Bankrate, Inc. Reports Online Revenue Increased by 59%.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 7, 2000 Nine-Month Online Revenue Grows 59% Over Same Period in 1999 Third Quarter Loss Narrows by 65% Over Same Quarter in 1999 to $0.21 Per Share Pageviews Climb 56% for the Nine Months in 2000 vs 1999 Bankrate, Inc. (Nasdaq:RATE)(formerly ilife A suite of multimedia applications that comes with the Macintosh and includes the venerable iTunes jukebox software along with iPhoto (edit pictures), iMovie (edit video), iDVD (burn DVDs), GarageBand (create music) and iWeb (create Web sites and blogs). See iWork, iTunes and .Mac. .com, Inc.) today announced that online publishing revenue for the nine months ended September September: see month. 30, 2000 increased 59%, or $3,360,000, to $9,073,000 over $5,712,000 in the same period in 1999. Total revenue of $11,276,000 for the nine-month period in 2000 was $2,941,000, or 35%, higher than the $8,335,000 in the same period in 1999. Online publishing revenue for the quarter ended September 30, 2000 of $3,012,000 was $596,000, or 25%, higher than the $2,417,000 in the comparable quarter in 1999. Total third quarter revenue of $3,724,000 was $427,000, or 13%, higher than the $3,297,000 in the same quarter in 1999. Revenue Lines Hold Solid "Online revenues, in addition to growing year-over-year, have held solid during the third quarter," said Elisabeth DeMarse, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "There is no doubt that this was a challenging quarter for advertising supported Web sites, both because of the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in banner advertising Banner Advertising A common form of advertising on the internet. The banner is an advertisement of 460x68 pixels, usually placed at the top of the page Notes: For an example, just look at the top of a page on almost any popular web site. from dotcom's and the impact of seasonality on web usage. However, we saw our online advertising revenues and our traffic weather the storm." "Moreover, during the third quarter, as in previous quarters, approximately 30% of our advertisers were pureplay 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 companies. This is the inverse (mathematics) inverse - Given a function, f : D -> C, a function g : C -> D is called a left inverse for f if for all d in D, g (f d) = d and a right inverse if, for all c in C, f (g c) = c and an inverse if both conditions hold. of the industry average of 70%. Finally, our business model is to serve as the primary distribution channel for consumer banks to reach their customers over the Internet. As such, we support all of a bank's customer access points, including addresses for brick and mortar See bricks and mortar. locations, inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound toll free numbers, as well as web site addresses. This brick and click support is why banks prefer Bankrate." Benefits of Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). on the Expense Side DeMarse added: "I am pleased to report strong improvement in our business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point . Revenue per employee doubled from approximately $5000/month in the first quarter of 2000 to approximately $10,000/month in the third quarter. We experienced a net loss per share excluding restructuring and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, and the net gain on disposal of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , of $0.19 for the quarter. Furthermore, we expect our fourth quarter loss to continue to narrow as a result of our restructuring efforts." Gross margins show continued improvement since the restructuring effort began in June of 2000. Gross margins were 47% in September, versus 25% in January. Gross margins for the quarter were 42%, versus 36% for the second quarter and 25% for the first quarter. During the nine months ended September 30, 2000, the Company recorded restructuring and goodwill impairment charges of $2,141,000 related to the June 2000 reduction of staff levels, the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of certain assets and the shut-down of Consejero.com, the Company's Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons personal finance web site. On July 14, 2000, the Company sold its online insurance business, Professional Direct Agency, Inc. ("Pivot"), to a subsidiary of First Union Corporation for $4,350,000 in cash resulting in a gain of approximately $871,000. The net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. of Pivot for the three and nine months ended September 30, 2000 were $248,000 and $3,215,000, respectively. The net operating losses and the gain on the sale are presented as discontinued operations in the Company's condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations. Excluding the restructuring and goodwill impairment charges described above, total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter ended September 30, 2000 decreased $5,282,000, or 55%, to $4,331,000 compared to $9,613,000 in the comparable quarter in 1999. Total operating expenses for the nine months ended September 30, 2000 were down $3,601,000, or 19%, to $15,355,000 compared to $18,956,000 in the same period in 1999, excluding the restructuring and goodwill impairment charges. Excluding the restructuring and goodwill impairment charges and the net gain from discontinued operations described above, the net loss for the quarter ended September 30, 2000 was $2,720,000, or $0.19 per share, compared to a net loss of $7,958,000, or $0.59 per share, for the comparable period in 1999. The net loss for the nine-month period ended September 