Getty Images Inc. (Nasdaq: GETY) reported a loss of 46 cents a share Wednesday on booming e-commerce revenue. The company also announced the departure of its CFO.
Shares in the e-commerce provider of imagery and related products and services closed at 32 33/64 Tuesday, well below their 52-week high of 64 3/8.
Basic loss, excluding integration and restructuring costs, debt conversion expense and extraordinary item, was 46 cents a share, narrower than the 50 cents a share predicted by First Call's consensus.
Revenue for the quarter rose to $104.8 million, more than double that of 1999's first quarter. Growth was driven by recent acquisitions and by further growth in e-commerce revenue, which more than tripled from a year ago, reaching $31.5 million. Organic growth, excluding acquisitions, was up more than 30 percent over the first quarter of 1999.
E-commerce revenue now accounts for about 38 percent of total sales in the quarter, excluding the recently acquired Visual Communications Group (VCG) and The Image Bank, which almost entirely analog. E-commerce sales more than tripled over the first quarter of 1999 and grew sequentially by about 29 percent over the fourth quarter.
EBITDA, or earnings before interest, debt conversion expense, taxes, exchange gains/(losses), depreciation, amortization, integration and restructuring costs, was $13.9 million. This represents an increase of 45 percent over the first quarter a year ago, and almost 47 percent sequentially. The company's investment in Art.com resulted in an EBITDA loss of about $3.3 million in the consumer channel.
Getty Images also bought VCG on March 22, its biggest competitor. VCG contributed $3.7 million in revenue since acquisition.
Getty Images ended the quarter with a strong balance sheet and cash, cash equivalents and marketable securities of $105.1 million.
The company also announced Wednesday that Chris Roling, senior vice president, finance and chief financial officer, is leaving. In the interim, Steve Cristallo, vice president of vinance, will act as CFO.
Among other earnings Wednesday:
Shares in the provider of optical Internet infrastructure within key metropolitan areas closed at 27 7/8 Tuesday.
Revenue increased 73 percent to $31.9 million compared with $18.4 million for the quarter ended March 31.
Net loss of $85.2 million, or 16 cents a share, compared with a net loss of $5.8 million, or 2 cents a share, for the quarter ended March 31.
The company attributed widening loss to the amortization of goodwill related to the acquisition of AboveNet, the cost of additional debt acquired related to the issuance and sale of 10 percent senior notes in October 1999, as well as the convertible subordinated notes issued in March 2000, and to a change in accounting treatment for certain contracts.
Metromedia Fibre competes with MCI WOrldcom (Nasdaq: WCOM), SBC Communications (Nasdaq: SBC) and Bell Atlantic (NYSE: BEL), according to Hoover's Online.