aQuantive Reports Q3 Results; Atlas DMT Revenues Soar; DRIVEpm Reaches Stand-Alone Profitability.SEATTLE Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. -- aQuantive This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Inc. (Nasdaq:AQNT): --Conference Call and Webcast at 8am PT/11am ET Today aQuantive, Inc. (Nasdaq:AQNT), a digital marketing services and technology company, today reported financial results for the third quarter ended September September: see month. 30, 2004. Third quarter highlights include: --Revenue of $46.7 million, an increase of 201 percent from net revenue(1) of the comparable year-ago period. --Net income of $3.5 million, or $0.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, excluding the reduction in the valuation allowance on deferred tax assets of $20.6 million. Net income including the benefit of realized deferred tax assets was $24.1 million, or $0.34 per diluted share. --EBITDA(2) of $8.2 million, or $0.12 per diluted share, an increase of 108 percent from the comparable year-ago period. --Launched Avenue A/Razorfish : Avenue A | Razorfish Inc. is an interactive agency in the U.S. and is an operating unit of Seattle-based aQuantive, Inc. Avenue A | Razorfish works with companies to build websites and the digital marketing programs that drive Search, a new integrated, in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. division that combines the expertise and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. methodologies of eonMedia with the largest buyer of search, Avenue A/Razorfish, to create the industry's largest search engine marketing firm (SEM). "During the third quarter, each of our operating segments made good progress, as evidenced by significant, but early stages, of integration between Avenue A/Razorfish, continued strong revenue growth by Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. DMT See DSL. , and our newest operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon DRIVEpm's first profitable quarter," said Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. McAndrews McAndrews may refer to:
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. growth and profitability." Historically, aQuantive has recorded a full valuation allowance on its deferred tax assets, the majority of which are net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. tax carry-forwards generated before aQuantive achieved profitability. During the third quarter, aQuantive concluded that it will likely be able to realize the benefit of these deferred tax assets in the future. Consequently, a credit to income taxes of $20.6 million has been recorded to net income. For the quarter ended September 30, 2004, aQuantive reported revenue of $46.7 million, compared to net revenue of $15.5 million for the quarter ended September 30, 2003. Net income for the third quarter 2004 was $3.5 million, or $0.05 per diluted share, excluding the reduction in the valuation allowance on deferred tax assets of $20.6 million. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was $8.2 million for the third quarter 2004, or $0.12 per diluted share, compared to $3.9 million, or $0.06 per diluted share for the third quarter 2003. For the nine months ended September 30, 2004, aQuantive reported revenue of $97.2 million, compared to net revenue of $45.6 million for the nine months ended September 30, 2003. Net income for the first nine months of 2004 was $15.2 million, or $0.22 cents per diluted share, excluding the reduction in the valuation allowance on deferred tax assets of $20.6 million, compared to $7.7 million, or $0.11 cents per diluted share for the comparable period last year. For the first nine months of 2004, EBITDA was $22.2 million, or $0.33 cents per diluted share, compared to EBITDA of $9.8 million, or $0.14 cents per diluted share for the first nine months of 2003. (1) Net Revenue for 2003 is a non-GAAP financial measure as it excludes media costs paid to publishers. Effective January January: see month. 1, 2004, Avenue A, now Avenue A/Razorfish, began recording revenue exclusive of media costs as a result of contractual changes with advertisers and publishers. The Company has shown net revenue in 2003 to allow for better comparability with its 2004 results. (2) EBITDA, (or earnings before interest and other income, income tax, depreciation and amortization) is a non-GAAP financial measure. See supplemental schedule of EBITDA reconciliation to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income. aQuantive is providing additional financial information about its businesses in order to provide greater visibility into the contributions of each business segment and to allow greater comparability to other companies. These segments are as follows: Digital Marketing Services aQuantive's digital marketing services (DMS (1) (Document Management System) See document management. (2) (Defense Messaging System) An X.500-compliant messaging system developed by the U.S. Dept. of Defense. ) segment, consisting of interactive agencies Avenue A/Razorfish and i-FRONTIER, had third quarter revenue of $28.3 million, compared to 2003 third quarter net revenue of $7.3 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the third quarter of 2004 was $2.5 million, compared to $1.7 million for the third quarter of 2003. The company completed its acquisition of SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging .Razorfish Razorfish is a common name used for two unrelated groups of fishes:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. two months of Razorfish operations. Digital Marketing Technologies aQuantive's digital marketing technologies (DMT) segment, consisting of Atlas DMT, Atlas OnePoint (formerly GO TOAST (jargon) toast - 1. Any completely inoperable system or component, especially one that has just crashed and burned: "Uh, oh ... I think the serial board is toast." 