DAG MEDIA ANNOUNCES SECOND QUARTER EARNINGS WERE $.02 PER SHARE
Exceeding Analysts Expectation of Loss of $.03 Per Share
NEW YORK, Aug. 16 /PRNewswire/ -- DAG Media, Inc. (Nasdaq: DAGM) announced today that net advertising revenues, net income and net income per share for the six months and the quarter ended June 30, 1999 have exceeded the expectation of analysts. Net advertising revenues, net income and net earnings per share for the second quarter 1999 were $283,000, $46,000 and $.02 per share, respectively, and for the first six months of the year were $2,269,000, $451,000 and $.15 per share, respectively. Analysts were predicting a slight loss for the relevant periods. These results were a significant improvement over 1998 results. For the second quarter of 1998 the company had no revenues, a net loss of $103,000 and a net loss per share of $.08. For the six months ended June 30, 1998 the company had net advertising revenues of $987,000, net income of $44,000 and net income per share of $.04. The increased earnings resulted from higher than expected advertising revenues, including advertising revenues relating to the online publication of the company's general interest, English only yellow page directory, NewYellow.
Assaf Ran, President and Chief Executive Officer of DAG Media stated: "Needless to say, we are extremely pleased with our performance so far this year. We are also extremely pleased that NewYellow has grown even faster than we anticipated and has made a significant contribution to our financial performance. We believe that NewYellow has already established itself as an acceptable alternative to the Bell Atlantic Yellow Pages and will continue to grow."
DAG Media is a leading independent print and on-line publisher of yellow page directories, including NewYellow, a general interest yellow page directory that is challenging the monopoly of the Bell Atlantic Yellow Pages in the New York market. The company's directories are published on the Internet at http://www.porty.com.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this release which look forward in time involve risks and uncertainties that may cause actual results or achievements to materially differ from those indicated by the forward-looking statements. These forward-looking statements include any statements relating to increased demand for the Company's services, expansion of the Company's business as well as any other statements which are not solely historical. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that the forward-looking statements will prove to be accurate. The Company's documents filed with the SEC identify important factors that may cause the actual results to differ materially from those indicated by the forward-looking statements. SOURCE DAG Media, Inc. -0- 08/16/99 /CONTACT: Assaf Ran, President of DAG Media, Inc., 718-263-8454/ /Web site: http://www.porty.com/ (DAGM) CO: DAG Media, Inc. ST: New York IN: PUB MLM SU: ERN -0- Aug/16/1999 11:23 EOS (PRN) Aug/16/1999 11:23 197 -0- (PRN) Aug/16/1999 11:38 pen. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min.