30, 2000, (excluding the restructuring and goodwill impairment charges and the net loss from discontinued operations), was $11,516,000, or $0.83 per share compared to $20,190,000, or $2.25 for the same period in 1999. The Company reported a net loss applicable to common stock of $2,940,000, or $0.21 per share, for the quarter ended September 30, 2000, compared to a net loss applicable to common stock of $8,500,000, or $0.63 per share, for the same quarter in 1999, representing a $0.42, or 67% improvement. The net loss applicable to common stock for the nine months ended September 30, 2000 was $16,000,000, or $1.16 per share, compared to a net loss applicable to common stock of $20,733,000, or $2.31 per share, in the comparable period in 1999. Growth Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. : Bankrate experienced positive usage metrics versus a year ago: Ad Views for the nine-month period ended September 30, 2000 increased 82 million, or 38%, to 296 million compared to 214 million during the same period in 1999. Gross margin grew from 25% in January 2000 to 47% in September 2000. Pageviews for the nine-month period ended September 30, 2000 grew from 65.2 million in the 1999 period to 101.7 million in the 2000 period, a 56% increase. Third Quarter Business Initiatives: Management Team Expanded: Ned Newhouse, founding member of 24/7 Media, joined Bankrate in September as Chief Revenue Officer and Senior Vice President of Sales and Business Development. Newhouse brings a demonstrated track record of deep dot.com expertise and advertising revenue development needed to grow Bankrate. Ned's proven leadership abilities at 24/7 Media, as well as his extensive network of corporate relationships, will be a significant benefit to Bankrate's business model moving forward. G. Cotter cot·ter n. 1. A bolt, wedge, key, or pin inserted through a slot in order to hold parts together. 2. A cotter pin. [Origin unknown. Cunningham, formerly Senior Vice President - Marketing & Product Development, was promoted to Senior Vice President - Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. in September. Robert J. DeFranco, formerly Vice President - Finance and Chief Accounting Officer, was promoted to Senior Vice President - Chief Financial Officer in September as well. Cunningham also served as interim CEO in the months prior to hiring current CEO, Elisabeth DeMarse. "Both Bob and Cotter have been with the Company since March 1999 and have demonstrated the leadership required to help guide us on our path to profitability," explained DeMarse. "These experienced senior management appointments will lead our business through a period of rapid expansion. Our objective research on consumer banking and money markets, along with the development and proliferation proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of similar forms, especially of cells.prolif´erativeprolif´erous pro·lif·er·a·tion n. of the Bankrate brand, are the core of our vision. Both Cotter and Bob are committed to our sustained focus on our core brand, Bankrate.com." Affiliate Program Launched: Bankrate's new Affiliate Program offers any website access to selected Bankrate news, research, tools and content at no charge, while allowing Bankrate to expand the reach of its advertising network. Since launching the Affiliate Program on August 8, Bankrate has signed up over 180 affiliates. Wireless Delivery: In August 2000, Bankrate began delivering personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. Bankrate.com content and services to mobile devices via the AvantGo mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. service. Using a wireless, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. connection or via desktop synchronization (1) See synchronous and synchronous transmission. (2) Ensuring that two sets of data are always the same. See data synchronization. (3) Keeping time-of-day clocks in two devices set to the same time. See NTP. , AvantGo users can now access Bankrate.com information, including banking rates and editorial content on their handheld devices and Internet-enabled phones. Bankrate.com is a channel on AvantGo, with a menu of updated mortgage rates, auto loan rates and CD rates. Financial Management Tools Added: eBalance, Inc., a leading provider of consolidated online financial management and market intelligence tools, is now offering eBalance's personal financial management service under Bankrate.com's My Money Manager(TM) brand. The eBalance service provides Bankrate users with a free personal financial manager, capturing financial data from banks, brokerages, mutual funds and other online accounts, aggregating it into a single, easy-to-use interface, and providing management tools. AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Partnership: In August 2000, Bankrate extended its alliance with America Online See AOL. , Inc. (NYSE NYSE See: New York Stock Exchange :AOL) under which Bankrate.com's personal finance research and tools will be available to AOL members through AOL's Personal Finance Channel. Under the new agreement, AOL members have access to a co-branded site featuring a suite of Bankrate.com content, including information on taxes, investing, living and small business, as well as a comprehensive detailing of rates, surveys and research studies. The co-branded site is available through AOL Personal Finance, ranked by Media Metrix as the number one financial destination in cyberspace Coined by William Gibson in his 1984 novel "Neuromancer," it is a futuristic computer network that people use by plugging their minds into it! The term now refers to the Internet or to the online or digital world in general. See