Cost of revenues 2,940 4,103
Sales and marketing 1,438 1,764
General and administrative 1,143 1,814
Research and development 46 63
Depreciation and amortization 360 616
Other expenses 2 3
Total costs and expenses 5,929 8,363
Loss from operations (595) (1,496)
Interest income -- (18)
Interest expense 142 180
NET LOSS (737) (1,658)
Preferred stock dividends 52 52
Net loss attributable to common stockholders ($789) ($1,710)
Basic and diluted loss per common share ($0.07) ($0.11)
Shares used in computing basic and
diluted loss per share 10,907,075 15,930,258
Other data:
EBITDA (A) ($235) ($880)
Capital Expenditures (B) 597 889
(A) EBITDA is earnings (loss) from operations before interest, taxes,
depreciation, and amortization. EBITDA is presented because
management believes that investors may find it to be a useful tool for
measuring a company's ability to service its debt. However, EBITDA
does not represent cash flow from operations, as defined by generally
accepted accounting principles. EBITDA should not be considered as a
substitute for net loss or as an indicator of our operating
performance, cash flow or liquidity.
(B) Capital expenditures include assets acquired with debt and exclude
assets acquired through capital lease financing.
SOURCE: AppliedTheory Corporation
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