NEW YORK, NY - August 1, 2001 - Viewpoint Corporation (Nasdaq:VWPT), a leader in digital marketing technologies and services, today reported net revenues for the second quarter ended June 30, 2001 of $2.8 million, as compared to $2.8 million of net revenues during the first quarter of 2001 and $155,000 for the comparable second quarter of 2000. Revenues for the six months ended June 30, 2001 were $5.5 million versus $317,000 for the same six-month period in 2000.
The Company reported a "cash earnings" loss (loss before depreciation, amortization and non-cash stock-based compensation charges) of $6.0 million or $0.16 per share for the second quarter of 2001, compared to a loss of $5.8 million or $0.15 per share for the first quarter of 2001 and $4.3 million or $0.16 per share for the second quarter of 2000. Cash earnings loss for the six months ended June 30, 2001 was $11.7 million or $0.31 per share versus $6.9 million or $0.25 per share for the same six-month period in 2000.
In addition, the Company reported a net loss of $11.8 million or $0.31 per share for the quarter, as compared to a net loss of $12.0 million or $0.32 per share in the first quarter of 2001 and $10.7 million or $0.39 per share in the second quarter of 2000. Net loss for the six months ended June 30, 2001 was $23.9 million or $0.62 per share versus $15.3 million or $0.56 per share for the same six-month period in 2000.
"Although our GAAP revenues were flat in the first and second quarters of 2001, we believe the company`s growth is on target. During the quarter we signed $900,000 in license agreements not reflected in the GAAP revenues for various reasons. The Company did not record such revenue, but expects to recognize a significant portion of this revenue in the balance of 2001. We have increased confidence in our previously-issued GAAP guidance for the next two quarters and are on-track to achieve cash breakeven by the end of 2001 and cash EPS breakeven by the first quarter of 2002," commented Bob Rice, Viewpoint Corporation`s Chairman, President and CEO. "We continue to believe that developments with AOL and newly deployed products, ZoomView and a Flash™-compatible vector graphics engine, are adding significant momentum to Viewpoint in becoming the standard rich media operating platform for marketing and business solutions."
Cash and marketable securities on June 30, 2001 totaled $22.8 million compared to $28.4 million on March 31, 2001 and $29.0 million on December 31, 2000. The Company continues to carry no long-term debt.
CONFERENCE CALL
The company has scheduled a conference call to discuss the second quarter financial results and guidance with the investment community for 5 p.m. (EDT) today.
Conference call details:
Date/Time: Wednesday, August 1, 2001 5:00 p.m. (EST)
Telephone Number: 800-633-8410
Reservation Number: 19396117
It is recommended that participants call at least 10 minutes before the call is scheduled to begin. The conference call can also be accessed on the Internet through Street Fusion at www.streetfusion.com .
A replay of the conference call in its entirety will be available approximately one hour after its completion on Street Fusion and for 48 hours by calling 800-633-8284 and entering the above reservation number.
About Viewpoint
Viewpoint Corporation is a leading provider of digital marketing technologies and services. The Company is headquartered in New York City with offices in Los Angeles, San Francisco, Salt Lake City, London and Tokyo.
This press release contains forward-looking statements and similar expressions that reflect Viewpoint`s current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Viewpoint`s actual performance to differ materially from those expressed in, or implied by, these forward-looking statements. For information about these and other risks, uncertainties and factors, please review the disclosure contained in the Company`s filings and reports on file with the Securities and Exchange Commission.
Viewpoint and Viewpoint Experience Technology are either registered trademarks or trademarks of Viewpoint Corporation. Other product and company names herein may be trademarks of their respective owners. Copyright 2001 Viewpoint Corporation. All rights reserved. Flash is a trademark of Macromedia, Inc. in the United States and/or other countries.
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