Internet and virtual reality. Contrast with meatspace. . This agreement expands on a prior alliance between the companies under which Bankrate.com provides interest rate information to AOL Personal Finance. "We have successfully completed phase one and two of our refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus plan to bring this company to profitability," explained Jeff Cunningham Jeff Cunningham (born August 21, 1976 in Montego Bay, Jamaica) is a Jamaican-American soccer striker, who currently plays for Toronto FC of Major League Soccer. Cunningham was born in Jamaica, but moved to Crystal River, Florida at the age of 14. , Chairman of the Board for Bankrate, Inc. "Phase one - divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of our non-core assets-- has yielded a significant savings of over $600,000 a month. This strategic move not only reduced our cash burn rate, but allowed greater focus on our flagship site and brand, Bankrate.com." "The phase two focus on reduction of expenses has successfully returned Bankrate to below IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. staffing levels, while continuing to improve our bottom line compared to recent quarters. Bankrate is committed to using our capital in the most advantageous way to build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for our investors. Our strategy is to leverage our brand and experience to be a leader in the personal finance sector and enhance our product. 2000 has been a pivotal year for Bankrate. We have been focused on advancing the company to the next level with significant re-structuring in our infrastructure, technology and core product." "We have aggressively rebuilt our balance sheet," stated Elisabeth DeMarse. "We have sold or closed non-core sites, eliminated overhead, reduced marketing, and refocused our attention to our core product. These steps are the milestones in our successful third quarter." "The improvement in our bottom line is hard evidence that our core product is a front-runner in the Internet personal finance arena," continued DeMarse. "The strategic reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in our core products --- research, editorial and advertising revenue, positioned Bankrate for future growth. We are confident that this momentum will continue in 2001. "Bankrate's path to profitability is clear and focused. With over 300 finance and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. advertisers, 59% growth year-over-year, strong advertising renewal base and a CPM (1) (Critical Path Method) A project management planning and control technique implemented on computers. The critical path is the series of activities and tasks in the project that have no built-in slack time. that is up to four times greater than the industry average, we have enhanced our revenue drivers. As the 7th largest finance news site, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. PC Data, coupled with our 1.6 million unique users per month who are accessing an average of 4.7 page views per visit, Bankrate is the one of the Internet's leading consumer banking marketplaces. Over half of our traffic is driven from our strong partnership base, which includes AOL, Yahoo!, SmartMoney, AT&T and MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). ." About Bankrate.com Bankrate.com is owned and operated by Bankrate, Inc. (Nasdaq:RATE). Bankrate.com is the Internet's leading consumer banking marketplace, with an average of 1.6 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. per month connecting with over 4,000 financial institutions in 126 markets in 50 states. Bankrate operates a portfolio of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CD's, checking and ATM fees, home equity loans and online banking fees. Bankrate provides financial applications and information to a network of over 130 partners including NBCi (Nasdaq:NBCI), Yahoo (Nasdaq:YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), America Online (NYSE:AOL), CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. and Smart Money. The company's information is also distributed through more than 100 national and state publications. Certain matters discussed in this press release are or may be considered to be "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. " within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 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. Those statements include statements regarding the intent, belief or current expectations of the Company and members of its management. Such forward-looking statements include without limitation statements made with respect to future revenue, revenue growth, market acceptance of the Company's products, and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include - our success depends on Internet advertising Delivering ads to Internet users via Web sites, e-mail, ad-supported software and Internet-enabled cellphones. Also called an "ad network," Internet advertising organizations act as a middleman between the advertiser and the Web sites and software publishers that display the ads. revenue, interest rate activity and mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. , establishing and maintaining distribution agreements and increasing brand awareness of our Web site; our markets are highly competitive; our Web site may encounter technical problems and service interruptions; we rely on the protection of our intellectual property; future government regulation of the Internet is uncertain and subject to change; our success depends on retaining management and key employees; and our stock price may be volatile in the future. These and additional important factors to be considered are set forth under "Item 1. Business - Risk Factors that Could Impact Future Operating Results," "Item 7. Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" and in the other sections of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as amended, for the year ended December 31, 1999, and in the Company's other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations. Financial Statements to Follow
