DAG MEDIA FIRST QUARTER SALES, EARNINGS UP SIGNIFICANTLY COMPARED WITH PRIOR YEAR
KEW GARDENS, N.Y.--(BUSINESS WIRE)--June 2, 1999--DAG Media Inc. (Nasdaq:DAGM), a leading independent publisher of discount yellow pages advertising, Wednesday announced that sales and earnings for its 1999 first quarter were up significantly over the same period last year.
Net advertising revenues for the three months ended March 31, 1999, were $1,985,872, up $999,260, or 101.3 percent, compared with $986,612 for the same period last year. Net income for the quarter totaled $404,650, or $0.32 per share, compared with $146,471, or $0.12 per share, in the prior year.
Income per share data is based on 1,250,000 shares outstanding, both basic and diluted, in both periods. Outstanding shares do not give effect to the issuance of 476,190 shares in the acquisition of a minority interest in the company's subsidiary, Dapey Assaf-Hamadrikh, or the issuance of 1,250,000 shares in the company's initial public offering, both occurring in May, 1999. "Our continued growth in revenue and income reflects recognition of revenue related to the publication and distribution in February of The Jewish Israeli Yellow Pages," said DAG Media's president and chief executive officer, Assaf Ran. "This new edition is presently our largest yellow page directory, and reflects a 21 percent increase in advertisements, from 2,675 last year to 3,244 in the 1999 edition. There are also increases in both advertising rates to new advertisers, as well as the size of ad space taken by our customers."
The CEO also said that, following last month's public offering, DAG Media had begun accepting advertising for NewYellow, the company's proposed general interest yellow page directory.
DAG Media publishes and distributes yellow page directories in print and on the World Wide Web. Its largest directory, The Jewish Israeli Yellow Pages, has been published bilingually in English and Hebrew since February, 1990, and covers the New York metropolitan area. DAG Media also operates a portal Web site on the Internet at www.porty.com. -0- *T