Getty Images (GYI) 8-K Getty Images Reports Financial Results for the First Quarter of 2004

Exhibit 99.1

GETTY IMAGES REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2004

Global Leader Reports 20 Percent Revenue Growth and Raises Guidance for 2004

SEATTLE, April 22, 2004 – Getty Images, Inc. (NYSE:GYI), the world’s leading imagery company, today reported results for the first quarter ended March 31, 2004.

Quarterly Highlights

• Revenue grew 20 percent over the first quarter of 2003

• Operating margin improved to more than 27 percent compared to 18 percent in the year-ago period

• Earnings per diluted share increased 87 percent to $0.43 from $0.23 in the first quarter of 2003

“Our strong results in the first quarter underscore the leverage in our business model and reinforce our optimism for 2004. The sales momentum and positive market trends we began to see at the end of 2003 continued throughout the first quarter of this year, with revenue improving consecutively each month, resulting in record revenue of $156.5 million and an operating margin of more than 27 percent,” said Jonathan Klein, Getty Images’ co-founder and CEO.

For the first quarter, revenue grew 20.1 percent to $156.5 million, compared to $130.3 million in the first quarter of 2003. Excluding the effects of changes in currency exchange rates, revenue grew 11 percent. Operating income for the first quarter of 2004 grew 79.5 percent to $42.9 million, or 27.4 percent of revenue, compared to $23.9 million, or 18.4 percent of revenue, in the same quarter last year, as the company held operating expenses near year earlier levels.

Net income almost doubled to $26.1 million, or $0.43 per diluted share, from $13.2 million, or $0.23 per diluted share.

Gross margin for the quarter was 72.0 percent, up from 71.4 percent in the first quarter of 2003. Selling, general and administrative expenses (SG&A) totaled $54.7 million, up $1.4 million from the first quarter of 2003. As a percentage of revenue, SG&A declined substantially to 35.0 percent in the first quarter of 2004 compared to 41.0 percent in the same quarter last year. Excluding the effects of changes in currency exchange rates, SG&A declined $2.1 million from the first quarter of 2003.

Cash and short-term investment balances were $356.6 million at March 31, 2004, up from $307.6 million at December 31, 2003.

For the first quarter of 2004, net cash provided by operating activities nearly doubled to $43.7 million from $22.0 million for the same period of 2003. The acquisition of property and equipment amounted to $9.1 million, compared to $8.2 million for the first quarter of 2003.

Business Outlook

The following forward-looking statements reflect Getty Images’ expectations as of April 22, 2004. The company’s outlook remains positive about business conditions for the second quarter and the remainder of the year. Changes in currency exchange rates and seasonally lower sales typically experienced in the second quarter may negatively impact the company’s second quarter revenues compared to first quarter revenues. Therefore, the company expects to report revenue in the range of $148 million to $151 million. Excluding the effects of currency, this revenue guidance implies approximately 11 percent year over year growth. The company expects to report earnings per diluted share of $0.37 to $0.40 for the second quarter of 2004.

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Getty Images, Inc.

First Quarter 2004 Financial Results

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The company is raising guidance for 2004, and expects to report revenue in the range of $600 million to $610 million and earnings per diluted share of $1.55 to $1.65.

Webcast information

The company will host a conference call today at 2:00 pm PT. The dial-in number is 800.289.0468 (North America) or 913.981.5517 (international), confirmation number 414964. There will be a live webcast of the conference call, which can be accessed from the Investors page in the About Us section of the Getty Images Web site at www.gettyimages.com. The company will also provide a replay of the conference call at 888.203.1112 (North America) or 719.457.0820 (international), confirmation number 414964, until April 24, at 9:00 pm PT. The webcast will be archived on the Getty Images Web site and will be available until April 22, 2005.

Some of the statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, assumptions and projections about Getty Images and its industry as of the time the statements are made. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause our actual results to differ materially from our past performance and our current expectations, assumptions and projections. Differences may result from actions taken by the company as well as from risks and uncertainties beyond the company’s control. These risks and uncertainties include, among others, the risks associated with currency fluctuations, changes in the economic, political, competitive and technological environments, and the risks associated with system security and service interruptions. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review the reports filed by Getty Images with the Securities and Exchange Commission, in particular our Form 10-K for the year ended December 31, 2003. Except as required by law, Getty Images undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or other events.

About Getty Images

Getty Images is the world’s leading imagery company, creating and providing the largest and most relevant collection of still and moving images to communication professionals around the globe. From sports and news photography to archival and contemporary imagery, Getty Images’ products are found each day in newspapers, magazines, advertising, films, television, books and Web sites. Getty Images’ Web site,www.gettyimages.com, is the first place customers turn to search, purchase and download powerful imagery. Seattle-headquartered Getty Images is a global company, and has customers in more than 50 countries.

