Year-over-Year Fourth Quarter Revenue Increases 65%, With Full-Year
2005 Revenue Increasing 36% Compared to 2004 NEW YORK, Feb. 13
/PRNewswire-FirstCall/ -- iVillage Inc. (NASDAQ:IVIL), The Internet
For Women(TM), a leading women's media company and the number one
source for women's content and community online, today announced
financial results for the fourth quarter and full-year ended
December 31, 2005. Fourth quarter 2005 revenue totaled $30.1
million, a 65% increase when compared to revenues of $18.2 million
for the same period one year ago. Net income for the fourth quarter
of 2005 was $8.8 million, or $0.12 per share, compared to net
income of $2.4 million, or $0.03 per share, for the fourth quarter
of 2004. iVillage reported Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA)(1) of $11.1 million for the
fourth quarter of 2005 compared to $3.2 million for the fourth
quarter of 2004. Douglas W. McCormick, Chairman & Chief
Executive Officer, iVillage Inc., said, "Our record results
continue to demonstrate the sustainable operating leverage we've
established in our strong online platform. The online advertising
marketplace remains robust and we believe we are well-positioned to
accelerate growth through our leading women and health offerings.
We continue to focus on initiatives that will set iVillage apart,
including augmenting our video and multimedia content, implementing
our aggressive search optimization strategy and growing our unique
visitors and page views. With our resources and the profitable
growth opportunities we are pursuing, we believe iVillage is on
track to achieve another record performance in 2006." Full-year
2005 revenue totaled $91.1 million, a 36% increase when compared to
revenues of $66.9 million for the full-year 2004. Net income for
the full-year 2005 was $9.5 million, or $0.12 per share, compared
to net income of $2.7 million, or $0.04 per share, for the
full-year 2004. iVillage reported full-year 2005 EBITDA of $17.0
million, which includes approximately $0.5 million primarily in
one-time legal expenses. This compares to $7.8 million in EBITDA
for the full-year 2004. As of December 31, 2005, iVillage had $55.9
million in cash and cash equivalents on its balance sheet. The
Company continues to carry no debt. First Quarter and Full-Year
2006 Business Outlook For the first quarter of 2006, iVillage
expects to generate revenues between $21.5 million and $23.5
million, which compares to $17.3 million in revenue for the first
quarter of 2005. The Company currently anticipates reporting EBITDA
between $1.5 million and $2.5 million for the first quarter of
2006, which compares to EBITDA of $0.1 million for the first
quarter of 2005. Additionally, in the first quarter of 2006,
iVillage expects to report a net loss of between $1.3 million and
$0.3 million, which includes an estimated $0.8 million in non-cash,
stock-based compensation expenses. This compares to a $1.3 million
net loss for the first quarter of 2005. For the full-year 2006,
iVillage expects to generate revenue between $105.0 million and
$113.0 million and EBITDA of between $24.0 million and $29.0
million. The Company also expects to report net income between
$13.8 million and $18.8 million for the full-year 2006, which
includes an estimated $3.2 million in non-cash, stock-based
compensation expenses. iVillage does not undertake any obligation
to update its financial outlook, but reserves the right to do so at
any time for any reason. Metrics * According to comScore Media
Metrix, iVillage delivered approximately 14.5 million unique
monthly visitors and the iVillage Network was the 41st most visited
Web site in the U.S. in January 2006. According to the same report,
iVillage reaches approximately 8.5% of the total U.S. online
population and nearly 11% of U.S. women 18+ online monthly.
Visitors return more than 2 times per month on average. * Also
according to the comScore Media Metrix January 2006 report,
iVillage is the #1 women's community site, the #4 community site
overall and, when combined, the iVillage health properties rank 5th
among the most visited commercial, full-service health web
properties and 8th among the overall most visited health web
properties. * iVillage delivered approximately 362 million average
monthly page views for the fourth quarter of 2005. 2005 Highlights
* iVillage announced the renewal of a content publication agreement
with the MSN(R) network during the fourth quarter of 2005. Under
the agreement, MSN will continue to present select iVillage content
on its lifestyle channel, MSN Lifestyle, located at
http://lifestyle.msn.com/. * During the third quarter of 2005,
iVillage entered into a distribution agreement with Yahoo! Search
Marketing. The agreement, which went into effect on September 1,
2005, brings Yahoo!'s comprehensive suite of sponsored search,
Content Match(TM) and Yahoo! Search products to iVillage visitors.
