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Annual Report, 2002

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Nasdaq: MKTW Annual Report 2002 UNCORKING PROFIT A MILESTONE IN YEAR FIVE What a year New 2002 was strategies CEO Larry Kramer President and COO recalls highlights of Kathy Yates leads a challenging but initiatives to bring in successful year with Award-winning additional revenue the company’s first streams and explore quarterly profit and journalism new outlets for exciting new Four MarketWatch.com MarketWatch.com’s directions. reporters won honors for unique offerings. CEO’s letter . Page 3 outstanding work. Another Advertising . Page 4 First profit . Page 2 prize cited the work of the whole news Licensing . Page 9 The numbers . Page 11 team on a special project. Page 7 Subscriptions . Page 10 2 MKTW FINANCIALS MARKETWATCH.COM Board of Directors Larry Kramer Year 5: Uncorking profit Chairman and Chief Executive Officer MarketWatch.com, Inc. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - particularly in the first quarter. Licensing revenue finished the year at Peter Glusker Fifth anniversary brings $24.6 million, down slightly from the previous year, as several new Senior Vice President, media clients and a push to sell the company’s news into the institu- Viacom Interactive Ventures quarterly milestone tional market helped offset business lost when the financial services A division of Viacom, Inc. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - MarketWatch.com turned crisis into opportunity in 2002. industry cut back on costs. With the investing world focused on the meltdowns of WorldCom, Chief Financial Officer Joan Platt said the fourth-quarter profit Christie Hefner1 Chairman and Chief Executive Officer Enron and Tyco, the company’s Web sites, CBS.MarketWatch.com capped a pivotal year for MarketWatch.com as it evolves into a more Playboy Enterprises, Inc. and BigCharts.com, kept a real-time mature media company. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - news spotlight on the changing world “It was a good year for the company Andrew Heyward2 of regulation and corporate governance because we added a third revenue President and recorded a 14 percent gain in read- stream – subscriptions – and advertis- CBS News er traffic to 3.2 billion page views for ing started to come back,” Platt said. A division of CBS Broadcasting, Inc. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - the year. “We were able to become profitable by Philip Hoffman At the same time, Market- the fourth quarter and significantly in- Executive Vice President Watch.com itself maintained a tight crease our cash flow while continuing and Director of Corporate Finance leash on costs and added a new revenue to invest in our diversified revenue Pearson plc stream with the launch of its subscrip- streams: advertising, licensing and sub- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - tion business. The result, helped by a scriptions.” 1 Robert H. Lessin 19 percent sequential gain in online ad- MarketWatch.com benefited from a Vice Chairman vertising in the fourth quarter, was the busy news year in financial services, Jefferies Group, Inc. Chief Financial Officer Joan Platt oversaw the - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - company’s first profitable quarter and topped by the corporate scandals and company’s first profitable quarter. John Makinson its first full year of positive cash flow, investigations of Wall Street corrup- Chairman and Chief Executive Officer all coming as it celebrated its fifth an- tion. The total of page views and li- Penguin Group niversary in October. censing content impressions rose to 6.3 A division of Pearson plc “There were a lot of moving parts, billion in 2002 from 5.5 billion in 2001. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - but they came together,” said Larry In the fourth quarter, the destination John Marcom Kramer, chairman and chief executive sites averaged 10.7 million monthly President, Americas officer. “The important thing for this unique users, according to digiMine, Financial Times A division of FT Publications, Inc. company was to build a foundation the company’s third-party traffic re- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - upon which to become a profitable ven- searcher. Russell I. Pillar ture, and we’ve done that.” Four journalists were honored with President MarketWatch.com reported net in- industry awards for their work, and Viacom Digital Media Group come of $854,000, or 5 cents a share, in Media Magazine put the company atop A division of Viacom, Inc. