InterVU Inc. Reports Operating Results for Third Quarter and Nine Months.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif.--(BUSINESS WIRE)--Oct. 20, 1998-- Revenues Increase 60% from Previous Quarter InterVU Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ITVU), a leader in the management and distribution of Internet video Video material obtained from the Internet. It may refer to streaming video from real time broadcasts, streaming archival material or downloading video files for watching later, all of which are viewed on the computer. and other rich media, today reported operating results for the three month and nine month periods ended September 30, 1998. Third quarter net revenues amounted to $453,079, more than an eight-fold increase when compared with $52,609 in the corresponding period a year ago. The growth in revenues reflected further progress in live broadcasting, business to business communications and advertising services. Notable in the quarter was InterVU's video delivery of a live open heart surgery operation performed by Dr. Denton This article is about the sleepwear manufacturer. For the various people named Dr. Denton, see Denton (disambiguation). Dr. Denton or Dr. Cooley in Dallas, Texas. Also, InterVU delivered over 700,000 total video streams of President Clinton's grand jury testimony to the 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. Interactive Web site. This event was believed to be the largest Internet video delivery from a single site. InterVU's distributed network is specifically designed to handle high volumes of simultaneous end-user requests to meet the demand of large event audiences, commented Harry Gruber, Chairman 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. of InterVU. We were pleased to showcase our capabilities for a premier client like CNN Interactive. Total operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the third quarter ended September 30, 1998 was $4.5 million, which included a charge of $250,000 associated with the Company's strategic alliance with NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , compared with operating expense of $1.3 million in the same period for the prior year. The increase in operating expense was due primarily to increased costs for software development, sales and marketing and expanding InterVU's network and services. Net loss for the 1998 third quarter excluding the NBC charge was $3.4 million. Including the NBC charge, the net loss was $3.6 million, compared with the net loss in the third quarter of 1997 of $1.2 million. For the nine month period ended September 30, 1998, revenues totaled $849,428, compared with $84,122 in the corresponding period in the prior year, a ten-fold increase. Excluding a charge of $4.6 million associated with the strategic alliance with NBC, the net loss for the period amounted to $7.8 million, compared to a net loss of $3.3 million in the same nine month period in the prior year. The net loss in the nine month period ended September 30, 1998, including the NBC charge, totaled $12.4 million. About InterVU Inc. Offering full-service Internet video solutions to major ISPs, cable/TV networks, Web sites, advertisers and advertising agencies, InterVU's range of services are designed to optimize bandwidth for Web publishers and end-users to increase performance while driving down costs. InterVU's comprehensive turnkey video and Rich Media services include automation of the video publishing process, installation of end-user multimedia software, management and distribution of live broadcasts, video-on-demand and Rich Media advertising. Among InterVU's current clients are several Fortune 500 companies and others such as NBC, CNN, Intel, Microsoft, Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation). Major League Baseball (MLB) is the highest level of play in North American professional baseball. , Ralston Purina, General Motors and Volvo. Additional information can be found at www.intervu.net. Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties that might cause actual results to differ from those foreseen, including the market acceptance for InterVU's specialized services, technological change and intense competition, as well as the other risks detailed from time to time in InterVU's SEC reports, including the 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. filed on March 31, 1998. NOTE TO EDITORS: Part 1 of 2 |
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