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Great revenue growth just announced:
"Promotions.com reported record revenues of $4.4 million for the fourth quarter 1999, a 238 percent increase over revenues of $1.3 million for the fourth quarter 1998 and a 47 percent increase over revenues of $3.0 million for the third quarter 1999. Revenues from Promotions.com OUTSOURCING increased 147 percent for the fourth quarter 1999 from the third quarter of 1999 and represented 15 percent of total revenue, up from nine percent in the third quarter 1999.
The net loss for the fourth quarter 1999 was $8.0 million or $0.56 per share, compared to a net loss of $6.0 million or $0.42 per share on a pro forma basis for the third quarter 1999, and a net loss of $604,000 or $0.04 per share on a pro forma basis for the fourth quarter 1998. The pro forma net loss per share includes adjustments for 3.6 million shares issued in the Promotions.com initial public offering and for the conversion of 6.7 million shares of preferred stock. The net loss per share based on the actual weighted average number of common shares outstanding for the quarter was $0.56 for the fourth quarter of 1999 compared to $0.11 for the fourth quarter 1998.
The Company reported record revenues of $10.5 million for the year ended December 31, 1999, a 119 percent increase over revenues of $4.8 million for the year ended December 31, 1998. The net loss for the year ended December 31, 1999, excluding non-cash financial advisory services and a deemed dividend, was $17.6 million or $1.17 per share on a pro forma basis compared to a net loss of $1.4 million or $0.09 per share on a pro forma basis for the year ended December 31, 1998. The net loss for the year ended December 31, 1999 including non-cash financial advisory services and a deemed dividend, was $27.1 million or $1.80 per share on a pro forma basis compared to a net loss of $1.4 million, or $0.09 per share on a pro forma basis for the year ended December 31, 1998. The pro forma net loss per share includes adjustments for 3.6 million shares issued in Promotions.com's initial public offering and the conversion of 6.7 million shares of preferred stock.
``During the past year the B2B Internet Promotions marketplace continued to experience significant growth,' said Steven H. Krein, Chairman and CEO of Promotions.com. ``Our fourth quarter results demonstrate that our strategy is working and reinforces our position as the category leader. We changed our name to Promotions.com to reflect our suite of Internet promotion solutions and to defines our long-term vision in one word. We continue to develop additional promotion solutions, most recently introducing Promotions.com DIRECT, which offers targeted promotion email and lead generation for marketers worldwide."
(from Business Wire)
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