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Infospace Reports Second Quarter Results

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Infospace Reports Second Quarter Results InfoSpace Reports Second Quarter Results Merchant services processed more than 20 million transactions, accounting for more than $1.5 billion in total dollar volume; Monthly active wireless subscribers grew to 1.49 million; Wireline launched next generation meta-search product BELLEVUE, Wash.--(BUSINESS WIRE)--July 23, 2002--InfoSpace, Inc. (Nasdaq:INSP), a provider of wireless and Internet software and application services, today announced results for its second quarter ended June 30, 2002. Revenues for the second quarter were $33.5 million. Pro forma net loss for the second quarter was $5.2 million of which $5.14 million was non-cash depreciation. Pro forma EPS was a net loss of $0.02. Pro forma excludes amortization of intangibles and certain other items as detailed in the footnotes in the following financial tables. In accordance with Generally Accepted Accounting Principles (GAAP), net loss for the second quarter was $13.5 million, or a loss of $0.04 per basic share. "We are pleased to post another quarter of encouraging results," said Naveen Jain, chairman and chief executive officer of InfoSpace. "Our Merchant and Wireline business units, which together accounted for 78 percent of second quarter revenue, again achieved profitability on a pro forma basis. In addition, our Wireless business posted strong growth in both number of users and global usage of our wireless data services." "We are well capitalized to maximize on the opportunities in each of our three business areas," said Tammy Halstead, chief financial officer of InfoSpace. "We ended the quarter with cash, investments and a federal payroll tax receivable totaling $279 million. In addition, we continued to focus on reducing operating costs as demonstrated by our reduction of SG&A expenses by $4.4 million from the previous quarter." Financial and operating highlights: -- Two of InfoSpace's three Business Units, Merchant and Wireline, were profitable on a pro forma basis. These two Business Units accounted for 78 percent of second quarter revenue. Merchant reported a profit of $3.2 million on revenue of $12.6 million. Wireline reported a profit of $5.6 million on revenue of $13.4 million (see statement of operations by business unit in the following financial tables). -- Merchant services processed more than $1.5 billion in transactions during the quarter, up from the $1.3 billion reported last quarter. Number of transactions processed grew to more than 20 million, up from the 16 million reported last quarter. This quarter, Merchant accounted for 38 percent of total revenue, up from 36 percent in the first quarter. -- During the quarter, more than 10,000 new merchant accounts were established. Notable merchants added during the quarter included Seattle's Best Coffee, Cleveland Indians Baseball Company and the Nature Conservancy Catalog. -- One and two-way SMS traffic in the U.S. and Europe grew by more than 20 percent. -- Wireline launched a next generation meta-search product. The new meta-search product can be accessed at both Excite (www.excite.com) and WebCrawler (www.webcrawler.com). -- InfoSpace's balance sheet remains strong with no debt. The Company has cash, investment grade securities, and a federal payroll tax receivable totaling $279 million. In addition, the Company has investments in private and public securities of $29 million. Merchant InfoSpace's payment solutions processed more than $1.5 billion in transactions, up from the $1.3 billion reported last quarter. InfoSpace continues to see strong growth in the number of transactions processed, which grew to more than 20 million, up from the 16 million reported last quarter. In addition, InfoSpace's channel for selling merchant services has grown to include more than 1,200 resellers. As InfoSpace continues to solidify and expand its leadership in electronic payment processing, the Company's research and development team is working to deploy a new payments architecture. This new architecture is designed to deliver the next generation of electronic payments, including eCheck, eDebit and stored value technologies to merchant service providers and financial institutions. Also, during the second quarter, InfoSpace delivered its first suite of universal stored value solutions. The suite includes three initial products - Gift Card, Teen Card and Payroll Card. Each stored value product, or pre-paid card, works in a similar fashion. Consumers utilize a Web interface to create and load value to branded credit cards, such as Visa® and MasterCard®, that can be used at the point-of-sale in both the physical and virtual world. Consumers are also able to utilize the Web to check balances and statement information, as well as add additional funds. Wireline The Wireline Business Unit is focused on providing highly scalable wired Internet services, such as Web search, directory services and a comprehensive platform of dynamic content and cutting-edge broadband applications to DSL (Digital Subscriber Line) and cable-modem Internet Service Providers and destination Web