2. To cause a system to crash accidentally, especially in a manner that requires manual rebooting. ) and Atlas NetConversions, had revenue of $15.6 million in the third quarter of 2004, compared to revenue of $8.2 million in the third quarter of 2003. Operating income for the third quarter of 2004 was $6.7 million, compared to $3.0 million in the third quarter of 2003. Digital Performance Media aQuantive's digital performance media (DPM (Documents Per Minute) The number of paper documents that can be processed in one minute. ) segment consists of DRIVEpm and European-based MediaBrokers. This segment had revenues of $2.8 million, and an operating income of $99,000 in the third quarter of 2004, representing the first profitable quarter for our newest business segment, and DRIVEpm's first quarter of stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." profitability. Guidance aQuantive provided updated guidance for fourth quarter and full year 2004, to reflect slightly lower revenue and profit expectations, largely related to the Razorfish operations. Fourth Quarter Guidance: --Revenue of $53-$56 million --Net income of $0.03-$0.05 per diluted share, assuming an income tax rate of 40%. --EBITDA of $0.09-$0.12 per diluted share Full Year 2004: --Revenue of $150-$153 million --Net income of $0.25-$0.27 per diluted share, before the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. tax benefit in Q3. --EBITDA of $0.42-$0.45 per diluted share Third Quarter 2004 Conference Call/Webcast Today at 8am PT/11am ET aQuantive, Inc. will host a conference call/Webcast to discuss third quarter financial results today at 8am PT/11am ET. The conference call will be webcast from the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's website at www.aquantive.com/investor. Interested parties should log on to the webcast approximately 15 minutes prior to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. any necessary software. The webcast is not interactive. About aQuantive, Inc. aQuantive, Inc. (Nasdaq:AQNT), a digital marketing services and technology company, was founded in 1997 to help marketers acquire, retain and grow customers across all digital media. Through its operating units, full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. interactive agencies Avenue A/Razorfish (www.aa-rf.com) and i-FRONTIER (www.ifrontier.com); Atlas DMT (www.atlasdmt.com), a provider of advertising technology solutions; and DRIVEpm (www.drivepm.com), a performance media company, aQuantive is positioned to bring value to any interaction in the digital marketplace. aQuantive (www.aquantive.com) is headquartered in Seattle. Atlas DMT is DMT I Diabetes Mellitus Type 1 a member of the NAI See Network Associates. and adheres to the NAI privacy principles that have been applauded by the FTC FTC See Federal Trade Commission (FTC). . These principles are designed to help ensure Internet user Internet user n → internauta m/f Internet user Internet n → internaute m/f privacy. For more information about online data collection associated with ad serving, including online preference marketing and an opportunity to opt out opt intr.v. opt·ed, opt·ing, opts To make a choice or decision: opted for early retirement; opted not to go. of the Atlas DMT cookie cookie File or part of a file put on a Web user's hard disk by a Web site. Cookies are used to store registration data, to make it possible to customize information for visitors to a Web site, to target Web advertising, and to keep track of the products a user wishes to , go to: www.networkadvertising.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. . Certain statements in this press release are "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 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. Words such as "expects," "anticipates," "predicts," and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . Forward-looking statements also include any other passages that relate to expected future events or trends that can only be evaluated by events or trends that will occur in the future. The forward-looking statements in this release include, without limitation, statements regarding expected financial performance for the fourth quarter of 2004 and for the full year 2004. The forward-looking statements are based on the opinions and estimates of management at the time the statements were made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, among others, the risk that the company may not successfully complete the integration of companies it acquired earlier this year, including Razorfish, TechnologyBrokers and MediaBrokers, the risk that the company may incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. unforeseen expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such acquisitions, the risk of unforeseen changes in client online advertising budgets, unanticipated loss of clients, the potential failure to attract new clients due to the company's inability to competitively market its services, the risk of fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. demand for its advertising services, the potential failure to maintain current, desired client relationships or to achieve effective advertising campaigns for existing clients, potential deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. or slower-than-expected development of the 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. market, quarterly and seasonal fluctuations in operating results, timing variations on the part of advertisers to implement advertising campaigns, costs and risks related to acquisitions of technologies, businesses or brands, the short term nature of the company's contracts with clients, which generally are cancelable on 90 days' or less notice, and the uncertainties, potential costs, and possible business impacts of unfavorable rulings in previously announced lawsuits involving the company. More information about factors that could cause actual results to differ materially from those predicted in aQuantive's forward-looking statements is set out in its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended June June: see month. 30, 2004, filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements, which speak only as to the date of this release. Except as required by law, aQuantive, Inc. undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
aQuantive, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2004 2003
--------------------------
Assets
Current assets:
Cash, cash equivalents, and short-term
investments $ 52,618 $123,255
Accounts receivable, net of allowances 95,079 48,480
Deferred costs 2,959 -
Deferred tax asset 4,446 -
Other receivables 1,229 1,674
Prepaid expenses and other current assets 1,943 1,141
-------- --------
Total current assets 158,274 174,550
Property and equipment, net 14,008 6,802
Deferred tax asset, net 18,386 -
Other assets 2,831 1,355
Goodwill and other intangible assets, net 174,318 18,052
---------- ------------
Total assets $367,817 $200,759
========== ============
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 90,303 $ 58,329
Pre-billed media 13,647 4,545
Deferred rent - 285
Deferred revenue 7,608 5,773
-------- --------
Total current liabilities 111,558 68,932
Notes payable 80,000 -
Deferred rent 1,806 1,234
Deferred tax liability - 54
---------- ------------
Total liabilities 193,364 70,220
-------- --------
Shareholders' equity:
Common stock 617 602
Paid-in capital 228,891 220,637
Accumulated deficit and other
comprehensive income (55,055) (90,700)
-------- --------
Total shareholders' equity 174,453 130,539
---------- ------------
Total liabilities and shareholders' equity $367,817 $200,759
========== ============
aQuantive, Inc.
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -------------------
2004 2003 2004 2003
-------- ------- -------- --------
Revenue $ 46,183 $58,580 (1) $ 96,674 $158,075 (1)
Client reimbursed
expenses 557 - 557 -
-------- ------- -------- --------
Total revenue 46,740 58,580 97,231 158,075
-------- ------- -------- --------
Costs and expenses:
Cost of revenue 6,073 45,220 14,608 119,393
Client support 23,270 4,782 37,509 14,845
Product development 1,580 1,215 4,486 2,902
Sales and marketing 2,418 1,025 6,402 3,548
General and
administrative 6,102 3,427 14,692 10,366
Amortization of
deferred stock
compensation - 300 - 904
Amortization of
intangible assets 1,370 72 2,216 204
Client reimbursed
expenses 557 - 557 -
-------- ------- -------- --------
Total costs and
expenses 41,370 56,041 80,470 152,162
-------- ------- -------- --------
Income from operations 5,370 2,539 16,761 5,913
Interest and other
income, net 268 1,083 1,325 2,153
Interest expense 265 6 265 32
-------- ------- -------- --------
Income before provision
for income taxes and
benefit of realized
deferred tax assets 5,373 3,616 17,821 8,034
Provision for income
taxes on reportable net
income 1,854 174 2,647 338
Reduction in valuation
allowance on deferred
tax assets (2) (20,616) - (20,616) -
-------- ------- -------- --------
Total (benefit)
provision for income
taxes (18,762) 174 (17,969) 338
Net income $ 24,135 $ 3,442 $ 35,790 $ 7,696
======== ======= ======== ========
Basic net income per
share $ 0.39 $ 0.06 $ 0.59 $ 0.13
======== ======= ======== ========
Diluted net income per
share $ 0.34 $ 0.05 $ 0.53 $ 0.11
======== ======= ======== ========
Shares used in computing
basic net income per
share 61,411 59,644 60,966 59,074
======== ======= ======== ========
Shares used in computing
diluted net income per
share 70,889 69,280 68,233 67,845
======== ======= ======== ========
(1) Effective January 1, 2004, Avenue A began recording revenue
exclusive of the costs paid to publishers for media as a result of
contractual changes with advertisers and publishers. During the
quarter ended September 30, 2003, net revenue was $15,513, which
excludes media costs of $43,067 and during the nine months ended
September 30, 2003, net revenue was $45,608, which excludes media
costs of $112,467.
