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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
THE KNOT REPORTS FOURTH QUARTER AND YEAR END 2002 FINANCIAL RESULTS
Full year 2002 revenues grow 22% and net loss is reduced by 66% compared to 2001
NEW YORK, NY (February 25, 2003) - The Knot, Inc. (OTCBB:KNOT.OB,
www.theknot.com), the nation's leading wedding resource, today reported
financial results for its fourth quarter and fiscal year ended December 31,
2002.
FOURTH QUARTER AND YEAR END 2002 RESULTS
The Knot reported net revenues of $7.0 million for the fourth quarter of 2002,
an increase of 13% from net revenues of $6.2 million for the comparable prior
year quarter. For the fiscal year ended December 31, 2002, net revenues were
$29.5 million, an increase of 22% over the $24.1 million reported in 2001. In
fiscal year 2002, merchandise revenue and revenue from local online advertising
programs increased 69% and 54% over fiscal year 2001, respectively. The
continued growth in these revenue sources and a 13% increase in national online
advertising revenue substantially more than offset a decline in publishing and
other revenue.
"Over the past year, we have moved The Knot from a company with significant
potential to one with strong and diverse revenue streams and with a clear
leadership position in the bridal market" said David Liu, CEO of The Knot. "We
believe we are well positioned to achieve profitability and to continue
sustainable long-term growth built on the strength of a powerful brand."
The Knot reported a net loss for the fourth quarter of 2002 of $551,000 or $0.03
per basic and diluted share, as compared to a net loss of $1.9 million, or $0.13
per basic and diluted share, in the fourth quarter 2001. For the fiscal year
ended December 31, 2002, The Knot reported a net loss of $5.1 million, or $0.28
per basic and diluted share compared to a net loss of $15.1 million or $1.03 per
basic and diluted share for fiscal 2001. In fiscal 2002, total operating
expenses before non-cash charges and depreciation and amortization were $22.4
million, a 17% decrease from the prior year. Cash used in operations and for
capital expenditures and other investing activities in the three and twelve
months ended December 31, 2002, aggregated $126,000 and $907,000, respectively.
Effective January 1, 2002, The Knot adopted SFAS No. 142 and discontinued the
amortization of goodwill. If The Knot would have adopted SFAS No. 142 on January
1, 2001, basic and diluted net loss per share for the year ended December 31,
2001 would have been $0.95.
THE KNOT RECENT HIGHLIGHTS
The Knot continues to leverage its wedding expertise and existing library of
wedding-related content through various distribution avenues.
o The Knot announced earlier this month the extension of its agreement with
MSN. The Knot will continue to be the wedding content partner with
permanent presence on the weddings area of MSN Women, providing in-depth
wedding planning information, interactive tools, wedding gown galleries and
community for engaged couples among MSN's more than 300 million unique
users worldwide.
o Also in February, The Knot announced that it extended its longstanding
relationship with America Online, Inc. Under the renewed agreement, The
Knot will continue to provide a wide range of wedding content to America
Online, offering tens of millions of AOL members in-depth wedding planning
information, interactive tools, wedding gown galleries and community for
engaged couples in AOL's weddings area (AOL Keyword: Weddings).
o The Knot's fifth book, "The Knot Book of Wedding Flowers" (Chronicle
Books), was released in bookstores nationwide in January 2003. Featuring
everything brides need to know about wedding
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flowers, this lavishly illustrated book includes over 175 pages filled with
pictures of beautiful bouquets, centerpieces, and other arrangements, plus
innovative ideas for floral accents and must-have planning information for
wedding decor.
o During the period form January 20 - 24, 2003, our reality-style show called
"Real Weddings from The Knot" aired twice daily on the Oxygen TV Network
and concluded with two 3-hour marathons over the January 25-26 weekend.
Each new episode of "Real Weddings from The Knot" focused on a different
couple as they prepared for their big day. Carley Roney, Editor in Chief of
The Knot, hosted the weekend marathons.
ABOUT THE KNOT INC.
The Knot Inc. (OTCBB: KNOT; www.theknot.com; AOL keyword: weddings) is one of
the world's leading wedding media and services companies, providing today's
to-be-weds with comprehensive wedding planning information, interactive tools,
and resources. Its award-winning website, TheKnot.com, is the leading online
wedding destination and wedding content provider to America Online, MSN and
Yahoo!.
