SportsLine.com, Inc. Updates Second Quarter 2001 Financial Forecast
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FORT LAUDERDALE, FL (July 6, 2001) -- SportsLine.com, Inc. (NASDAQ: SPLN), the leading global Internet sports media company and publisher of CBS SportsLine.com (cbs.sportsline.com), today revised its forecast for the quarter ended June 30, 2001. The Company now estimates consolidated revenue for the second quarter of 2001 of approximately $14 million, compared to the Company's previously issued estimate of between $18 and $20 million. Based on the revised revenue estimate, the Company expects to report a net loss per share of $1.00 to $1.10 before non-recurring charges for the quarter, compared to its previously estimated net loss per share of $0.90 to $0.95.
"Our revised expectations are a result of a challenging business environment, in particular the domestic advertising market, coupled with the normal seasonality in our business," said Michael Levy, founder and CEO of SportsLine.com, Inc. "As we announced in our first quarter earnings report, we've implemented cost-reduction initiatives designed to enable us to weather the economic slowdown, and we feel very comfortable with our current cash reserves. We are extremely encouraged as we move forward into the second half of the year, which is traditionally strong for us, and we expect to launch exciting new revenue initiatives over the next several weeks. With our unparalleled sports content, the prime sports season still ahead, and our new revenue initiatives, we remain confident that we'll continue building our business through strong traffic and revenue growth over the remainder of the year, subject to the overall health of the advertising market."
Traffic to the company's Web sites has continued to trend upward, averaging more than 28 million daily page views for the quarter, an increase of approximately 65% over the first quarter of 2001 and approximately 90% over the same period in 2000. During the first two days of the U.S. Open Golf Championship, June 14 and 15, traffic to the Company's Web sites totaled nearly 100 million page views, the third highest two-day consecutive total in SportsLine.com's history.
SportsLine.com is currently reviewing its outlook for the second half of 2001 to reflect the overall uncertainty in the advertising market as well as several pending revenue initiatives. The Company plans to provide an updated financial forecast for the remainder of 2001 in its second quarter earnings report scheduled for July 24, 2001.
About SportsLine.com, Inc.
SportsLine.com, Inc. (NASDAQ:SPLN) is at the leading edge of media companies providing Internet sports content, community and e-commerce on a global basis. SportsLine.com, Inc.'s content includes more than one million pages of multimedia sports information, entertainment and merchandise. The Company's flagship Internet sports service (http://cbs.sportsline.com) was renamed CBS SportsLine.com as part of an exclusive promotional and content agreement with CBS in March 1997. SportsLine.com, Inc. has strategic relationships with the NFL, Major League Baseball, the NBA and the PGA TOUR and serves as the primary sports content provider for America Online and Netscape. In 1999, the Company commenced operations in Europe through its subsidiary, Sports.com Limited.
Note: This press release contains forward-looking statements, which involve risks and uncertainties. SportsLine.com's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, competitive pressures, the growth rate of the Internet, constantly changing technology and market acceptance of the company's products and services. Investors are also directed to consider the other risks and uncertainties discussed in SportsLine.com's Securities and Exchange Commission filings, including those discussed under the caption "Risk Factors That May Affect Future Results" in SportsLine.com's latest Annual Report on Form 10-K. SportsLine.com undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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