(2) Historically, aQuantive has recorded a full valuation allowance on
its deferred tax assets, the majority of which are net operating
loss tax carry-forwards generated before aQuantive achieved
profitability. During the quarter ended September 30, 2004,
aQuantive concluded it will likely be able to realize the benefit
of these deferred tax assets in the future. Consequently, a credit
to the provision for income taxes of $20.6 million has been
recorded.
EBITDA
The term "EBITDA" refers to a financial measure that is defined as
earnings before interest, income taxes, depreciation and amortization.
EBITDA is commonly used to analyze companies on the basis of leverage
and liquidity. However, EBITDA is not a measure determined under GAAP
in the United States of America and may not be comparable to similarly
titled measures reported by other companies. EBITDA should not be
construed as a subsitute for net income or as a better measure of
liquidity than cash flow from operating activities, which are
determined in accordance with GAAP. We have presented EBITDA to
provide additional information on the company's operations and our
ability to meet future capital expenditures and working capital
requirements. The following schedule reconciles EBITDA to net income
on the company's consolidated income statement, which the company
believes is the most directly comparable GAAP measure. (in thousands,
except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2004 2003 2004 2003
-------- ------- -------- -------
(unaudited) (unaudited)
Net income $ 24,135 $ 3,442 $ 35,790 $ 7,696
-
Depreciation and amortization
of property and equipment 1,229 1,010 2,775 2,685
Amortization of deferred
stock compensation - 300 - 904
Amortization of intangible
assets 1,581 92 2,659 261
Less: Interest and other
income, net (3) (1,077) (1,060) (2,121)
(Benefit) provision for
income taxes (18,762) 174 (17,969) 338
---------- ------- ---------- -------
EBITDA $ 8,180 $ 3,941 $ 22,195 $ 9,763
======== ======= ======== =======
EBITDA per basic share $ 0.13 $ 0.07 $ 0.36 $ 0.17
======== ======= ======== =======
EBITDA per diluted share $ 0.12 $ 0.06 $ 0.33 $ 0.14
======== ======= ======== =======
Supplemental Schedule of Segment Information
Beginning in 2004, the company has reclassified revenue and
expenses associated with an analytics and optimization product that
supports DRIVEpm and is marketed to certain publishers from the
Digital Marketing Services segment, where it was developed, to the
Digital Marketing Technologies segment, where it is now integrated
into the Atlas DMT business unit. Results shown reflect that change
for both the three and nine months ended September 30, 2004 and 2003.
Beginning in 2004, the Company is now showing all revenues derived
from selling proprietary ad serving technologies through its Digital
Marketing Services as part of the revenue of Atlas DMT. Results from
the three and nine months ended September 30, 2003 still include a
small portion of that technology revenue in the results of the Digital
Marketing Services segment.
