MEDIA FIRST QUARTER SALES, EARNINGS UP SIGNIFICANTLY COMPARED WITH PRIOR
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
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
DAG MEDIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31,
1999 1998 Revenues $1,985,872 $ 986,612 Cost of revenue 294,799 226,557
Gross profit 1,691,073 760,055 Selling, general and administrative expenses
892,872 484,937 Provision for income taxes 393,000 138,000 Net income
$ 404,650 $ 146,471 Net income per share
Basic $ 0.32 $ 0.12
Fully diluted $ 0.32 $ 0.12 Weighted average shares
Basic 1,250,000 1,250,000
Fully diluted 1,250,000 1,250,000 *T