CMGI Announces Record Third Quarter Revenues of $225.9 Million

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CMGI Announces Record Third Quarter Revenues of $225.9 Million CMGI Announces Record Third Quarter Revenues of $225.9 Million June 13, 2000 Internet Segment Revenues Grow 1,623% over Prior Year Third Quarter and 59% over Preceding Quarter Summary: CMGI continues dramatic growth curve; reports operating revenue rise of 417% over prior year third quarter and 47% over Q2 2000· Completes 8 transactions during the quarter, including 4 intra-network mergers led by Engage, AltaVista and NaviSite Launches ambitious venture with the formation of CMGion, the company's newest majority-owned operating company Page views exceed 115 million per day across the CMGI network of companies, excluding CMGI @Ventures-related companies Engage surpasses 70 million profiles and 60% reach of Internet audience ANDOVER, Mass., June 13, 2000 - CMGI, Inc. (NASDAQ: CMGI) today reported net revenues of $225.9 million for the third quarter ended April 30, 2000, a 47% sequential increase in quarterly revenues and a 417% increase compared with last year's third quarter. Net revenues for the Company's Internet business segment increased 1,623% compared with the third quarter of fiscal 1999, and increased 59% compared with the second quarter of fiscal 2000. Net revenues for the Company's fulfillment services segment increased 30% compared with the third quarter of fiscal 1999, and increased 13% compared with the second quarter of fiscal 2000. Excluding the effects of in process research and development charges and amortization of intangible assets and stock - based compensation charges in both periods, CMGI's net income was $36.6 million or $0.13 basic income per share for the quarter, compared to net income of $1.3 million or $0.01 basic income per share for the previous quarter ended January 31, 2000. Including the effects of amortization of intangible assets and stock - based compensation charges in both periods, CMGI's net loss was $428 million or ($1.53) basic loss per share for the quarter, compared to a net loss of $186 million or ($0.74) basic loss per share for the previous quarter ended January 31, 2000. Third quarter fiscal 2000 results included the impact of seven acquisitions, pre-tax gains of $209.3 million on the sale of Yahoo! common stock and $4.2 million on the sale of Amazon.com common stock classified as "other gains, net," and a pre-tax gain of $20 million primarily resulting from issuance of stock by Vicinity in its initial public offering. Second quarter fiscal 2000 results included the impact of nine acquisitions, pre-tax gains of $159.7 million on the sale of Yahoo! common stock and $5.8 million on the sale of Open Market common stock classified as "other gains, net," and a pre-tax gain of $5.5 million on issuance of stock by NaviSite, Inc. as a result of the exercise of the underwriters' over-allotment option in its initial public offering. Excluding the effects of in-process research and development and amortization of intangible assets and stock - based compensation charges, CMGI's third quarter operating expenses for continuing operations were $418 million, reflecting a 36% increase from the second quarter of fiscal 2000 and a 513% increase from last year's third quarter. In the third quarter, CMGI announced its newest majority-owned company, CMGion. CMGion's core business is the development and deployment of a new Internet operating network service designed to enhance the performance and functionality of the Internet by internetworking NaviSite's web hosting data centers in conjunction with leveraging Engage profiles. Compaq, Novell, and Sun are co-founding partners in the new company and have each supported CMGion with investments of $20 million, and have agreed to provide CMGion with select technologies. In addition to the launch of CMGion, CMGI completed several acquisitions and intra-network mergers: uBid.com, a leading business-to-consumer e-commerce auction site, was acquired by CMGI; yesmail.com, a leading outsourcer of permission email marketing technologies and services, was acquired by CMGI; Tallan, a leading provider of Internet and e-commerce professional services to Fortune 1000 and dot.com companies, was acquired by CMGI and is now being integrated with CMGI Solutions; AdTech, a leading European provider of third-party, independent ad serving and campaign management solutions, was acquired by CMGI and later contributed to AdForce; Engage completed the acquisitions of Adsmart and Flycast from CMGI; AltaVista completed the acquisitions of both Raging Bull, a leading investor and financial community; and Transium, a leading provider of e-commerce navigational services; and ClickHear, a provider of streaming media professional services was acquired by CMGI and later contributed to NaviSite. Also during the quarter, CMGI