Betawave Corp. Reports Fiscal Year 2008 Results & Reports a 270% Increase in Total Revenues Compared To Prior Fiscal Year
01 April 2009 - 8:51AM
Business Wire
Betawave Corporation (OTCBB:BWAV) www.betawave.com, the first
attention-based digital media company, with a domestic reach of
over 25 million unique users*, reported its results for the year
ended December 31, 2008 and announced a 270% increase in total
revenues compared to the year ended December 31, 2007.
Betawave made tremendous strides during what was a challenging
year and an extremely difficult fourth quarter for many companies.
Significant achievements during 2008 included the official launch
of its digital publisher network in February, the midyear hiring of
prominent ad industry exec, Matt Freeman, as CEO, and the closing
of a $22.5 million financing in December. Financial metrics also
trended positively. Highlights are:
- Total revenues increased 270% to
$7,701,599 for the year ended December 31, 2008 from $2,081,182 for
the previous year. Total revenue in the fourth quarter increased 7%
from the prior quarter despite the severe downturn in the
economy.
- The size of the Betawave Network
grew to 25 million unique domestic users per month at the end of
2008. According to comScore ratings for February 2009, Betawave
ranked #2 in the Kids Entertainment category, behind
Viacom/Nickelodeon. Betawave also performed exceptionally well
against women and moms as compared to the top competitors in the
Lifestyles category, rivaling the Glam Network and NBC�s
iVillage.com for domestic reach. On time spent per visit, Betawave
beat out the top 5 entities in the category, which included
Yahoo!�s Shine and AOL Lifestyle and Living, by more than 70% for
moms and 40% plus for women age 25 to 54.
Management Comment, Matt Freeman,
CEO of Betawave
�Betawave endured a tough macroeconomic environment in 2008 and
registered strong numbers for the year. Our portfolio of sites grew
both in terms of the number of unique users and the quality of our
environments. Our immersive, attention-based media approach brings
greater accountability and better results for brands at a time
when, more than ever, marketers are demanding greater return on
their advertising investment.�
The following summarizes certain selected financial data of
Betawave for the years ended, and as of, December 31, 2008 and
2007.
CONSOLIDATED STATEMENT OF OPERATIONS � � � For the years ended
December 31, 2008 � � � December 31, 2007 � Revenues $ 7,701,599 $
2,081,182 Total costs of revenues and expenses $ 22,508,017 $
17,330,015 Net loss $ (16,969,985 ) $ (16,377,858 ) Net loss per
share � basic and diluted $ (0.66 ) $ (0.68 ) � CONSOLIDATED CASH
FLOW DATA � � � For the years ended
December 31, 2008
� � �
December 31, 2007
�
Net cash used in operating
activities
$ 7,077,358 $ 13,550,034 Net cash provided by (used in) investing
activities $ (41,118 ) $ 692,846 Net cash provided by financing
activities $ 17,872,763 $ 10,596,480 � CONSOLIDATED BALANCE SHEET
DATA � � � As of
�
December 31, 2008
� � �
December 31, 2007
� Current Assets $ 15,933,086 $ 3,216,835 Total Assets $ 16,282,563
$ 4,981,617 Total Liabilities $ 5,796,969 $ 8,373,237 Total
stockholders� equity (deficit) $ 10,485,594 $ (3,391,620 ) Total
liabilities and stockholders� equity (deficit) $ 16,282,563 $
4,981,617 �
The financial statement information set forth in this press
release should be read in conjunction with �Management�s Discussion
and Analysis of Financial Condition and Results of Operations� and
the audited consolidated financial statements and related thereto
included in Betawave�s Annual Report on Form 10-K for the fiscal
year ended December 31, 2008, which was filed today with the
Securities and Exchange Commission (SEC) and is available for
review on the SEC�s website at www.sec.gov.
* Source: Comscore Media Metrix, February 2009, Unduplicated
Audience
Betawave Corporation (www.betawave.com) (OTCBB:BWAV),
headquartered in San Francisco and New York with sales offices in
Los Angeles and Chicago, is a leading digital entertainment and
media company focused on brand immersion experiences that reach
consumers in a deeply engaged state of mind. Betawave specializes
in aggregating and distributing premium content on a large network
of quality sites for which Betawave is the exclusive brand
advertising monetization partner. The Betawave portfolio of
publishers reaches 25 million unduplicated online users
domestically.* It ranks as the second largest online U.S. youth
opportunity and a top five �mom� opportunity for blue-chip
advertisers. * Source: Comscore Media Metrix, February 2009,
Unduplicated Audience.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, such as statements of Betawave�s
plans, objectives, expectations and intentions. Forward-looking
statements in this press release are generally identified by words,
such as �projects,� �believes,� �anticipates,� �plans,� �expects,�
�will,� and �would,� and similar expressions that are intended to
identify forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause the actual results, performance or achievements of
Betawave to be materially different from those expressed or implied
by forward-looking statements. Actual events may differ materially
from those mentioned in these forward-looking statements because of
a number of risks and uncertainties. Discussion of factors
affecting Betawave�s business and prospects is contained in
Betawave�s periodic filings with the Securities and Exchange
Commission, including Betawave�s most recent Annual Report on Form
10-K for the fiscal year ended December 31, 2008 filed with the
Securities and Exchange Commission on March 31, 2009. Betawave
undertakes no obligation to publicly update or revise any
forward-looking statements or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise unless required to do so by the securities laws.
Investors are cautioned that forward-looking statements are not
guarantees of future performance and that undue reliance should not
be placed on such statements.
Betawave (CE) (USOTC:BWAV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Betawave (CE) (USOTC:BWAV)
Historical Stock Chart
From Jul 2023 to Jul 2024