Bankrate, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2000 1999
Assets
Cash and cash equivalents $ 9,604,405 $ 22,491,794
Accounts receivable, net 1,580,229 1,449,765
Net assets of discontinued
operations held for sale - 3,880,595
Other current assets 405,143 383,292
------------ ------------
Total current assets 11,589,777 28,205,446
Furniture, fixtures and
equipment, net 1,918,282 2,021,126
Intangible assets, net 182,824 951,290
Other assets 208,303 1,421,714
------------ ------------
Total assets $ 13,899,186 $ 32,599,576
============ ============
Liabilities and Stockholders'
Equity
Liabilities:
Accounts payable $ 725,809 $ 2,340,832
Accrued stock compensation
expense 2,240,739 1,159,309
Other accrued expenses 2,522,843 5,886,919
Deferred revenue 572,264 656,058
Current portion of obligations
under capital leases 234,695 221,151
Other current liabilities 151,669 127,860
------------ ------------
Total current liabilities 6,448,019 10,392,129
10% Convertible subordinated
note payable 4,350,000 4,350,000
Other liabilities 563,045 412,002
------------ ------------
Total liabilities 11,361,064 15,154,131
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, 10,000,000
shares authorized and
undesignated - -
Common stock, par value $.01 per
share-- 100,000,000 shares
authorized; 13,996,950 and
13,540,988 shares issued and
outstanding at
September 30, 2000 and
December 31, 1999, respectively 139,969 135,410
Additional paid in capital 60,631,852 59,543,111
Accumulated deficit (58,233,699) (42,233,076)
------------ ------------
Total stockholders' equity 2,538,122 17,445,445
------------ ------------
Total liabilities
stockholders' equity $ 13,899,186 $ 32,599,576
============ ============
Bankrate, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenue:
Online publishing $ 3,012,405 $ 2,416,785 $ 9,072,950 $ 5,712,470
Print publishing
and licensing 711,639 880,052 2,203,029 2,622,588
----------- ----------- ----------- -----------
Total revenue 3,724,044 3,296,837 11,275,979 8,335,058
----------- ----------- ----------- -----------
Cost of revenue:
Online publishing 1,697,350 1,457,502 6,106,000 3,476,712
Print publishing
and licensing 454,767 584,720 1,540,014 1,775,690
----------- ----------- ----------- -----------
Total cost of
revenue 2,152,117 2,042,222 7,646,014 5,252,402
----------- ----------- ----------- -----------
Gross margin 1,571,927 1,254,615 3,629,965 3,082,656
----------- ----------- ----------- -----------
Operating expenses:
Sales 795,531 791,486 2,482,999 2,114,750
Marketing 263,055 6,120,492 3,263,543 8,821,247
Product development 429,124 544,873 1,565,310 1,330,767
General and
administrative
expenses 2,415,989 1,620,248 5,999,481 3,358,355
Restructuring and
impairment charges 843,185 - 2,141,282 -
Depreciation and
amortization 222,874 160,085 678,150 336,620
Goodwill
amortization 73,594 24,531 220,780 24,531
Noncash stock based
compensation 130,488 351,152 1,145,088 2,970,019
----------- ----------- ----------- -----------
5,173,840 9,612,867 17,496,633 18,956,289
----------- ----------- ----------- -----------
Loss from
operations (3,601,913) (8,358,252) (13,866,668)(15,873,633)
----------- ----------- ----------- -----------
Other income
(expense):
Interest income 164,681 464,013 582,675 713,463
Interest expense (125,570) (67,041) (373,265) (107,064)
Noncash financing
charge - - - (2,656,000)
Other - 3,698 - 14,155
----------- ----------- ----------- -----------
Other income
(expense), net 39,111 400,670 209,410 (2,035,446)
----------- ----------- ----------- -----------
Loss before income
taxes and
discontinued
operations (3,562,802) (7,957,582) (13,657,258)(17,909,079)
Income taxes from
continuing
operations - - - -
----------- ----------- ----------- -----------
Loss before
discontinued
operations (3,562,802) (7,957,582) (13,657,258)(17,909,079)
----------- ----------- ----------- -----------
Discontinued
operations:
Loss from
discontinued
operations (248,217) (542,740) (3,214,577) (542,740)
Gain on disposal of
discontinued
operations 871,212 - 871,212 -
----------- ----------- ----------- -----------
622,995 (542,740) (2,343,365) (542,740)
----------- ----------- ----------- -----------
Net loss (2,939,807) (8,500,322) (16,000,623)(18,451,819)
Accretion of
Convertible
Series A and
Series B preferred
stock to redemption
value - - - (2,281,000)
----------- ----------- ----------- -----------
Net loss
applicable to
common stock $(2,939,807)$(8,500,322)$(16,000,623)$(20,732,819)
=========== =========== =========== ===========
Basic and diluted
net loss per share:
Loss before
discontinued
operations $ (0.25) $ (0.59) $ (0.99) $ (2.00)
Discontinued
operations 0.04 (0.04) (0.17) (0.06)
----------- ----------- ----------- -----------
Net loss (0.21) (0.63) (1.16) (2.06)
Accretion of
Convertible
Series A and
Series B preferred
stock to redemption
value - - - (0.25)
----------- ----------- ----------- -----------
Net loss
applicable to
common stock $ (0.21) $ (0.63) $ (1.16) $ (2.31)
=========== =========== =========== ===========
Weighted average
shares outstanding
used in basic and
diluted per-share
calculation 13,987,077 13,477,945 13,831,099 8,959,022
=========== =========== =========== ===========
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