sites. During the quarter, more than three billion queries were made to InfoSpace's wireline services. The core focus of the Wireline Business Unit is Web search. InfoSpace is the market leader in the meta-search space of Web search. InfoSpace's meta-search technology allows users to search multiple search engines/properties at once, returning the most comprehensive and relevant results fast. During the quarter, InfoSpace launched its next generation meta-search product. The new meta-search product can be accessed at both Excite (www.excite.com) and WebCrawler (www.webcrawler.com) and will soon be available at MetaCrawler (www.metacrawler.com). InfoSpace's next generation meta-search product is designed to identify the intent of a user's search. Because various search engines return better results for different types of queries, InfoSpace's proprietary meta-search algorithm sorts the results accordingly and then displays a blended mix of highly relevant commercial and non-commercial results for a given search. The new InfoSpace meta-search product includes results from leading search companies and properties, including FAST, Overture, About, Ask Jeeves, FindWhat, LookSmart, Open Directory and Inktomi. During the second quarter, InfoSpace reached new or expanded agreements with Fast Search & Transfer (FAST), FindWhat.com and LookSmart. During the quarter, InfoSpace announced that it had recovered the cost of purchasing certain media assets, including the Excite.com and WebCrawler.com domain names, from Excite@Home late last year (Nov. 2001). Also, during the second quarter, InfoSpace announced a new relationship with Cablevision Systems Corporation, one of the nation's leading telecommunications and entertainment companies. Under the agreement, InfoSpace will provide its broadband Web search results delivered by InfoSpace's meta-search technology, and directory services, including yellow pages, white pages, maps and directions through OptOnline.net, the broadband portal for Cablevision's Optimum Online® high-speed Internet solution. Cablevision represents InfoSpace's first relationship with a cable broadband service provider. Wireless InfoSpace's Wireless Business Unit continued to show growth in both number of subscribers and global usage during the second quarter. During the quarter, InfoSpace launched new wireless services with several leading carriers, including Rogers AT&T in Canada, Iusacell in Mexico, Verizon Wireless Puerto Rico and Nextel Brazil. The Nextel Brazil launch marked the first deployment of InfoSpace's "zero-footprint" wireless corporate email product, which offers enterprises the ability to quickly deploy fully secure access to email and other critical information without the need to install and maintain hardware or software at the corporate site. Also during the quarter, Canadian-based Rogers AT&T Wireless launched a new English and French-language SMS services powered by InfoSpace's innovative "pound-pound" Instant-Access SMS solutions. The services provide users with fast and easy access to information and entertainment as well as the ability to download and exchange ringtones and graphics by pressing just a few keys on their wireless device. InfoSpace's Instant-Access SMS solutions offer carriers new opportunities to drive revenue and encourage adoption of wireless data by enabling delivery of interactive services to almost any digital wireless phone on their network -- even those that are not WAP or two-way SMS capable. Also during the second quarter, InfoSpace launched its Wireless Application Manager (WAM!™) with one of its largest carrier customers. WAM! provides a robust deck management tool-set offering carriers a high degree of control over decks, content links and production releases. WAM! is a key component of InfoSpace's Mobile Application Services framework, which provides the underlying technologies necessary for carriers to deploy seamless and multi-modal wireless data services that can be packaged and targeted directly to user groups such as teens, enterprise users and others. Corporate As a result of the alignment of InfoSpace's product units directly beneath their respective business unit heads, Rasipuram "Russ" V. Arun, the Company's executive vice president and chief technology officer, will now work closely with the COO to manage the day-to-day operations of the three business units. Mr. Arun now holds the title of group executive vice president and reports directly to the CEO. InfoSpace also announced the appointment of James F. Voelker to its board of directors. Mr. Voelker is a telecommunications industry veteran with over twenty years of experience in a variety of executive positions and serves or has served as an independent director for 360networks, Comdisco, Monet Mobil Wireless and Epoch Internet and as an advisor to Providence Equity Partners and Pivotal Partners. Mr. Voelker replaces William D. Savoy of Vulcan, Inc., who recently resigned. A replay of the conference call will be available in the investor relations section of the Web site www.infospaceinc.com approximately one hour after the call until Fri., July 26 at 4 p.m. PST. About InfoSpace, Inc. InfoSpace, Inc.
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