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FindWhat.com News Release
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Investor Relations Contact: Company Contact:
Lisa Lettieri, VP Phillip R. Thune, CFO
Lippert/Heilshorn & Associates FindWhat.com
212-838-3777 212-255-1500
[email protected] www.lhai.com [email protected]
FINDWHAT.COM ANNOUNCES SECOND QUARTER 2000 RESULTS
SEARCH ENGINE REVENUE NEARLY TRIPLES FROM FIRST QUARTER; GROWTH IN KEY METRICS
CONTINUES
NEW YORK - AUGUST 14, 2000 - FINDWHAT.COM (NASDAQ: FWHT) a developer and
marketer of performance-based advertising services for the Internet, featuring
the FindWhat.com pay-for-position search engine, today announced results for the
second quarter ended June 30, 2000. Revenues for the quarter were $373,804
compared to $130,047 for the three months ended June 30, 1999. The net loss for
the quarter ended June 30, 2000 quarter was $5,048,274, or $(0.37) per share on
a fully diluted basis, compared to a net loss of $278,140, or $(0.03) per share,
for the comparable period last year. The net loss for the second quarter ended
June 30, 2000 included $3,366,563, or $(0.25) per share, in non-cash charges
other than depreciation, compared to $211,000, or $(0.02) per share, in similar
non-cash expenses for the three months ended June 30, 1999. Because the Company
commercially launched its FindWhat.com search engine in September 1999,
comparisons between the two periods have limited meaning. However, revenues for
the second quarter increased 72% from the three months ended March 31, 2000,
driven largely by increases in the Company's FindWhat.com search engine revenue,
which nearly tripled from the first quarter of 2000.
Robert Brahms, Chief Executive Officer of FindWhat.com, commented, "This was an
outstanding quarter for FindWhat.com that demonstrated accelerated growth for
our search engine in both revenues and key metrics. In the second quarter of
2000, paid click-throughs tripled to 3.8 million, while revenue per paid
click-through increased from six to seven cents. Daily searches using
FindWhat.com averaged 2.2 million, up from 525,000 in the first quarter of 2000,
and at the end of the quarter, we had more than 3.2 million bids on search
keywords or key phrases, 5,000 advertiser accounts, and 14,000 web sites
participating in our affiliate network."
"These numbers represent substantial increases from the previous quarter, and we
are very pleased to see that our growth is continuing in the third quarter. By
the end of July, our advertiser accounts had grown to 6,000 and our affiliate
network increased to more than 16,000 web sites. Even more gratifying is that
our average revenue per click-through has increased to more than $0.10.
Increasing average revenue per paid click-through, more than any other factor,
drives improvements in our operating margins. Clearly, the third quarter is off
to a great start."
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KEY METRICS
Q2 2000 Q1 2000
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Paid Click-throughs 3,800,000 1,200,000
Average Revenue per Paid Click-through $0.07 $0.06
Advertiser Accounts (at period end) 5,000 2,350
Bids (at period end) 3,200,000 1,400,000
Affiliates (at period end) 14,000 8,000
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ABOUT FINDWHAT.COM
Through its pay-for-position search engine (www.FindWhat.com), FindWhat.com
operates an online marketplace where Web publishers use an automated bidding
process to determine the per-click fee they will pay for premier
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placement on the search results returned by the FindWhat.com search engine. The
Web sites offering the highest bid for particular keywords and key phrases
appear first on the list of search results. This cost-effective,
pay-for-performance model allows Web publishers to pay only for those customers
who click through to their sites. More information on FindWhat.com is available
on the company's web site at http://www.FindWhat.com.
This press release contains certain forward-looking statements that are based
upon current expectations and involve certain risks and uncertainties within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or
expressions such as "plan," "intend," "believe" or "expect'" or variations of
such words and similar expressions are intended to identify such forward-looking
statements. Key risks are described in FindWhat.com's reports filed with the
U.S. Securities and Exchange Commission. Readers should note that these
statements may be impacted by several factors, including economic changes and
changes in the Internet industry generally and, accordingly, FindWhat.com's
actual performance and results may vary from those stated herein, and
FindWhat.com undertakes no obligation to update the information contained
herein.