The Knot also offers a diverse collection of wedding-planning print
publications. The Knot produces a national publication, THE KNOT Magazine, and,
through its subsidiary Weddingpages, Inc., publishes WEDDINGPAGES, regional
wedding magazines covering more than 20 U.S. markets. In addition, the Company
publishes a wedding-planning book trilogy with Random House's Broadway Books and
a gift book series with Chronicle Books. The Knot is based in New York and has
several other offices across the country.
This release may contain projections or other forward-looking statements
regarding future events or the future financial performance of The Knot. These
statements are only predictions and reflect the current beliefs and expectations
of The Knot. Actual events or results may differ materially from those contained
in the projections or forward-looking statements. It is routine for internal
projections and expectations to change as the quarter progresses, and therefore
it should be clearly understood that the internal projection and beliefs upon
which The Knot bases its expectations may change prior to the end of the
quarter. Although these expectations may change, The Knot will not necessarily
inform you if they do. The Knot's policy is to provide its expectations not more
than once per quarter, and not to update that information until the next
quarter. Some of the factors that could cause actual results to differ
materially from the forward-looking statements contained herein include, without
limitation, (i) The Knot's unproven business model and limited operating
history, (ii) The Knot's history of losses and expectation of significant losses
for the foreseeable future, (iii) the significant fluctuation to which The
Knot's quarterly revenues and operating results are subject, (iv) the
seasonality of the wedding industry and (v) other factors detailed in documents
The Knot files from time to time with the Securities and Exchange Commission,
including its recent filings on Forms 10-K and 10-Q. Forward-looking statements
in this release are made pursuant to the safe harbor provisions contained in the
Private Securities Litigation Reform Act of 1995.
IR Contact:
Heidi Dillmann
The Knot Inc.
212-219-8555 x. 1128
ir@theknot.com
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The Knot Inc.
Consolidated Balance Sheets
(in thousands)
December 31, December 31,
2002 2001
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(Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $9,306 $6,782
Restricted cash 252 184
Accounts receivable, net 4,791 5,012
Inventories 1,292 729
Deferred production and marketing costs 444 294
Other current assets 556 779
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Total current assets 16,641 13,780
Property and equipment, net 1,948 2,923
Intangible assets, net 8,834 8,934
Other assets 352 373
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Total assets $27,775 $26,010
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Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $5,113 $3,599
Notes payable - 1,384
Deferred revenue 5,827 4,683
Current portion of long-term debt 138 324
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Total current liabilities 11,078 9,990
Long term debt 235 372
Other liabilities 445 328
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Total liabilities 11,758 10,690
Stockholders' equity:
Common stock 184 147
Additional paid-in-capital 64,400 59,512
Deferred compensation (55) (255)
Deferred sales and marketing - (653)
Accumulated deficit (48,512) (43,431)
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Total stockholders' equity 16,017 15,320
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Total liabilities and stockholders' equity $27,775 $26,010
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The Knot Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
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2002 2001 2002 2001
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(Unaudited) (Unaudited) (Unaudited) (Audited)
Net revenues:
Sponsorship, advertising and production $2,292 $1,295 $6,888 $4,923
Merchandise 2,233 1,481 13,674 8,097
Publishing and other 2,509 3,448 8,914 11,100
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Total net revenues 7,034 6,224 29,476 24,120
Cost of revenues 2,008 1,814 10,224 8,872
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Gross profit 5,026 4,410 19,252 15,248
Operating expenses:
Product and content development 889 915 3,870 4,440
Sales and marketing 2,671 2,590 11,243 13,870
General and administrative 1,601 1,934 7,295 8,801
Non-cash compensation 22 57 139 332
Non-cash sales and marketing 163 163 653 653
Depreciation and amortization 264 625 1,244 2,545
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Total operating expenses 5,610 6,284 24,444 30,641
Loss from operations (584) (1,874) (5,192) (15,393)
Interest income, net 33 16 112 306
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Net loss ($551) ($1,858) ($5,080) ($15,087)
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Loss per share - basic and diluted: ($0.03) ($0.13) ($0.28) ($1.03)
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Weighted average number of shares
used in calculating basic and diluted
loss per share 18,373,327 14,736,153 17,909,492 14,716,741
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