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Exhibit 99.4
THESTREET.COM REPORTS FOURTH QUARTER 2003 PROFITABILITY
AND FULL YEAR FINANCIAL RESULTS
Net Revenue Up 25% Over Prior Year
NEW YORK, February 18, 2004 - TheStreet.com, Inc. (Nasdaq: TSCM), a leading
provider of financial commentary, analysis, research and news, today announced
its financial results for the fourth quarter and fiscal year ended 2003, which
included achieving quarterly profitability.
"We are extremely pleased to report the milestone of profitability for the first
time in our public existence," said Thomas J. Clarke, Jr., chairman and chief
executive officer of TheStreet.com. "The three year turnaround effort of
TheStreet.com's core business is now complete, as that business now lies on a
solid financial foundation. This platform is the springboard that will enable us
to leverage our brand and capitalize on the many opportunities we see in the
consumer and brokerage business to drive significant revenue growth in 2004 and
beyond."
Fourth Quarter 2003 Results
o Net income for the quarter was $154,000 or $0.01 per share, a $1.3 million
improvement over the same period last year and a $1.0 million improvement from
last quarter.
o Net revenue was $7.4 million in the fourth quarter 2003, a 24%
increase over the same period last year and an 11% increase from last quarter.
o Total cash burn for the quarter was ($90,000), an 89% improvement over fourth
quarter 2002 burn and a $415,000 reduction from last quarter's cash flow of
$325,000. The Company continues to build its wholly-owned subsidiary Independent
Research Group LLC (IRG) with research analysts, institutional sales
professionals and sales traders. TheStreet.com funded IRG with $2.8 million
during the calendar year 2003.
o Deferred revenue was $6.8 million, a 24% increase over the same quarter last
year and effectively flat from last quarter.
"Our record fourth quarter results not only validate the strength of the
Company's current fundamentals, but also represents the attainment of our 2003
goal of fourth quarter profitability concurrent with the investment in our
broker-dealer business," said Lisa A. Mogensen, chief financial officer of
TheStreet.com.
Full Year 2003 Results
o Net revenue for the year was $26.1 million, a 25% increase over 2002.
o Net loss for the year was ($4.0 million) or ($0.17) per share, an
improvement of $4.6 million or 53% from the previous year's level.
o For the full year 2003 the Company burned $591,000, an 87% improvement over
the 2002 burn of $4.7 million.
o Cash, restricted cash and investments as of Dec. 31, 2003, stood at
$28.5 million.
Revenue Streams
o Subscription revenue for the fourth quarter 2003 was $5.1 million, an
increase of 18% over the same quarter last year and a 5% increase from the third
quarter. This increase marks the Company's eleventh consecutive quarter of
subscription revenue growth.
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o Commission revenue for the quarter was $0.3 million, a 4% percent increase
from the third quarter 2003.
o Advertising revenue was $1.7 million for the fourth quarter 2003, an
increase of 25% over the same quarter in 2002 and a 39% increase from last
quarter.
o Subscription bookings for the fourth quarter totaled $5 million, an increase
of 18% over the same quarter in 2002 and a 2% increase from the third quarter
2003.
"I am very proud of the considerable progress we have made on our strategic and
fiscal objectives," added Clarke. "We recognized when we began building on our
strategy of expanding our offerings to the professional sector and launched
Independent Research Group that an unprecedented opportunity existed in the
research/brokerage space. In a very short time period, IRG has achieved a lot.
It now employs nine analysts, covers 28 companies and allows its clients to
trade with them with its in-house trading desk. We are in a unique position to
deliver sustainable long-term growth and I look forward to building on our
success."
o Subscription revenue for the year totaled $18.5 million, a 24% increase over
2002.
o Advertising revenue for the year totaled $5.6 million, a 28% increase
over 2002.
o For the full year, subscription bookings totaled $20.0 million, an
increase of 14% from 2002.
o Commission revenue reached $0.8 million. IRG began receiving commissions
on May 13, 2003.
Expenses
o Total expenses were $7.3 million in the fourth quarter 2003, an increase of
1% over the same period last year and a 4% decrease from the third quarter 2003.
o Expenses equaled $30.5 million for 2003, effectively flat from the 2002
level.
