INTERVU Reports Fourth Quarter & Year End Financial Results

INTERVU (http://www.intervu.net), who this week announced it was being acquired by content delivery Akamai, reported fourth quarter & year end financial results for the quarter ended December 31, 1999.

INTERVU's fourth quarter revenues increased nearly 500% to $5.3 million, from $891,000 in the corresponding period last year, and over 65% when compared to the third quarter of 1999. The net loss, before one-time, non-recurring charges for the quarter totaled $9.1 million or ($0.61) per share, compared to the corresponding period last year of $3.9 million, or ($0.37) per share.

For the year ended December 31, 1999, net revenues were $11.8 million, a more than six-fold increase of $1.8 million from 1998. Excluding non-recurring charges, the net loss for the year ended December 31, 1999 was $24.8 million, or ($1.85) per share, compared with a net loss in 1998 totaling $13.0 million, or ($1.35) per share. INTERVU booked a $17.2 million non-cash charge associated with the NBC alliance established in October 1997, which was triggered on the second anniversary of the strategic alliance agreement.

"1999 was a banner year for INTERVU, as we strengthened our position as the leader in the widespread adoption and recognition of streaming media," said Harry Gruber, chairman & chief executive officer of INTERVU. "INTERVU's success is a direct result of our high-quality streaming media solutions, attentive customer service and experienced team that continues to carry us to the next level."

During the quarter, INTERVU closed two significant corporate investment agreements with CNN and Microsoft. In November, CNN took a $20 million equity stake in INTERVU. In December, Microsoft invested $30 million in INTERVU.