Wednesday July 24, 4:30 pm Eastern Time
Press Release
SOURCE: uDate.com Inc
uDate.com announces Q2 2002 Revenues of $9.4M, EPS of $0.08 and USGAAP Net Income of $2.0m
Quarter Yields Record Cash, Revenue, Profit and Conversion Rates and Points Toward Growth and Sustainability
NEW YORK, July 24 /PRNewswire-FirstCall/ -- uDate.com Inc (OTC Bulletin Board: UDAT - News), the global online personals group providing dating and matchmaking services to more than 225,000 monthly subscribers through two leading Web properties
www.udate.com and
www.kiss.com today announced preliminary results for the second quarter of 2002.
FINANCIAL HIGHLIGHTS
Revenues for the three months to June 30, 2002 were $9.4 million, compared to $4.2 million for the three months to June 30, 2001, an increase of 123%. Revenues showed substantial growth year on year due to organic growth in the number of subscribers on the Company`s uDate.com and Kiss.com web properties, combined with improvements in the operation of the Kiss.com web site following the adoption of the same technology platform as used on uDate.com in quarter four 2001. Revenues compared well to guidance for the quarter of $9.5 million.
Year to date revenues for the six months to June 30, 2002 were $18.5 million, compared to $5.8 million for the six months ended June 30, 2001 an increase of 218%.
Net Income for the three months ended June 30, 2002, after providing for a tax charge of $0.9 million in the period, was $2.0 million. This compares to a loss for the same period in 2001 of $1.0 million. Fully diluted EPS was $0.08 compared to ($0.04) in the same period last year.
Net Income for the six months ended June 30, 2002 was $2.8 million, compared to a loss for the six months ended June 30, 2001 of $1.4 million. Fully diluted earnings per share (EPS) was $0.10 compared to ($0.07) in the same period last year.
Earnings before interest tax depreciation and amortization (EBITDA) for the three months to June 30, 2002 was $3.5 million, which exceeded guidance for the period of $3.3 million.
Current subscribers at June 30, 2002 increased by 27,990 or 17.9% compared to March 31, 2002.
Commenting on the above results, Mel Morris, President and Chief Executive Officer said, "I am pleased with our performance during the quarter. Our intense focus on creating the best technology, providing the most innovative online personals sites and driving only high quality traffic to our sites has reduced customer churn and clearly resonated with our user base. This quarter`s results point to the continuing growth and sustainability of uDate.com`s innovative business model."
"Our strategy of managing for quality has proved pivotal in generating meaningful EPS for our shareholders and positioning the company for profitable growth. The 17.9% increase in the number of subscribers we carry forward into Q3 is a significant indicator of our progress and positions us well.
"During Q2, 2002 we substantially upgraded our technology infrastructure. In addition to upgrading all web and database servers to utilize Windows 2000 Advanced Server we added approximately $1.5 million of new equipment. These changes have substantially increased the performance of our web sites and provide a comfortable margin of headroom. Inevitably, these changes necessitated closing our web sites -- in whole or in part -- over a period of 24 hours resulting in lost receipts of more than $150,000 in the quarter. Last week we also transferred our entire web and database farm to new co-located facilities hosted by a significant alternative service provider.
"In Q1, 2002, I identified a number of business issues that were inhibiting growth and margins. These have all been addressed and we are very well positioned for Q3.
"While our competitors are slowly upgrading their applications to emulate some of the features we premiered way back in March, 2000 our next generation application is progressing at pace. Our new application will significantly broaden the appeal of Internet Dating enabling us to more fully leverage existing distribution channels and establish new partnerships to drive profitable growth in and beyond the core market."
GUIDANCE
"We are well on the way to achieving our guidance for the third and fourth quarters of 2002. As announced on our conference call on May 1, 2002, we reiterate our guidance for the third and fourth quarters of 2002, which when added to the results for the six months to June 30, 2002 produces revised guidance for fiscal year 2002 as follows:"
Q1Actual* Q2Actual Q3Guide Q4Guide FY2002Guide*
REVENUES $9.1M $9.4M $11.0M $14.9M $44.4M
EBITDA $3.0M $3.5M $4.0M $5.7M $16.2M
*excludes one off costs
Gruß Sieger
WKN
930129Name
MATCHNET PLC GDR
BID
1.61 EUR
ASK
1.74 EUR
Zeit
2002-07-24 23:29:26 Uhr