* During the second quarter of 2005, iVillage acquired all of the
outstanding equity of HealthCentersOnline, Inc., a privately-held,
leading online destination for physician-edited information on
health conditions, treatments and preventative care for patients. *
Also during the second quarter of 2005, iVillage completed its
acquisition of the iVillage.co.uk website and certain related
assets. iVillage UK is one of the top destinations in the region
for women. * iVillage announced during the first quarter of 2005
that it had acquired Healthology, Inc., a leading producer and
distributor of streaming video health programs and
physician-authored articles on the Internet. * Kicking off its
10-year anniversary, the Company relaunched iVillage.com at the
beginning of 2005. The redesigned site offers the latest trends and
news for women, enhanced navigation and new, customizable features.
Advertising & Sponsorship Highlights * iVillage.com revenue
increased approximately 68% for the full-year 2005 when compared to
the full-year 2004(2). * iVillage continued to receive substantial
advertising commitments from blue-chip advertisers, with Consumer
Package Goods (CPG) and Pharmaceutical/Healthcare categories
showing the highest growth. Fourth quarter advertisers included:
American Express, AstraZeneca, Citibank, Colgate-Palmolive,
DreamWorks, General Mills, Kraft, Norelco, Pfizer, Procter &
Gamble, and Sony Pictures, among others. * The Company continued to
make strides and execute on its strategy to develop and distribute
compelling original multimedia and video features that also are
attractive advertising vehicles. iVillage recently launched its
first original Web TV show, "What Men Won't Tell You, but Women
Need to Know," hosted by Dr. Bob Berkowitz. Additionally, the
Company launched audio/slide shows based on two best-selling books,
"Teenage Waistland" and "A Day in the Life of the American Woman."
Conference Call iVillage will hold a conference call to discuss its
fourth quarter and full-year 2005 financial results today at 4:30
PM (EST). The conference call will be broadcast live on the
Internet and will be available on iVillage's Investor Relations Web
site, located at http://www.ivillage.com/investor, and on Street
Events, located at http://www.streetevents.com/. A replay of the
conference call will be available on the iVillage Investor
Relations Web site approximately one hour after the call ends on
Monday, February 13, 2006 until 5:30 PM (EST) on Monday, February
20, 2006. A transcript of the conference call will be available on
the iVillage Investor Relations Web site thereafter. About iVillage
Inc. iVillage is "the Internet for women" and consists of several
online and offline media-based properties that seek to enrich the
lives of women, teenage girls and parents through the offering of
unique content, community applications, tools and interactive
features. iVillage Inc. (NASDAQ:IVIL) was established in 1995 and
is headquartered in New York City. Average monthly page views for
iVillage.com and its affiliate Web sites ("The iVillage Network")
totaled 362 million for the quarter ended December 31, 2005. In
January 2006, according to comScore Media Metrix, The iVillage
Network ranked 41st among the top 100 Web and Digital Media
properties with approximately 14.5 million unique visitors in the
United States and had an average reach of approximately 8.5% of the
total online population and nearly 11% of women 18+ online. Also,
according to the same report, The iVillage Network was the number
one "women's community site" and the number four "community site"
overall on the Web. For more information about iVillage, visit
http://www.ivillage.com/. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: iVillage Inc. has
included in this press release certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 concerning iVillage's business, operations and financial
condition. The words or phrases "can be," "expects," "may affect,"
"anticipates," "may depend," "believes," "estimates," "plans,"
"projects" and similar words and phrases are intended to identify
such forward-looking statements. These forward-looking statements
are subject to various known and unknown risks and uncertainties
and iVillage cautions you that any forward-looking information
provided by or on behalf of iVillage is not a guarantee of future
results, performance or achievements. Actual results could differ
materially from those anticipated in these forward-looking
statements due to a number of factors, some of which are beyond
iVillage's control. In addition to those risks discussed in
iVillage's other press releases, public filings and statements by
iVillage's management, factors that may cause iVillage's actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied in
such forward looking statements include: (i) the volatile and
competitive nature of the Internet industry and the media industry,
(ii) changes in domestic and foreign economic, political and market
conditions, (iii) the effect of federal, state and foreign
regulation on iVillage's business, (iv) the impact of recent and
future acquisitions and joint ventures on iVillage's business and
financial condition, (v) iVillage's ability to establish and
maintain relationships with advertisers, sponsors, and other
third-party providers and partners, (vi) iVillage's ability to
maintain or increase user traffic levels, (vii) the loss of one or
more of iVillage's major customers, (viii) the effect of seasonal
fluctuations in traditional online advertising purchasing patterns
on iVillage's results of operations and (ix) the impact of pending
litigation on iVillage's business, results of operations and
financial condition. All such forward-looking statements are
current only as of the date on which such statements were made.
