ACTV, Inc. Reports Third Quarter 2000 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 10, 2000 ACTV ACTV Active ACTV Activate ACTV Azienda del Consorzio Trasporti Veneziano (Venice Public Transport Company, Italy) ACTV Advanced Compatible Television , Inc. (Nasdaq:IATV), a pioneer of interactive TV and enhanced media programming and services, today reported results for the three and nine months ended September 30, 2000. Revenues for the three and nine months ended September 30, 2000 were $2.8 million and $5.8 million, compared to revenues of $.6 million and $1.7 million for the three and nine months ended September 30, 1999. The company reported a net loss before an extraordinary item for the three- and nine-month periods ending September 30, 2000 of $7.6 million or $.15 per share, and $20.0 million or $.41 per share, compared with a net loss of $4.6 million or $.11 per share, and $19.3 million or $.54 per share, for the three and nine month periods ended September 30, 1999. Joe Dwyer, Executive Vice President and CFO See Chief Financial Officer. of ACTV commented, "Revenue for the third quarter and year to date included for the first time our recently acquired Bottle Rocket A bottle rocket is a very small skyrocket. A typical bottle rocket consists of a rocket engine attached to a stabilizing stick. The user can place the stick in an empty bottle (hence the name), and ignite the rocket engine; the mouth of the bottle guides the stick, stabilizing the subsidiary, in addition to revenue associated with the valuation of the company's Liberty Livewire warrant. The Bottle Rocket acquisition has been accounted for under the pooling method; accordingly, all historical financial results for ACTV have been updated to include the results of Bottle Rocket. With $135 million in cash at the end of the third quarter, we are in an excellent position to continue rolling out our new product sets and execute against our business plan." Recent Highlights: During and subsequent to the 2000 third quarter, ACTV announced several significant milestones. - ACTV's Digital ADCO subsidiary was selected by AT&T Broadband to test addressable interactive digital TV advertising, using Digital ADCO's SpotOn(TM) service, with AT&T digital cable customers in Aurora, Colo. This service will allow AT&T customers to experience interactive TV advertising services that feature customized full-motion video. - ACTV acquired Bottle Rocket, Inc., a developer and distributor of interactive entertainment products for the Internet, as an important addition to ACTV's enhanced media capabilities. Bottle Rocket operates as a wholly-owned subsidiary of ACTV. - ACTV's digital ADCO subsidiary completed an agreement with OpenTV (Nasdaq and AEX: OPTV) to facilitate the worldwide deployment of SpotOn. - The company established a national sales force to spearhead the expansion of its SpotOn(TM) product, and also strengthened its senior management team with the addition of Joseph P. Dwyer as Executive Vice President and Chief Financial Officer and William A. Frank as Executive Vice President. ABOUT ACTV, INC. ACTV, Inc. (Nasdaq:IATV), with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , pioneered enhanced media with its patented convergence technology, which it markets under the brand name HyperTV(R) (http://www.hypertv.com). The company also created interactive one-to-one digital television with its proprietary One To One TV(TM) software and programming capabilities. SpotOn(TM), the advertising application of One To One TV(TM), is a service of ACTV subsidiary Digital ADCO ADCO Abu Dhabi Company for Onshore Oil Operations ADCO Alcohol and Drug Control Officer ADCO Air Defense Control Center ADCO Alcohol & Drug Control Office ADCO Air Defense Communications Office ADCO Air Defense Coordination Organization , Inc. ACTV has developed an extensive patent portfolio that broadly covers the core methodologies for enhancing television, radio, and other audio visual programming with an array of synchronous Refers to events that are synchronized, or coordinated, in time. For example, the interval between transmitting A and B is the same as between B and C, and completing the current operation before the next one is started are considered synchronous operations. Contrast with asynchronous. and non-synchronous Internet-based functions, and for the creation and delivery of interactive, one-to-one digital television. ACTV has key strategic relationships with many of the dominant players in the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , television and digital technology fields, including Liberty Digital, Inc. (Nasdaq: LDIG), Motorola (NYSE NYSE See: New York Stock Exchange : MOT (OpenView Managed Object Toolkit) An OpenView toolkit from HP for developing network management applications based on CMIS. The toolkit contains library routines that handle the transmission and receipt of CMIS requests and responses. ) Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Communications Sector, OpenTV (Nasdaq and AEX AEX See: Amsterdam Exchange : OPTV), and Liberty Livewire Corporation (Nasdaq: LWIRA). For more information, visit http://www.actv.com.
ACTV, INC., & SUBSIDIARIES
Consolidated Statement of Operations
(Unaudited)
Three months ended September 30, 2000 1999
Revenues $ 2,794,333 $ 603,712
(Loss) before extraordinary item $ (7,617,024) $ (4,607,454)
Basic and diluted (loss) per share
before extraordinary item $ (0.15) $ (0.11)
Net (loss) $ (7,617,024) $ (4,607,454)
Basic and diluted (loss) per share $ (0.15) $ (0.11)
Weighted average number of common
shares outstanding 50,743,722 41,702,126
Nine months ended September 30, 2000 1999
Revenues $ 5,842,646 $ 1,730,466
(Loss) before extraordinary item $(20,020,945) $(19,293,847)
Basic and diluted (loss) per share
before extraordinary item $ (0.41) $ (0.54)
Net (loss) $(21,432,084) $(19,293,847)
Basic and diluted (loss) per share $ (0.43) $ (0.54)
Weighted average number of common
shares outstanding 49,274,794 35,426,283
This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . |
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