Ivillage (NASDAQ:IVIL)
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NEW YORK, May 10 /PRNewswire-FirstCall/ -- iVillage Inc. (NASDAQ:IVIL), The Internet For Women(TM), a leading women's media company and the number one source for women's content and community online, today announced financial results for the first quarter ended March 31, 2006.
First quarter 2006 revenue totaled $21.6 million, a 25% increase when compared to revenues of $17.3 million for the same period one year ago. Net loss for the first quarter of 2006 was $3.0 million, or $(0.04) per share, which includes $1.9 million in costs associated with iVillage's acquisition by NBC Universal, Inc., as well as $0.8 million in stock-based compensation costs due to a new accounting standard. This compares to a net loss of $1.3 million, or $(0.02) per share, for the first quarter of 2005.
As of March 31, 2006, iVillage had $57.0 million in cash and cash equivalents on its balance sheet. The Company continues to carry no debt.
Metrics
* According to comScore Media Metrix, iVillage delivered approximately
16.0 million unique monthly visitors and the iVillage Network was the
39th most visited Web site in the U.S. in April 2006. According to the
same report, iVillage reaches more than 9% of the total U.S. online
population and more than 11% of U.S. women 18+ online monthly.
* Also according to the comScore Media Metrix April 2006 report, iVillage
is the #1 women's community site and the #3 community site overall.
* iVillage delivered approximately 408 million average monthly page views
for the first quarter of 2006.
About iVillage Inc.
iVillage is "the Internet for women" and consists of several online and offline media-based properties that seek to enrich the lives of women, teenage girls and parents through the offering of unique content, community applications, tools and interactive features. iVillage Inc. (NASDAQ:IVIL) was established in 1995 and is headquartered in New York City.
Average monthly page views for iVillage.com and its affiliate Web sites ("The iVillage Network") totaled 408 million for the quarter ended March 31, 2006. In April 2006, according to comScore Media Metrix, The iVillage Network ranked 39th among the top 100 Web and Digital Media properties with approximately 16.0 million unique visitors in the United States and had an average reach of more than 9% of the total online population and more than 11% of women 18+ online. Also, according to the same report, The iVillage Network was the #1 "women's community site" and the #3 "community site" overall on the Web.
For more information about iVillage, visit http://www.ivillage.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
iVillage Inc. has included in this press release certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning iVillage's business, operations and financial condition. The words or phrases "can be," "expects," "may affect," "anticipates," "may depend," "believes," "estimates," "plans," "projects" and similar words and phrases are intended to identify such forward-looking statements. These forward-looking statements are subject to various known and unknown risks and uncertainties and iVillage cautions you that any forward-looking information provided by or on behalf of iVillage is not a guarantee of future results, performance or achievements. Actual results could differ materially from those anticipated in these forward-looking statements due to a number of factors, some of which are beyond iVillage's control. In addition to those risks discussed in iVillage's other press releases, public filings and statements by iVillage's management, factors that may cause iVillage's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied in such forward looking statements include: (i) the volatile and competitive nature of the Internet industry and the media industry, (ii) changes in domestic and foreign economic, political and market conditions, (iii) the effect of federal, state and foreign regulation on iVillage's business, (iv) the impact of recent and future acquisitions and joint ventures on iVillage's business and financial condition, (v) iVillage's ability to establish and maintain relationships with advertisers, sponsors, and other third-party providers and partners, (vi) iVillage's ability to maintain or increase user traffic levels, (vii) the loss of one or more of iVillage's major customers, (viii) the effect of seasonal fluctuations in traditional online advertising purchasing patterns on iVillage's results of operations and (ix) the impact of pending litigation on iVillage's business, results of operations and financial condition. All such forward-looking statements are current only as of the date on which such statements were made. iVillage does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