iVillage does not undertake any obligation to publicly update any
forward-looking statement to reflect events or circumstances after
the date on which any such statement is made or to reflect the
occurrence of unanticipated events. (1) To supplement its
consolidated financial statements presented in accordance with
generally accepted accounting principles ("GAAP") in the United
States, iVillage uses non-GAAP measures of operating results and
net income, such as EBITDA (defined by iVillage as Earnings (Loss)
Before Interest, Taxes, Depreciation and Amortization), which are
adjusted from results based on GAAP to exclude certain expenses.
These non-GAAP adjustments are provided to enhance individuals'
overall understanding of the Company's current financial
performance and its prospects for the future. Specifically,
iVillage believes the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses that are not indicative of the Company's core operating
results. In addition, since iVillage has historically reported
non-GAAP results to the investment community, the Company believes
the inclusion of non-GAAP financial measures provides consistency
in its financial reporting. Further, these non-GAAP results are one
of the primary indicators management uses for planning and
forecasting in future periods, as well as for executive
compensation. The presentation of this additional information is
not meant to be considered in isolation or as a substitute for
results prepared in accordance with GAAP. Please refer to
iVillage's unaudited consolidated financial statements accompanying
this press release for a reconciliation of any non-GAAP financial
measures included in this press release to the corresponding GAAP
financial measures. Although EBITDA is frequently used as a measure
of operating performance, it is not necessarily comparable to other
similarly titled captions of other companies due to differences in
methods of calculation. (2) Please see the attached financial
tables for a reconciliation of iVillage.com revenue. iVillage Inc.
and Subsidiaries Condensed Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited) Three months
ended Year ended December 31, December 31, 2005 2004 2005 2004
Revenues $30,111 $18,200 $91,061 $66,903 Operating expenses:
Editorial, product development and technology 8,257 6,639 33,702
28,903 Sales and marketing 7,324 5,352 26,865 19,022 General and
administrative 3,439 2,994 13,535 11,227 Depreciation and
amortization 2,393 1,114 8,906 6,011 Total operating expenses
21,413 16,099 83,008 65,163 Income from operations 8,698 2,101
8,053 1,740 Interest income, net 452 338 1,561 642 Other income,
net 28 110 96 207 Gain on sale of joint venture interest -- 76 101
395 Income from continuing operations before income taxes 9,178
2,625 9,811 2,984 Provision for income taxes (355) (307) (355)
(307) Income from continuing operations $8,823 2,318 9,456 2,677
Discontinued operations 25 69 25 69 Net income $8,848 $2,387 $9,481
$2,746 Basic (per share data): Income from continuing operations
$0.12 $0.03 $0.13 $0.04 Income from discontinued operations $0.00
$0.00 $0.00 $0.00 Net income $0.12 $0.03 $0.13 $0.04 Diluted (per
share data): Income from continuing operations $0.11 $0.03 $0.12
$0.04 Income from discontinued operations $0.00 $0.00 $0.00 $0.00
Net income $0.11 $0.03 $0.12 $0.04 Weighted-average shares of
common stock outstanding used in computing basic net income per
share 72,634 71,668 72,307 65,054 Weighted-average shares of common
stock outstanding used in computing diluted net income per share
77,363 75,829 76,587 69,853 iVillage Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (in thousands) (unaudited)
December 31, December 31, 2005 2004 ASSETS: Current assets: Cash
and cash equivalents $55,881 $83,046 Accounts receivable, net
20,820 9,708 Prepaid rent 318 318 Other current assets 5,374 3,740
Total current assets 82,393 96,812 Fixed assets, net 12,272 8,381
Goodwill and intangible assets, net 59,495 32,073 Prepaid rent, net
of current portion 3,051 3,203 Other assets 104 79 Total assets
