DAG Media First Quarter Sales Up Significantly Compared With Prior Year


KEW GARDENS, N.Y., May 12 /PRNewswire/ -- DAG Media Inc. (Nasdaq: DAGM - news), a leading independent publisher of discount yellow pages advertising, announced that sales for its 2000 first quarter were up significantly over the same period last year.

Net advertising revenues for the three months ended March 31, 2000 were $3,070,000, up $1,084,000 or 54.6%, compared with $1,986,000 for the same period last year. The current quarters increased revenues resulted from the successful launch of New Yellow, the Company's general interest, English-only directory that has been distributed throughout Manhattan. Net income for the quarter totaled $422,000, or $0.14 per share, compared with $405,000, or $0.32 per share, in the prior year. Our increase in earnings were not as significant as our increase in revenues as a result of costs incurred in the first quarter of 2000 related to our status as a public company as well as start up costs for New Yellow.

``New Yellow's success in the Manhattan market was a big step for DAG Media. New Yellow was the first Year 2000 yellow-page directory to be distributed in the Manhattan market. New Yellow's success has re-positioned DAG Media in the yellow-page directory market. We are no longer a 'niche' market player but an expanding and notable force in the yellow page market,'' commented Assaf Ran, CEO.

DAG Media publishes and distributes three yellow page directories in print and on the World Wide Web. DAG Media also operates a portal Web site on the Internet at http://www.porty.com/.

DAG MEDIA, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended March 31
2000
1999
Revenues
$ 3,070,273
$ 1,985,872
Cost of revenue
$ 795,633
$ 294,799
Gross profit
$ 2,274,640
$ 1,691,073
Selling, general and administrative expenses
$ 1,566,385
$ 892,872
Provision for income taxes
$ 366,600
$ 393,000
Net income
$ 421,654
$ 404,650
Net income per share- Basic
$0.15
$0.32
- Fully diluted
$0.14
$0.32
Weighted average shares - Basic
2,907,460
1,250,000
- Fully diluted
2,912,621
1,250,000

SOURCE: DAG Media Inc.

 

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