iVillage Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended March 31,
2006 2005
Revenues $21,550 $17,274
Operating expenses:
Editorial, product development and
technology 8,596 8,239
Sales and marketing 7,838 5,936
General and administrative 6,284 2,989
Depreciation and amortization 2,371 1,804
Total operating expenses 25,089 18,968
Income from operations (3,539) (1,694)
Interest income, net 494 352
Other income, net 3 -
Gain on sale of joint venture interest - 76
Net loss $(3,042) $(1,266)
Per share data:
Basic and diluted net loss per share $(0.04) $(0.02)
Weighted-average shares of common
stock outstanding used in computing
basic and diluted net loss per share 72,765 71,928
iVillage Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
2006 2005
ASSETS:
Current assets:
Cash and cash equivalents $56,992 $55,881
Accounts receivable, net 17,042 20,820
Prepaid rent 318 318
Other current assets 6,646 5,374
Total current assets 80,998 82,393
Fixed assets, net 13,211 12,272
Goodwill and intangible assets, net 57,932 59,495
Prepaid rent, net of current portion 3,014 3,051
Other assets 103 104
Total assets $155,258 $157,315
LIABILITIES and STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable and accrued expenses $11,296 $11,735
Deferred revenue 4,759 4,157
Other liabilities 144 144
Total current liabilities 16,199 16,036
Deferred rent, net of current portion 1,160 1,196
Total liabilities 17,359 17,232
Commitments and contingencies
Stockholders' equity 137,899 140,083
Total liabilities and stockholders'
equity $155,258 $157,315
iVillage Inc. and Subsidiaries
Quarterly Income Statement
($ in million except for per share amounts)
(unaudited)
Mar-05 Jun-05 Sep-05 Dec-05 FY 05 Mar-06
Revenue $17.274 $21.080 $22.596 $30.111 $91.061 $21.550
Growth q-q -5% 22% 7% 33% -28%
Growth Y/y 11% 28% 35% 65% 36% 25%
Editorial, product
development &
technology 8.239 8.921 8.285 8.257 33.702 8.596
% of Revenues 48% 42% 37% 27% 37% 40%
Sales and marketing 5.936 7.001 6.604 7.324 26.865 7.838
% of Revenues 34% 33% 29% 24% 30% 36%
General and
administrative 2.989 3.572 3.535 3.439 13.535 6.284
% of Revenues 17% 17% 16% 11% 15% 29%
Depreciation and
amortization 1.804 2.311 2.398 2.393 8.906 2.371
% of Revenues 10% 11% 11% 8% 10% 11%
Total operating
expenses 18.968 21.805 20.822 21.413 83.008 25.089
% of Revenues 110% 103% 92% 71% 91% 116%
(Loss) income from
operations (1.694) (0.725) 1.774 8.698 8.053 (3.539)
Interest income, net 0.352 0.358 0.399 0.452 1.561 0.494
Other income, net - 0.016 0.052 0.028 0.096 0.003
Gain on sale of
joint venture
interest 0.076 0.025 - - 0.101 -
Provision for income
taxes - - - (0.355) (0.355) -
(Loss) income from
continuing
operations (1.266) (0.326) 2.225 8.823 9.456 (3.042)
Discontinued
operations - - - 0.025 0.025 -
Net (loss) income $(1.266) $(0.326) $2.225 $8.848 $9.481 $(3.042)
Basic (per share
data):
(Loss) income from
continuing
operations $(0.02) $(0.00) $0.03 $0.12 $0.13 $(0.04)
Income from
discontinued
operations - - - 0.00 0.00 -
Net (loss) income $(0.02) $(0.00) $0.03 $0.12 $0.13 $(0.04)
Diluted (per share
data):
(Loss) income from
continuing
operations $(0.02) $(0.00) $0.03 $0.11 $0.12 $(0.04)
Income from
discontinued
operations - - - 0.00 0.00 -
Net (loss) income $(0.02) $(0.00) $0.03 $0.11 $0.12 $(0.04)
Weighted average
shares of common
stock outstanding
- basic 71.9 72.2 72.4 72.6 72.3 72.8
Weighted average
shares of common
stock outstanding
- diluted 71.9 72.2 76.6 77.4 76.6 72.8
Additional Financial
Information
Revenue from barter 1.680 1.606 1.232 1.062 5.580 1.050
% of Revenues 10% 8% 5% 4% 6% 5%
DATASOURCE: iVillage Inc.
CONTACT: Carl R. Fischer IV of iVillage Inc., +1-212-600-6502,
; or Carina Davidson, , or Eliza
Johnson, , both of The Abernathy MacGregor Group,
+1-212-371-5999
Web site: http://www.ivillage.com/