aQuantive Reports Strong Q4 Results; Company Exceeds Fourth Quarter Guidance in Revenue and Profit; Business Units Continue Rapid Growth.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. -- Conference Call and Webcast at 8am PT/11am ET Today 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 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 :AQNT), a digital marketing services and technology company, today reported financial results for the fourth quarter and full year ended December December: see month. 31, 2004. Fourth quarter highlights include: --Revenue of $60.7 million, an increase of 228 percent from net revenue(1) of the comparable year-ago period. Fourth quarter 2004 results include contributions from Razorfish Razorfish is a common name used for two unrelated groups of fishes:
--Net income of $7.1 million, or $0.10 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, an increase of 74 percent from the comparable year-ago period. --EBITDA(2) of $13.4 million, or $0.18 per diluted share, an increase of 189 percent from the comparable year-ago period. --i-FRONTIER announces name change to Avenue A / Razorfish. Avenue A / Razorfish is now the single brand representing aQuantive's digital marketing services business in the U.S. "We are very pleased with our fourth quarter and full year results, as each of our operating segments had an exceptional quarter and beat our performance goals," 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. outlook of our business. We believe this momentum positions us very well to reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. our industry leadership position with continued strong revenue growth and profitability in 2005." 2004 Fourth Quarter Results For the quarter ended December 31, 2004, aQuantive reported revenue of $60.7 million, compared to net revenue of $18.5 million for the quarter ended December 31, 2003. Net income for the fourth quarter 2004 was $7.1 million, or $0.10 per diluted share, compared to $4.1 million, or $0.06 per diluted share for the fourth quarter 2003. 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 $13.4 million for the fourth quarter 2004, or $0.18 per diluted share, compared to $4.6 million, or $0.07 per diluted share for the fourth quarter 2003. 2004 Full Year Results For the full year 2004, aQuantive reported revenue of $157.9 million, compared to net revenue of $64.1 million for 2003. Net income for the full year 2004 was $42.9 million, or $0.62 cents per diluted share, compared to $11.8 million, or $0.17 cents per diluted share for 2003. Excluding the $20.6 million income tax benefit recorded in third quarter 2004 to reduce the valuation allowance on net deferred tax assets not previously realized, 2004 full year net income was $22.3 million, or $0.33 cents per diluted share. For the full year 2004, EBITDA was $35.6 million, or $0.51 cents per diluted share, compared to EBITDA of $14.4 million, or $0.21 cents per diluted share for 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 net interest, net 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 operates three business segments. Segment information is 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 agency Avenue A / Razorfish, had fourth quarter revenue of $36.7 million, compared to 2003 fourth quarter net revenue of $8.8 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 fourth quarter of 2004 was $3.8 million, compared to operating income of $1.8 million for the fourth quarter of 2003. 2004 highlights for this segment included the 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 in July July: see month. to form Avenue A / Razorfish, the industry's largest independent interactive agency; as well as the launch of Avenue A / Razorfish Search, the industry's largest, 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. Search Engine Marketing (SEM) agency, in October October: see month. . Digital Marketing Technologies aQuantive's digital marketing technologies (DMT See DSL. ) segment, consisting of Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. DMT, had revenue of $18.9 million in the fourth quarter of 2004, compared to revenue of $9.2 million in the fourth quarter of 2003. Operating income for the fourth quarter of 2004 was $9.2 million, compared to $3.1 million in the fourth quarter of 2003. 2004 highlights for this segment included the acquisition of NetConversions, a website usability How easy something is to use. Both software and Web sites can be tested for usability. Considering how difficult applications are to use and Web sites are to navigate, one would wish that more designers took this seriously. See user interface and usability lab. technology company in February February: see month. ; the launch of Atlas Search, the industry's only integrated search and ad campaign management tool in May; and the July acquisition of TechnologyBrokers, the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. based reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. of Atlas DMT. 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 revenue of $5.1 million and an operating income of $645,000 in the fourth quarter of 2004. 2004 highlights included the introduction of this business segment through the launch of DRIVEpm at the first of the year; July acquisition of MediaBrokers, a performance media company that serves as the European-arm of this business; and first-time profitability for the segment in the third quarter. 2005 Financial Guidance The company expects first quarter results as follows: --Revenue of $55-$59 million --Net income of $0.02-$0.05 per diluted share, assuming an income tax rate of 40% --EBITDA of $0.11-$0.13 per diluted share The company expects full year 2005 results as follows: --Revenue of $250-$260 million --Net income of $0.21-$0.23 per diluted share, assuming an income tax rate of 40% and including an estimated pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta expense of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $9 million in the second half of the year for expensing stock options in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with current accounting requirements --Adjusted EBITDA(3) of $0.63-$0.70 per diluted share (3)Adjusted EBITDA (or earnings before net interest, net other income, income tax, depreciation and amortization, and stock option expense) is a non-GAAP financial measure. Fourth Quarter and Full Year 2004 Conference Call/Webcast Today at 8am PT/11am ET aQuantive, Inc. will host a conference call/Webcast to discuss fourth quarter and full year 2004 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 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 , full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. interactive agency Avenue A / Razorfish (www.avenuea-razorfish.com), Atlas DMT (www.atlasdmt.com), a provider of advertising technology solutions, and DRIVEpm (www.drivepm.com), a performance media company, aQuantive, Inc. is positioned to bring value to any interaction in the digital marketplace. aQuantive, Inc. (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 To cancel some situation or condition. See opt-in. 