Betawave Corporation Reports Second Quarter 2009 Financial Results
August 14 2009 - 8:32AM
Business Wire
Betawave Corporation (OTCBB:BWAV) (www.betawave.com), the first
attention-based digital media company, with a domestic reach of
over 32 million unique users per month,* reported its results for
the quarter ended June 30, 2009 today.
Company
Highlights
Highlights from the second quarter of 2009 include:
- Total revenues increased 78% to
$2,282,325 for the three months ended June 30, 2009 from $1,282,439
for the second quarter of 2008.
- With the addition of several new
publishers, the size of the Betawave Network grew to over
32 million domestic unique users per month. When ranked
against the online properties in comScore Media Metrix, Betawave
now places first in reach and in time spent in the
Kids-Entertainment category and first in time spent and second in
reach in the Family and Parenting-community and
Lifestyles-community categories.*
Management Comment, Matt
Freeman, CEO of Betawave
“Betawave offers brands the value and unduplicated reach of an
ad network with the engagement and results of a premium branded
publisher. Our impact advertising solutions for brand advertisers
continue to outperform the competition and are drawing some of the
largest advertisers in the world.”
The following summarizes certain selected financial data of
Betawave.
SELECTED CONDENSEDCONSOLIDATED STATEMENTS OF
OPERATIONS DATA
For
the Three Months Ended
June 30, 2009
June 30, 2008
Revenues $2,282,325 $1,282,439 Total costs of revenues and
expenses $4,907,427 $4,072,046 Net loss $(2,581,790) $(3,562,052)
Net loss per share – basic and diluted $(0.09) $(0.14)
SELECTED CONDENSEDCONSOLIDATED CASH FLOWS DATA
For
the Six Months Ended
June 30, 2009
June 30, 2008
Net cash used in operating activities $6,967,931 $2,820,055
Net cash used in investing activities $74,049 $566,810 Net cash
provided by financing activities $914,421 $2,754,949
SELECTED CONDENSEDCONSOLIDATED BALANCE SHEETS DATA
As
of
June 30, 2009
December 31, 2008
Current assets $8,512,185 $15,933,086 Total assets
$8,874,840 $16,282,563 Total current liabilities $3,832,991
$5,796,969 Total stockholders’ equity $5,041,849 $10,485,594 Total
liabilities and stockholders’ equity $8,874,840 $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 condensed consolidated financial
statements and related notes thereto included in Betawave’s
Quarterly Report on Form 10-Q for the three months ended June 30,
2009, which will be filed today with the Securities and Exchange
Commission (“SEC”) and will be available for review on the SEC’s
website at www.sec.gov and Betawave’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2008 filed with the SEC on
March 31, 2009.
* Source: comScore Media Metrix, July 2009, Unduplicated
Audience. Rankings based on the following categories:
Kids-Entertainment, Lifestyle-community, Parenting-community.
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 32 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 first or second in total audience reach and time
spent in several key categories: Kids-Entertainment,
Lifestyles-community and Parenting-community. *Source: comScore
Media Metrix, July 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 Quarterly Report on Form 10-Q for
the three months ended June 30, 2009, which is expected to be filed
today with the Securities and Exchange Commission. 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 Aug 2024 to Sep 2024
Betawave (CE) (USOTC:BWAV)
Historical Stock Chart
From Sep 2023 to Sep 2024