$157,315 $140,548 LIABILITIES and STOCKHOLDERS' EQUITY: Current
liabilities: Accounts payable and accrued expenses $11,735 $10,142
Deferred revenue 4,157 2,080 Other liabilities 144 168 Total
current liabilities 16,036 12,390 Deferred rent, net of current
portion 1,196 1,339 Total liabilities 17,232 13,729 Commitments and
contingencies Stockholders' equity 140,083 126,819 Total
liabilities and stockholders' equity $157,315 $140,548 iVillage
Inc. and Subsidiaries Quarterly Income Statement ($ in million
except for per share amounts) (unaudited) Mar-04 Jun-04 Sep-04
Dec-04 FY 04 Revenue $15.507 $16.498 $16.698 $18.200 $66.903 Growth
q-q -2% 6% 1% 9% Growth Y/y 23% 25% 23% 15% 21% Editorial, product
development & technology 7.511 7.013 7.740 6.639 28.903 % of
Revenues 48% 43% 46% 36% 43% Sales and marketing 4.385 4.723 4.562
5.352 19.022 % of Revenues 28% 29% 27% 29% 28% General and
administrative 2.908 2.885 2.440 2.994 11.227 % of Revenues 19% 17%
15% 16% 17% Depreciation and amortization 1.804 1.953 1.140 1.114
6.011 % of Revenues 12% 12% 7% 6% 9% Total operating expenses
16.608 16.574 15.882 16.099 65.163 % of Revenues 107% 100% 95% 88%
97% (Loss) income from operations (1.101) (0.076) 0.816 2.101 1.740
Interest income, net 0.018 0.050 0.236 0.338 0.642 Other income,
net 0.052 0.034 0.011 0.110 0.207 Gain on sale of joint venture
interest 0.167 0.076 0.076 0.076 0.395 Provision for income taxes
-- -- -- (0.307) (0.307) (Loss) income from continuing operations
(0.864) 0.084 1.139 2.318 2.677 Discontinued operations -- -- --
0.069 0.069 Net (loss) income $(0.864) $0.084 $1.139 $2.387 $2.746
Basic (per share data): (Loss) income from continuing operations
$(0.01) $0.00 $0.02 $0.03 $0.04 Income from discontinued operations
-- -- -- 0.00 0.00 Net (loss) income $(0.01) $0.00 $0.02 $0.03
$0.04 Diluted (per share data): (Loss) income from continuing
operations $(0.01) $0.00 $0.02 $0.03 $0.04 Income from discontinued
operations -- -- -- 0.00 0.00 Net (loss) income $(0.01) $0.00 $0.02
$0.03 $0.04 Weighted average shares of common stock outstanding -
basic 58.4 59.1 70.9 71.7 65.1 Weighted average shares of common
stock outstanding - diluted 58.4 64.4 75.2 75.8 69.9 Additional
Financial Information Revenue from barter 0.844 1.119 1.204 1.363
4.530 % of Revenues 5% 7% 7% 7% 7% Mar-05 Jun-05 Sep-05 Dec-05 FY
05 Revenue $17.274 $21.080 $22.596 $30.111 $91.061 Growth q-q -5%
22% 7% 33% Growth Y/y 11% 28% 35% 65% 36% Editorial, product
development & technology 8.239 8.921 8.285 8.257 33.702 % of
Revenues 48% 42% 37% 27% 37% Sales and marketing 5.936 7.001 6.604
7.324 26.865 % of Revenues 34% 33% 29% 24% 30% General and
administrative 2.989 3.572 3.535 3.439 13.535 % of Revenues 17% 17%
16% 11% 15% Depreciation and amortization 1.804 2.311 2.398 2.393
8.906 % of Revenues 10% 11% 11% 8% 10% Total operating expenses
18.968 21.805 20.822 21.413 83.008 % of Revenues 110% 103% 92% 71%
91% (Loss) income from operations (1.694) (0.725) 1.774 8.698 8.053
Interest income, net 0.352 0.358 0.399 0.452 1.561 Other income,
net -- 0.016 0.052 0.028 0.096 Gain on sale of joint venture
interest 0.076 0.025 -- -- 0.101 Provision for income taxes -- --
-- (0.355) (0.355) (Loss) income from continuing operations (1.266)
(0.326) 2.225 8.823 9.456 Discontinued operations -- -- -- 0.025
0.025 Net (loss) income $(1.266) $(0.326) $2.225 $8.848 $9.481
Basic (per share data): (Loss) income from continuing operations
$(0.02) $(0.00) $0.03 $0.12 $0.13 Income from discontinued
operations -- -- -- 0.00 0.00 Net (loss) income $(0.02) $(0.00)
$0.03 $0.12 $0.13 Diluted (per share data): (Loss) income from
continuing operations $(0.02) $(0.00) $0.03 $0.11 $0.12 Income from
discontinued operations -- -- -- 0.00 0.00 Net (loss) income
$(0.02) $(0.00) $0.03 $0.11 $0.12 Weighted average shares of common
stock outstanding - basic 71.9 72.2 72.4 72.6 72.3 Weighted average
shares of common stock outstanding - diluted 71.9 72.2 76.6 77.4
76.6 Additional Financial Information Revenue from barter 1.680
1.606 1.232 1.062 5.580 % of Revenues 10% 8% 5% 4% 6% iVillage Inc.
