Betawave Corporation (OTCBB:BWAV) (www.betawave.com), the first
attention-based digital media company, with a domestic reach of
over 30 million unique users,* reported its results for the quarter
ended March 31, 2009 today. The company�s continued growth follows
its rebranding campaign launched in January 2009.
Betawave began as an alternative to the traditional youth
destination sites with a focus on addressing one of the most
pressing issues in online advertising today: While most digital
media offers a choice between mass scale or deep engagement (e.g.
portals or niche publishers), success in online advertising for
most major brands requires both mass scale and deep engagement.
Betawave is specifically designed to answer this challenge for
major brands by providing a combination of mass scale and deep
engagement. This is accomplished by offering solutions for brands
that focus on context, emotional connections with consumers, and
the currency of time, not impressions, as the basis for
advertising. After expanding its demographic focus to include moms
during 2008, in January of this year, Betawave launched a
rebranding campaign and expanded its demographic focus to include
all women with key additions to its publisher portfolio.
Company
Highlights
Other highlights from the first quarter of 2009 include:
- Total revenues increased 111% to
$1,388,420 for the three months ended March 31, 2009 from $657,150
for the first quarter of 2008.
- With the addition of several new
publishers, the size of the Betawave Network grew to 30�million
unique domestic users per month for March 2009. When ranked against
the networks and properties in comScore Media Metrix, Betawave now
places first in reach to Kids and Parents, first in time spent with
Moms and third in Entertainment for 18-34 year olds.*
Management Comment, Matt
Freeman, CEO of Betawave
�Betawave offers brands a new solution; based not just on how
many people we reach, but on how much interest we generate. Finding
places to buy advertising inventory online is not difficult in a
medium with virtually limitless inventory. Finding places to buy
attention, however, is not easy � especially at a level of scale
that brands require. We deliver key audiences at scale, and the
market is responding favorably to what we offer.�
The following summarizes certain selected financial data of
Betawave.
� � CONSOLIDATED STATEMENTS OF OPERATIONS DATA
For
the Three Months Ended
March 31, 2009
� �
March 31, 2008
Revenues $ 1,388,420 $ 657,150 Total costs of revenues and expenses
$ 5,806,599 $ 4,272,216 Net loss $ (4,413,667 ) $ (4,179,398 ) Net
loss per share � basic and diluted $ (0.15 ) $ (0.17 ) � � �
CONSOLIDATED CASH FLOWS DATA
For
the Three Months Ended
March 31, 2009
� �
March 31, 2008
Net cash used in operating activities $ 4,647,942 $ 641,002 Net
cash used in investing activities $ 18,520 $ 561,606 Net cash
provided by (used in) financing activities $ (85,579 ) $ 210,000 �
� � CONSOLIDATED BALANCE SHEETS DATA
As
of
March 31, 2009
� �
December 31, 2008
Current Assets $ 9,470,302 $ 15,933,086 Total Assets $ 9,894,218 $
16,282,563 Total Current Liabilities $ 2,978,375 $ 5,796,969 Total
stockholders� equity $ 6,915,843 $ 10,485,594 Total liabilities and
stockholders� equity $ 9,894,218 $ 16,282,563 �
The financial statement information set forth in this press
release should be read in conjunction with Item 2, �Management�s
Discussion and Analysis of Financial Condition and Results of
Operations� and the unaudited consolidated financial statements and
related notes thereto included in Betawave�s Quarterly Report on
Form 10-Q for the three months ended March 31, 2009, 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, March 2009, Unduplicated
Audience. Rankings based on the following categories: Kids,
Lifestyle, Family and Parenting and Entertainment.
Betawave Corporation (www.betawave.com) (OTCBB:BWAV),
headquartered in San Francisco and New York with sales offices in
Los Angeles and Chicago, is an attention-based digital media
company that delivers more than 30 million unduplicated online
users domestically* in high quality editorial environments.
Betawave�s publishers are leading mid-tail publishers that capture
substantial time spent per user each month. Betawave works with its
publishers to create advertising opportunities within the content
that highly engages their audiences. The Betawave portfolio of
publishers ranks at or near the top in total audience reach and
time spent across the relevant demographics in five key categories:
Teens, Kids, Games, Lifestyles and Parenting.
*Source: comScore Media Metrix, March 2009, Unduplicated
Audience.
Safe Harbor Statement
This press release may contain forward-looking statements that
involve risks and uncertainties, such as statements of Betawave�s
plans, objectives, expectations and intentions. Forward-looking
statements 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 Quarterly Report on
Form 10-Q for the three months ended March 31, 2009 filed with the
Securities and Exchange Commission on May 12, 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.
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