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 first quarter of 2005 and for the full year 2005. 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 in 2004, 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 that stock option expense may be significantly different than estimated due to number of options granted or the expense method adopted by the company, 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 new legislation or 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 September September: 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)
December December
31, 2004 31, 2003
-------------------
Assets
Current assets:
Cash, cash equivalents, and short-term
investments $59,247 $123,255
Accounts receivable, net of allowances 106,683 48,480
Deferred tax asset 7,204 -
Other receivables 1,486 1,674
Prepaid expenses and other current assets 1,631 1,141
--------- ---------
Total current assets 176,251 174,550
Property and equipment, net 17,569 6,802
Deferred tax asset, net 15,642 -
Other assets 2,690 1,355
Goodwill and other intangible assets, net 174,071 18,052
--------- ---------
Total assets $386,223 $200,759
========= =========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses $90,667 $58,329
Pre-billed media 15,655 4,545
Deferred rent - 285
Deferred revenue 10,394 5,773
--------- ---------
Total current liabilities 116,716 68,932
Notes payable 80,000 -
Deferred rent 3,010 1,234
Deferred tax liability - 54
--------- ---------
Total liabilities 199,726 70,220
--------- ---------
Shareholders' equity:
Common stock 623 602
Paid-in capital 233,898 220,637
Accumulated deficit and other comprehensive
income (48,024) (90,700)
--------- ---------
Total shareholders' equity 186,497 130,539
--------- ---------
Total liabilities and shareholders' equity $386,223 $200,759
========= =========
aQuantive, Inc.
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------- -----------------
2004 2003 2004 2003
--------------- -----------------
Revenue 60,706 63,891(a) 157,937 221,966(a)
Costs and expenses:
Cost of revenue 7,943 48,316 22,551 167,709
Client support 29,726 5,837 67,235 20,682
Product development 1,702 1,091 6,188 3,993
Sales and marketing 2,494 1,363 8,896 4,911
General and administrative 6,521 3,431 21,213 13,797
Amortization of deferred stock
compensation - 199 - 1,103
Amortization of intangible
assets 1,832 72 4,048 276
Client reimbursed expenses 703 - 1,260 -
--------------- -----------------
Total costs and expenses 50,921 60,309 131,391 212,471
--------------- -----------------
Income from operations 9,785 3,582 26,546 9,495
Interest and other income, net 600 1,044 1,925 3,197
Interest expense 610 1 875 33
--------------- -----------------
Income before provision
(benefit) for income taxes 9,775 4,625 27,596 12,659
Provision (benefit) for income
taxes 2,682 537 (15,287) 875
Net income $7,093 $4,088 $42,883 $11,784
=============== =================
Basic net income per share $0.11 $0.07 $0.70 $0.20
=============== =================
Diluted net income per share $0.10 $0.06 $0.62 $0.17
=============== =================
Shares used in computing basic
net income per share 61,996 59,304 61,225 59,304
=============== =================
Shares used in computing
diluted net income per share 73,268 68,354 69,412 68,354
=============== =================
(a) Effective January 1, 2004, Avenue A (now Avenue A / Razorfish)
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 December 31, 2003, net
revenue was $18,501, which excludes media costs of $45,390 and during
the twelve months ended December 31, 2003, net revenue was $64,109,
which excludes media costs of $157,857.
EBITDA The term "EBITDA" refers to a financial measure that is defined as earnings before net interest, net other income, income taxes, depreciation and amortization. EBITDA is commonly used to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. companies on the basis of leverage and liquidity. However, EBITDA is not a measure determined under GAAP in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, and may not be comparable to similarly titled measures reported by other companies. EBITDA should not be construed as a substitute 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 Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . The following schedule reconciles EBITDA to net income on the company's consolidated income statement consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. , which the company believes is the most directly comparable GAAP measure. (in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
2004 2003 2004 2003
-------- -------- -------- --------
(unaudited) (unaudited)
Net income $7,093 $4,088 $42,883 $11,784
-
Depreciation and amortization of
property and equipment 1,557 757 4,332 3,442
Amortization of deferred stock
compensation - 199 - 1,103
Amortization of intangible
assets 2,043 92 4,702 353
Add (deduct) interest and other
income, net 10 (1,043) (1,050) (3,164)
Provision (benefit) for income
taxes 2,682 537 (15,287) 875
---------- ------- ---------- --------
EBITDA $13,385 $4,630 $35,580 $14,393
========== ======= ========== ========
EBITDA per basic share $0.22 $0.08 $0.58 $0.24
========== ======= ========== ========
EBITDA per diluted share $0.18 $0.07 $0.51 $0.21
========== ======= ========== ========
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 twelve months ended December 31, 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 twelve months ended December 31, 2003 still include a
small portion of that technology revenue in the results of the Digital
Marketing Services segment.