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - the fourth quarter, on revenue of $11.7 its list of the best online publishers. million. In the fourth quarter of 2001, it The company’s national television Jeffrey F. Rayport1,2 Chief Executive Officer had a loss of $20.8 million, or a loss of show, “CBS MarketWatch Weekend,” Marketspace LLC $1.25 a share, on revenue of $11.6 mil- finished the year reaching 85 percent of A Monitor Group company lion. designated market areas, and the Mar- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 Member, Audit Committee The gains were underscored by the ketWatch.com Radio Network provid- 2 Member, Compensation Committee addition of a third revenue stream to ed coverage to 228 stations in 133 MarketWatch.com’s established mix of broadcasting markets, including all of Corporate Management advertising revenue and licensing rev- the top 50. enue: subscription sales. The company Cost cutting played a major role in Larry Kramer acquired the Hulbert Financial Digest in April 2002, and with it Mark helping the company reach a profit, as operating expenses fell to Chairman and Chief Executive Officer Hulbert, considered the foremost researcher and performance tracker $38.5 million for the year from $103.8 million in 2001. Headcount - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - of the $1.3 billion investment newsletter industry. rose to 211 at the end of the year from 207 the year before, due to five Kathy Yates The addition of the newsletter research set the stage for Market- new employees who came over as part of the Hulbert acquisition. President and Chief Operating Officer Watch.com to enter the subscription business in many ways, includ- Platt also noted that without noncash, in-kind advertising expens- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ing launching new newsletters and selling Hulbert’s data to readers. es associated with the company’s relationship with CBS, a unit of Vi- Joan P. Platt Full-year online advertising revenue fell to $16 million from $18 acom, Inc., MarketWatch.com would have reported a profit for the Chief Financial Officer and Secretary million, reflecting continued weakness in the advertising industry, entire year of 2002 of approximately $200,000. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - William Bishop Stockholder information Executive Vice President and General Manager Legal Counsel Transfer Agent Form 10-K Investor Relations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Morrison & Foerster LLP Mellon Investor Services LLC Stockholders of record will receive MarketWatch.com, Inc. 85 Challenger Road a copy of MarketWatch.com’s 2002 425 Market Street 825 Battery Street Scot McLernon Ridgefield Park, N.J. 07660 Form 10-K, filed with the Securities San Francisco, Calif. 94111 Executive Vice President, San Francisco, Calif. 94105 and Exchange Commission, which 415-733-0500 Advertising Sales and Marketing Office Locations contains additional information [email protected] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Independent San Francisco Minneapolis relating to the company, along with Scott L. Kinney Accountants New York Washington the Proxy Statement prepared in Los Angeles Chicago connection with the 2003 Annual Exchange PricewaterhouseCoopers LLP Executive Vice President, Boston Dallas Meeting. Additionally, a copy of the MarketWatch.com, Inc. is traded Licensing 333 Market Street on the Nasdaq/National Market - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - London Tokyo 2002 Form 10-K is available without San Francisco, Calif. 94105 Annandale, Va. charge. System under the symbol “MKTW.” Jamie Thingelstad Chief Technology Officer This Annual Report contains forward-looking statements that involve risks and uncertainties, including statements about the company's expansion of, and the - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - market potential for, the subscription business and the licensing business targeting institutional markets, as well as the rebound of the advertising market. Actual results may differ materially from those anticipated in these forward-looking statements. Potential risk factors which could affect our business and financial results David Callaway are discussed in our Form 10-K for the year ended December 31, 2002, as well as the other reports filed with the SEC. We caution investors that our business Editor-in-Chief and financial performance are subject to substantial risks and uncertainties. 2002 ANNUAL REPORT CEO’S LETTER MKTW 3 The year we turned the corner Value to users keeps us strong despite economy MarketWatch.com celebrated its fifth an- niversary during 2002, and it was a year of significant milestones. We reported our first profit in the fourth quarter and our first posi- tive cash flow on an annual basis, increasing our cash balances by $5.7 million during the year.
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