announced several strategic relationships intended to expand the Company's reach into new markets and business segments, both domestically and internationally, including: SoftNet Zone, a major initiative with Softnet (Nasdaq: SOFN) and Compaq (NYSE: CPQ), is designed to bring mobile computing and Internet services, both wired and wireless, to business travelers worldwide. Under the agreement, CMGI will provide funding, expertise and technology to SoftNet Zone, which will operate local area networks and computing business service centers throughout public facilities such as major airports, convention centers, and hotels. Primedia (NYSE: PRM) and CMGI formed a strategic alliance that will leverage each company's respective expertise in deep vertical industry content and Internet investment and development to fund and develop a series of new Web ventures. The new online companies, to be jointly created and funded by both CMGI and Primedia, are anticipated to include participation from CMGI's venture capital arm CMGI@Ventures, as well as intellectual property and content investments from several of Primedia's properties. Each venture is also expected to be designed to leverage products and services from CMGI network companies. Netcentives, Inc. (NASDAQ: NCNT), a leading developer of e-marketing infrastructure software and services, and CMGI formed a strategic alliance to create a first-of-its-kind online loyalty program for the CMGI network and its more than 70 member companies. Subsequent to the quarter end, CMGI entered into an agreement with NaviSite, Inc., (Nasdaq: NAVI), a majority-owned operating company of CMGI, to purchase $50 million in NaviSite common stock. The share price will be based on a market average as determined by the two companies. Operating Segments For continuing operations, CMGI reports two operating segments: Internet and Fulfillment Services. The Internet segment reported revenues of $182,819,000 in the quarter ended April 30, 2000, compared with $115,267,000 in the previous quarter ended January 31, 2000, an increase of 59%. These revenue increases primarily reflect increased revenues as result of the third quarter acquisitions of Tallan and yesmail.com, full quarter contributions from AdForce and Flycast Communications which were acquired midway through the month of January 2000 and increased net revenues at AltaVista, Engage, NaviPath, NaviSite, 1stUp.com and iCAST's Signatures Network subsidiary. Excluding the effects of in-process research and development and amortization of intangible assets and stock - based compensation charges, the operating loss for the Internet segment was $195,766,000 in the quarter just ended versus a loss of $156,445,000 for the quarter ended January 31, 2000. Including the effects of in-process research and development and amortization of intangible assets and stock - based compensation charges, the operating loss for the Internet segment was $718,255,000 in the quarter just ended versus a loss of $414,304,000 for the quarter ended January 31, 2000. The Internet segment results reflect the consolidated performance of majority-owned Internet companies, which during the third quarter of fiscal year 2000 included ExchangePath , 1stUp.com, Activate, Activerse, AdForce, Adsmart, AltaVista, Blaxxun, Clara Vista, CMGion, CMGI Solutions, Engage, Equilibrium, Flycast Communications, GreenWitch, iCAST, Magnitude Network, MyWay.com, NaviPath (formerly NaviNet), NaviSite, Signatures Network, Tallan, Tribal Voice and yesmail.com. CMGI's portion of the net operating performances of investments in which its ownership is between 20% and 50% is reflected in equity in losses of affiliates. Equity in losses of affiliates was $10,290,000 for the quarter ended April 30, 2000, compared with $3,633,000 for the quarter ended January 31, 2000. During the third quarter of fiscal 2000, equity in losses of affiliates included CMGI's portion of the net operating performances of Answerlogic, Engage Technologies Japan, Inc., FoodBuy.com, GXMedia, Half.com, IronMax, ThingWorld.com, Vicinity and WebCT. CMGI's investments in Alibris, CMG@Ventures III, LLC, CMG@Ventures III Expansion, LLC, Dialpad, Diamondback Vision, Dejima, The EC Company, GoFish.com, Gratis 1, Idapta, Industria Solutions, KOZ.com, MobileLogic, OneMediaPlace, Pacific Century CyberWorks, TVisions and Visto are carried at cost at April 30, 2000. As of April 30, 2000, CMG@Ventures III, LLC and CMG@Ventures Expansion III, LLC held investments in 31 companies, including AltaVista, Asimba.com, AuctionWatch.com, BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, Craftshop, eCircles.com, eGroups Inc., EXP.com, Findlaw, Furniture.com, HotLinks, Idapta, KnowledgeFirst, Mondera.com, MyFamily.com, NextMonet.com, NextOffice.com, NextPlanetOver.com, Oncology.com, OneCore.com, PlanetOutdoors.com,
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