06 November 2003
Mamma.com Inc. reported a continuing improvement in Q3 2003 with earnings before taxes of $276,336 on revenue of $1,983,262 compared to earnings before taxes of $73,774 on revenue of $886,642 for the same period in 2002. Revenue increased 124% compared to Q3 of 2002 and earnings before taxes increased 275%. Year to date, Mamma.com revenue grew 105% to $5,882,504 with earnings before taxes increasing 296% to $655,991 compared to $2,875,815 and $165,494 respectively in the first nine months of 2002. Mamma.com has now been profitable for six consecutive quarters.
As reported on September 9, 2003, the Company is in the process of selling its telecom billing subsidiaries, Intasys Billing Technologies ("IBT"), in order to concentrate the Company's efforts exclusively on its profitable and growing meta-search engine and on-line marketing business, Mamma.com. IBT is being reported as "discontinued operations" as the Company anticipates closing the divestiture before the end of 2003. Closing is conditional on completion of due diligence and execution of a definitive agreement of purchase and sale. The discontinued operations generated net earnings in Q3 2003 of $332,433 compared to $235,250 for the same period in 2002.
On a consolidated basis, the Company's net earnings were $213,762, ($0.03 per share) in Q3 2003 compared with a net loss of $75,462 ($0.02 per share) for the same period in 2002. The net loss for the nine months ended September 30, 2003 was $296,428 ($0.05 per share) compared with $241,442 ($0.06 per share) for the same period in 2002.
As at September 30, 2003, cash and cash equivalents were at $3,589,654, an increase of $813,688 in the quarter, of which $601,462 was contributed from continuing operations. The Company had no debt other than current trade payables.
The board of directors has approved a Management Information Circular and Proxy for a Special Shareholders Meeting being called for the purpose of changing the Company's name to Mamma.com Inc. This will be mailed to all shareholders of record as of December 1, 2003 and the meeting will be held on January 6, 2004.
David Goldman, Intasys' Chairman and CEO stated: "We are extremely pleased with our third quarter results. The continuing growth in Mamma.com's revenue and earnings validate our strategic direction to focus exclusively on the meta-search engine and on line e-marketing sector. We expect that the Company's profile will become further enhanced with anticipated shareholder approval of our name change to more accurately reflect this focus early in the new year."
Guy Faure, Mamma.com's President and CEO stated: "Our third quarter results were more than double the third quarter of 2002. We are looking forward to the fourth quarter, which is usually the most active quarter in the industry. Our search network has continued to perform well and, in the third quarter we delivered a record number of 2.52 billion paid impressions on the Ad network up from 2.38 billion paid impressions in the previous quarter. Our focus on improving our meta-search engine is starting to pay off as there has been an increase in traffic and revenue on the Mamma.com site. We are also focused on pursuing our incursion into the email marketing arena in order to complete our full service offer to our advertisers. This new service will be added through acquisition opportunities of which several have been identified and are currently being evaluated."
Unaudited financial statements ended September 30, 2003 will be shortly available on Regulatory Filing (SEDAR), (EDGAR) and on our Web site www.intasys.com
About Intasys Corporation
Intasys Corporation is focused primarily on providing innovative on-line direct marketing services within the Internet search industry. Through its wholly owned subsidiary, Mamma.com Inc., Intasys is a leading provider of meta-search and on-line direct marketing services and technologies. The Company is currently in the process of negotiating the sale of its wholly owned subsidiaries comprising Intasys Billing Technologies, which provide global wireless Internet-compatible billing and customer care information systems. The Company also holds minority interests in analog integrated circuit products, new media and telecommunications sectors.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
Mamma.com Increases Sales by 124%
MONTREAL Nov. 6, 2003--Intasys Corporation, (the "Company"), (NASDAQ: INTA), reported its financial results for the third quarter ended September 30, 2003. These results demonstrate the continuing growth in all services provided by our Internet media and search engine subsidiary, Mamma.com Inc. Unless otherwise stated, all figures in this release are in US dollars.Mamma.com Inc. reported a continuing improvement in Q3 2003 with earnings before taxes of $276,336 on revenue of $1,983,262 compared to earnings before taxes of $73,774 on revenue of $886,642 for the same period in 2002. Revenue increased 124% compared to Q3 of 2002 and earnings before taxes increased 275%. Year to date, Mamma.com revenue grew 105% to $5,882,504 with earnings before taxes increasing 296% to $655,991 compared to $2,875,815 and $165,494 respectively in the first nine months of 2002. Mamma.com has now been profitable for six consecutive quarters.
As reported on September 9, 2003, the Company is in the process of selling its telecom billing subsidiaries, Intasys Billing Technologies ("IBT"), in order to concentrate the Company's efforts exclusively on its profitable and growing meta-search engine and on-line marketing business, Mamma.com. IBT is being reported as "discontinued operations" as the Company anticipates closing the divestiture before the end of 2003. Closing is conditional on completion of due diligence and execution of a definitive agreement of purchase and sale. The discontinued operations generated net earnings in Q3 2003 of $332,433 compared to $235,250 for the same period in 2002.
On a consolidated basis, the Company's net earnings were $213,762, ($0.03 per share) in Q3 2003 compared with a net loss of $75,462 ($0.02 per share) for the same period in 2002. The net loss for the nine months ended September 30, 2003 was $296,428 ($0.05 per share) compared with $241,442 ($0.06 per share) for the same period in 2002.
As at September 30, 2003, cash and cash equivalents were at $3,589,654, an increase of $813,688 in the quarter, of which $601,462 was contributed from continuing operations. The Company had no debt other than current trade payables.
The board of directors has approved a Management Information Circular and Proxy for a Special Shareholders Meeting being called for the purpose of changing the Company's name to Mamma.com Inc. This will be mailed to all shareholders of record as of December 1, 2003 and the meeting will be held on January 6, 2004.
David Goldman, Intasys' Chairman and CEO stated: "We are extremely pleased with our third quarter results. The continuing growth in Mamma.com's revenue and earnings validate our strategic direction to focus exclusively on the meta-search engine and on line e-marketing sector. We expect that the Company's profile will become further enhanced with anticipated shareholder approval of our name change to more accurately reflect this focus early in the new year."
Guy Faure, Mamma.com's President and CEO stated: "Our third quarter results were more than double the third quarter of 2002. We are looking forward to the fourth quarter, which is usually the most active quarter in the industry. Our search network has continued to perform well and, in the third quarter we delivered a record number of 2.52 billion paid impressions on the Ad network up from 2.38 billion paid impressions in the previous quarter. Our focus on improving our meta-search engine is starting to pay off as there has been an increase in traffic and revenue on the Mamma.com site. We are also focused on pursuing our incursion into the email marketing arena in order to complete our full service offer to our advertisers. This new service will be added through acquisition opportunities of which several have been identified and are currently being evaluated."
Unaudited financial statements ended September 30, 2003 will be shortly available on Regulatory Filing (SEDAR), (EDGAR) and on our Web site www.intasys.com
About Intasys Corporation
Intasys Corporation is focused primarily on providing innovative on-line direct marketing services within the Internet search industry. Through its wholly owned subsidiary, Mamma.com Inc., Intasys is a leading provider of meta-search and on-line direct marketing services and technologies. The Company is currently in the process of negotiating the sale of its wholly owned subsidiaries comprising Intasys Billing Technologies, which provide global wireless Internet-compatible billing and customer care information systems. The Company also holds minority interests in analog integrated circuit products, new media and telecommunications sectors.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
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