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ACTV Year-End Revenue Soars 42%

3/28/2002 09:40:00 AM Eastern

New York - ACTTV, enjoying what it called 'a strong balance sheet and a greatly reduced operating expense burden' in 2001, reported revenue of $13.7 million for the 12 months, ended Dec. 31, or about a 42 percent increase from the $8 million recorded in the prior year.

The digital media company - which provides proprietary technologies, tools and technical and creative services for interactive television advertising, personalized programming applications and enhanced media - said its net loss for the year, excluding certain expenses and unusual items, would have been $35.9 million. This compares with a net loss of $34.6 million in 2000.

'The market for digital media technology applications and services has been a challenging one,' said David Reese, chairman/CEO, 'but we are encouraged by emerging indicators of demand and increasingly positive market responses to our offerings.'

Revenue for the fourth quarter in 2001 was $2.9 million, about a 23 percent increase, compared with $2.2 million in the same period the previous year. Excluding certain expenses and unusual items, net loss for the fourth quarter would have been $9.3 million, compared with $13.1 million year over year.

In the fourth quarter, ACTV recorded a charge of $11.2 million to write down the value of goodwill associated with an acquisition, and a restructuring charge of $1 million.

On a generally accepted accounting principles basis, ACTV reported a net loss of $101.4 million for the 12 months, compared with net income of $152.1 million in 2000. The 2001 results included a $59.8 million non-cash charge, an $11.2 million goodwill impairment charge and restructuring charges totaling $6.6 million.

In addition, restated 2000 and 2001 results include a benefit derived from a reduction in non-cash compensation expense totaling $186.7 million and $12.1 million, respectively.

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