Digital Digital Digital Unallocated
Marketing Marketing Performance Corporate
Services Technologies Media Expenses
(1) (2) (3) Total
---------------------------------------
(in thousands) (unaudited)
Three Months ended September 30, 2004
---------------------------------------
Revenue $27,742 $15,612 $2,829 $- $46,183
Client reimbursed expenses 557 - - - 557
---------------------------------------
Total Revenue 28,299 15,612 2,829 - 46,740
Costs and expenses:
Cost of revenue - 3,815 2,066 192 6,073
Client support 22,725 - 545 - 23,270
Product development - 1,580 - - 1,580
Sales and marketing 596 1,822 - - 2,418
General and
administrative 1,957 1,679 119 2,347 6,102
Amortization of deferred
stock compensation - - - - -
Amortization of
intangible assets - - - 1,370 1,370
Client reimbursed
expenses 557 - - - 557
---------------------------------------
Total costs and expenses 25,835 8,896 2,730 3,909 41,370
---------------------------------------
Income from operations $2,464 $6,716 $99 $(3,909) $5,370
=======================================
Three Months ended September 30, 2003
---------------------------------------
Revenue $7,318 $8,195 $- $- $15,513 (4)
Costs and expenses:
Cost of revenue - 2,153 - - 2,153
Client support 4,782 - - - 4,782
Product development - 1,215 - - 1,215
Sales and marketing 52 973 - - 1,025
General and
Administrative 804 891 - 1,732 3,427
Amortization of deferred
stock compensation - - - 300 300
Amortization of
intangible assets - - - 72 72
---------------------------------------
Total costs and expenses 5,638 5,232 - 2,104 12,974
---------------------------------------
Income from operations $1,680 $2,963 $- $(2,104) $2,539
=======================================
Digital Digital Digital Unallocated
Marketing Marketing Performance Corporate
Services Technologies Media Expenses
(1) (2) (3) Total
----------------------------------------
(in thousands) (unaudited)
Nine Months ended September 30, 2004
---------------------------------------
Revenue $50,389 $42,006 $4,279 $- $96,674
Client reimbursed expenses 557 - - - 557
---------------------------------------
Total Revenue 50,946 42,006 4,279 - 97,231
Costs and expenses:
Cost of revenue - 10,486 3,738 384 14,608
Client support 36,470 - 1,039 - 37,509
Product development - 4,486 - - 4,486
Sales and marketing 952 5,450 - - 6,402
General and Administrative 3,731 4,727 217 6,017 14,692
Amortization of deferred
stock compensation - - - - -
Amortization of intangible
assets - - - 2,216 2,216
Client reimbursed expenses 557 - - - 557
---------------------------------------
Total costs and expenses 41,710 25,149 4,994 8,617 80,470
---------------------------------------
Income from operations $9,236 $16,857 $(715)$(8,617)$16,761
=======================================
Nine Months ended September 30, 2003
----------------------------------------
Revenue $21,486 $24,122 $- $- $45,608 (4)
Costs and expenses:
Cost of revenue - 6,926 - - 6,926
Client support 14,845 - - - 14,845
Product development 68 2,834 - - 2,902
Sales and marketing 610 2,938 - - 3,548
General and Administrative 2,563 2,930 - 4,873 10,366
Amortization of deferred
stock compensation - - - 904 904
Amortization of intangible
assets - - - 204 204
----------------------------------------
Total costs and expenses 18,086 15,628 - 5,981 39,695
----------------------------------------
Income from operations $3,400 $8,494 $- $(5,981) $5,913
========================================
(1) Digital Marketing Services includes our interactive agencies
Avenue A/Razorfish and i-FRONTIER.
(2) Digital Marketing Technologies includes Atlas DMT, GO TOAST, and
NetConversions.
(3) Digital Performance Media includes DRIVEpm and Media Brokers.
(4) Effective January 1, 2004, Avenue A began recording revenue
exclusive of the costs paid to publishers for media as a
result of contractual changes with advertisers and publishers.
During the three months ended September 30, 2003, net revenue was
$15,513 which excludes media costs of $43,067. During the nine
month ended September 30, 2003, net revenue was $45,608, which
excludes media costs of $112,467. The company has shown net
revenue in 2003 to allow for better comparability with our 2004
results.
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