and Subsidiaries Supplemental Financial Data (in thousands)
(unaudited) Three months ended Year ended December 31, December 31,
2005 2004 2005 2004 EBITDA reconciliation: Net income $8,848 $2,387
$9,481 $2,746 Addback: Depreciation and amortization 2,393 1,114
8,906 6,011 Interest income, net (452) (338) (1,561) (642) Other
income, net (28) (110) (96) (207) Gain on sale of joint venture
interest -- (76) (101) (395) Provision for income taxes 355 307 355
307 Discontinued operations (25) (69) (25) (69) EBITDA $11,091
$3,215 $16,959 $7,751 Revenues by property: iVillage.com (1)
$22,709 $12,520 $67,882 $40,377 Astrology.com 1,494 925 5,109 3,461
IVPN 3,920 2,921 13,779 18,662 PAG 1,988 1,834 4,291 4,403 Total
revenues $30,111 $18,200 $91,061 $66,903 iVillage.com organic
revenue growth excluding recent acquisitions and Hearst advertising
legacy deal: iVillage.com (1) $22,709 $12,520 $67,882 $40,377 Less:
Recent acquisitions (6,441) -- (16,921) -- Hearst advertising
legacy deal -- -- -- (1,443) iVillage.com (1) organic revenue
growth excluding recent acquisitions and Hearst advertising legacy
deal $16,268 $12,520 $50,961 $38,934 iVillage.com (1) organic
revenue growth % excluding recent acquisitions and Hearst
advertising legacy deal 30% 31% (1) Included in iVillage.com
revenues are iVillage.com, Healthology, Inc., HealthCentersOnline,
Inc., iVillage Limited, Promotions.com, Substance.com, Women.com
and GardenWeb properties and gURL.com, iVillage Consulting and
iVillage Solutions divisions. iVillage Inc. and Subsidiaries
Quarterly Supplemental Financial Data ($ in million except for per
share amounts) (unaudited) Mar-04 Jun-04 Sep-04 Dec-04 FY 04 EBITDA
reconciliation: Net (loss) income $(0.864) $0.084 $1.139 $2.387
$2.746 Addback: Depreciation and amortization 1.804 1.953 1.140
1.114 6.011 Interest income, net (0.018) (0.050) (0.236) (0.338)
(0.642) Other income, net (0.052) (0.034) (0.011) (0.110) (0.207)
Gain on sale of joint venture interest (0.167) (0.076) (0.076)
(0.076) (0.395) Provision for income taxes -- -- -- 0.307 0.307
Discontinued operations -- -- -- (0.069) (0.069) EBITDA $0.703
$1.877 $1.956 3.215 $7.751 Mar-05 Jun-05 Sep-05 Dec-05 FY 05 EBITDA
reconciliation: Net (loss) income $(1.266) $(0.326) $2.225 $8.848
$9.481 Addback: Depreciation and amortization 1.804 2.311 2.398
2.393 8.906 Interest income, net (0.352) (0.358) (0.399) (0.452)
(1.561) Other income, net -- (0.016) (0.052) (0.028) (0.096) Gain
on sale of joint venture interest (0.076) (0.025) -- -- (0.101)
Provision for income taxes -- -- -- 0.355 0.355 Discontinued
operations -- -- -- (0.025) (0.025) EBITDA 0.110 1.586 4.172 11.091
16.959 First Call Analyst: FCMN Contact: edj@abmac.com DATASOURCE:
iVillage Inc. CONTACT: Carl R. Fischer IV of iVillage Inc.,
+1-212-600-6502, ; or Carina Davidson, , or Eliza Johnson, , both
of The Abernathy MacGregor Group, +1-212-371-5999, for iVillage
Inc. Web site: http://www.ivillage.com/
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