(in thousands)Digital(a) Digital(b) Digital(c) Unallocated
Marketing Marketing Performance Corporate
Services Technologies Media Expenses Total
---------- ------------ ----------- ----------- -------
(unaudited)
Three Months ended December 31, 2004
--------------------------------------------------------
Total Revenue $36,707 $18,865 $5,134 $ - $60,706
Costs and
expenses:
Cost of revenue - 4,166 3,585 192 7,943
Client support 29,035 - 691 - 29,726
Product
development - 1,702 - - 1,702
Sales and
marketing 676 1,818 - - 2,494
General and
administrative 2,522 1,933 213 1,853 6,521
Amortization
of intangible
assets - - - 1,832 1,832
Client
reimbursed
expenses 703 - - - 703
---------- ------------ ----------- ----------- -------
Total costs and
expenses 32,936 9,619 4,489 3,877 50,921
---------- ------------ ----------- ----------- -------
Income from
operations $3,771 $9,246 $645 $(3,877) $9,785
========== ============ =========== =========== =======
Three Months ended December 31, 2003
--------------------------------------------------------
Revenue $8,779 $9,233 $489 $- $18,501
(d)
Costs and
expenses:
Cost of revenue - 2,425 501 - 2,926
Client support 5,741 - 96 - 5,837
Product
development - 1,091 - - 1,091
Sales and
marketing 193 1,170 - - 1,363
General and
administrative 1,063 1,432 - 936 3,431
Amortization
of deferred
stock
compensation - - - 199 199
Amortization
of intangible
assets - - - 72 72
---------- ------------ ----------- ----------- -------
Total costs
and expenses 6,997 6,118 597 1,207 14,919
---------- ------------ ----------- ----------- -------
Income from
operations $1,782 $3,115 $(108) $(1,207) $3,582
========== ============ =========== =========== =======
(in thousands)Digital(a) Digital(b) Digital(c) Unallocated
Marketing Marketing Performance Corporate
Services Technologies Media Expenses Total
---------- ------------ ----------- ----------- -------
(unaudited)
Twelve Months ended December 31, 2004
--------------------------------------------------------
Revenue $87,653 $60,871 $9,413 $- $157,937
Costs and
expenses:
Cost of revenue - 14,652 7,323 576 22,551
Client support 65,505 - 1,730 - 67,235
Product
development - 6,188 - - 6,188
Sales and
marketing 1,628 7,268 - - 8,896
General and
administrative 6,253 6,660 430 7,870 21,213
Amortization
of intangible
assets - - - 4,048 4,048
Client
reimbursed
expenses 1,260 - - - 1,260
---------- ------------ ----------- ----------- -------
Total costs
and expenses 74,646 34,768 9,483 12,494 131,391
---------- ------------ ----------- ----------- -------
Income from
operations $13,007 $26,103 $(70) $(12,494) $26,546
========== ============ =========== =========== =======
Twelve Months ended December 31, 2003
--------------------------------------------------------
Revenue $30,265 $33,355 $489 $- $64,109
(d)
Costs and
expenses:
Cost of revenue - 9,351 501 - 9,852
Client support 20,586 - 96 - 20,682
Product
development 68 3,925 - - 3,993
Sales and
marketing 803 4,108 - - 4,911
General and
administrative 3,626 4,362 - 5,809 13,797
Amortization
of deferred
stock
compensation - - - 1,103 1,103
Amortization
of intangible
assets - - - 276 276
---------- ------------ ----------- ----------- -------
Total costs
and expenses 25,083 21,746 597 7,188 54,614
---------- ------------ ----------- ----------- -------
Income from
operations $5,182 $11,609 $(108) $(7,188) $9,495
========== ============ =========== =========== =======
(a) Digital Marketing Services includes our interactive agency Avenue
A / Razorfish.
(b) Digital Marketing Technologies includes Atlas DMT.
(c) Digital Performance Media includes DRIVEpm and MediaBrokers.
(d) Effective January 1, 2004, Avenue A (now Avenue A / Razorfish)
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 December 31, 2003, net
revenue was $18,501 which excludes media costs of $45,390. During
the twelve month ended December 31, 2003, net revenue was $64,109,
which excludes media costs of $157,857. The company has shown net
revenue in 2003 to allow for better comparability with our 2004
results.
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