Contacts:

Investors:	Media:
Kira Bacon	Deb Trevino
Vice President, Investor Relations	Senior Vice President, Communications
206.925.6448	206.925.6474
kira.bacon@gettyimages.com	deb.trevino@gettyimages.com

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First Quarter 2004 Financial Results

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

THREE MONTHS ENDED MARCH 31, (In thousands, except per share amounts)	2004			2003
Revenue	$	156,512		$	130,317
Cost of sales		43,806			37,315
Gross profit		112,706			93,002
Selling, general and administrative expenses		54,718			53,365
Depreciation		13,823			14,934
Amortization		1,094			934
Other operating expenses (income)		129			(160	)
Operating expenses		69,764			69,073
Income from operations		42,942			23,929
Interest expense		(1,067	)		(3,758	)
Interest income		1,753			602
Exchange (losses) gains, net		(708	)		915
Other (expenses) income, net		(10	)		5
Income before income taxes		42,910			21,693
Income tax expense		(16,824	)		(8,463	)
Net income	$	26,086		$	13,230
Earnings per share
Basic	$	0.45		$	0.25
Diluted		0.43			0.23
Shares used in computing earnings per share
Basic		57,666			53,989
Diluted		60,157			56,782

Getty Images, Inc.

First Quarter 2004 Financial Results

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CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands)	MARCH 31, 2004			DECEMBER 31, 2003
ASSETS
Current assets
Cash and cash equivalents	$	132,476		$	140,058
Short-term investments		224,140			167,525
Accounts receivable, net		83,865			75,781
Prepaid expenses		8,836			9,693
Deferred income taxes, net		12,697			13,206
Other current assets		2,459			1,246
Total current assets		464,473			407,509
Property and equipment, net		119,304			123,268
Goodwill		603,172			603,024
Identifiable intangible assets, net		15,501			16,615
Deferred income taxes, net		53,483			62,567
Other long-term assets		10,490			11,101
Total assets	$	1,266,423		$	1,224,084
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	71,834		$	64,454
Accrued expenses		34,845			42,459
Income taxes payable		5,544			8,170
Total current liabilities		112,223			115,083
Long-term debt		265,000			265,011
Other long-term liabilities		8,792			8,184
Total liabilities		386,015			388,278
Stockholders’ equity
Common stock		580			573
Additional paid-in capital		1,114,832			1,098,249
Unearned compensation		(367	)		(448	)
Accumulated deficit		(249,167	)		(275,253	)
Accumulated other comprehensive income		14,530			12,685
Total stockholders’ equity		880,408			835,806
Total liabilities and stockholders’ equity	$	1,266,423		$	1,224,084

Getty Images, Inc.

First Quarter 2004 Financial Results

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

THREE MONTHS ENDED MARCH 31, (In thousands)	2004			2003
Cash flows from operating activities
Net income	$	26,086		$	13,230
Adjustments to reconcile net income to net cash provided by operating activities
Deferred income taxes		14,636			6,924
Depreciation		13,823			14,934
Bad debt expense		1,421			1,315
Amortization of identifiable intangible assets		1,094			934
Amortization of debt issuance costs		477			313
Other changes in long-term assets and liabilities		1,021			(34	)
Changes in current assets and liabilities, net of effects of business acquisitions
Accounts receivable		(11,154	)		(6,724	)
Accounts payable		7,024			1,467
Accrued expenses		(8,035	)		(8,941	)
Income taxes payable		(3,144	)		(723	)
Changes in other current assets and liabilities		424			(733	)
Net cash provided by operating activities		43,673			21,962
Cash flows from investing activities
Acquisition of available-for-sale investments		(113,952	)		(14,664	)
Proceeds from sale of available-for-sale investments		58,232			—
Acquisition of property and equipment		(9,097	)		(8,194	)
Acquisition of businesses, net of cash acquired		—			(2,383	)
Proceeds from the disposition of assets		—			300
Net cash used in investing activities		(64,817	)		(24,941	)
Cash flows from financing activities
Proceeds from the issuance of common stock		12,448			4,894
Debt issuance costs paid		(136	)		—
Net cash provided by financing activities		12,312			4,894
Effects of exchange rate differences		1,250			316
Net (decrease) increase in cash and cash equivalents		(7,582	)		2,231
Cash and cash equivalents, beginning of period		140,058			76,105
Cash and cash equivalents, end of period	$	132,476		$	78,336