Fourth Quarter 2003 - Present Business Highlights
o Independent Research Group LLC (IRG) launched an in-house trading desk. This
will allow IRG's institutional clients the ability to trade directly with IRG,
further enhancing the relationship to serve the client from idea generation to
execution. IRG will execute trades strictly on an agency basis, trading solely
on behalf of client orders and will not be committing its own capital.
o "TheStreet.com Daily Briefing," a daily email service providing retail
brokers and financial advisors with specific investment strategies and stock
ideas, was introduced.
o The Company developed the first phase of its dynamic ad serving initiative
for its free flagship website "TheStreet.com" and premium website
"RealMoney.com." The Company can now better utilize its traffic and maximize
advertising revenue, performance and efficiency.
o "Jim Cramer's RealMoney" financial radio program continues to expand. The
program is heard in 9 of the top 10 and in 13 of the top 20 Arbitron Metro rated
markets and reaches approximately 3 million listeners.
TheStreet.com will conduct a conference call today, February 18, 2004 at 11:00
a.m. EST to discuss these results. The Company welcomes all interested parties
to listen to the web cast of its call at http://www.thestreet.com/earnings
About TheStreet.com, Inc.
TheStreet.com, Inc. (Nasdaq: TSCM) is a leading provider of independent
research, financial commentary, analysis and news. Founded in 1996, the Company
completed its initial public offering in May 1999. On the Internet, its premium,
subscription-based website, "RealMoney.com" is accompanied by the professionally
oriented subscription sites, "Street Insight," "RealMoney Pro Advisor," and the
free,
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flagship site, "TheStreet.com." The Company also produces a suite of
subscription services for use by professionals and self-directed investors, each
designed to help a specific segment of the investing public make better-informed
investing and trading decisions. TheStreet.com's wholly-owned subsidiary,
Independent Research Group LLC (IRG), develops independent research and services
focused exclusively on meeting the performance needs of hedge funds and money
managers. IRG's proprietary equity research provides in-depth, action-oriented
investment ideas from its in-house, top-tier industry analysts, without the
conflicts created by investment banking, underwriting and proprietary trading.
Statements contained in this news release not related to historical facts may be
deemed 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 (described in the Company's SEC filings),
which could cause actual results to differ.
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THESTREET.COM, INC.
BALANCE SHEETS
($ in thousands)
December December
31, 31,
2003 2002
-------- --------
ASSETS
Current Assets:
Cash, restricted cash and short-term investments $26,558 $26,749
Accounts receivable - net 1,638 1,677
Other receivables 417 197
Prepaid expenses and other current assets 1,304 1,020
-------- --------
Total current assets 29,917 29,643
Property and equipment - net 2,553 3,643
Other assets 343 698
Goodwill and intangibles - net 2,484 3,144
Restricted cash 1,900 2,300
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Total assets $37,197 $39,428
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $3,932 $4,393
Deferred revenue 6,839 5,513
Note payable 90 84
Other current liabilities 72 18
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Total current liabilities 10,933 10,008
Note payable 221 311
Other liabilities 56 -
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Total liabilities 11,210 10,319
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Stockholders' Equity:
Stockholders' equity 25,987 29,109
-------- --------
Total liabilities and stockholders' equity $37,197 $39,428
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Note: The Company has pledged certain cash amounts as security deposits for
operating leases. Accordingly, a portion of this cash is now classified as a
noncurrent asset, and our cash is classified in two places on the above balance
sheet.
Cash, restricted cash, and short-term investments $26,558 $26,749
Restricted cash 1,900 2,300
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Total cash, current and noncurrent restricted cash
and short-term investments $28,458 $29,049
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THESTREET.COM, INC.
STATEMENTS OF OPERATIONS
($ in thousands, except per share data)
For the Three For the
Months Ended Year Ended
December 31, December 31,
---------------- -----------------
2003 2002 2003 2002
------- -------- -------- --------
Net revenue:
Subscription $5,053 $4,272 $18,503 $14,909
Advertising 1,703 1,368 5,602 4,372
Commission 325 - 805 -
Other 302 313 1,189 1,566
------- -------- -------- --------
Total net revenue 7,383 5,953 26,099 20,847
Operating expense:
Cost of services 3,015 2,640 13,491 11,766
Sales and marketing 1,859 1,669 7,067 6,319
General and administrative 1,963 1,858 7,342 7,538
Depreciation and amortization 447 881 2,285 4,031
Noncash compensation 19 282 323 998
Restructuring - (96) - (77)
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Total operating expense 7,303 7,234 30,508 30,575
------- -------- -------- --------
Interest and investment income, net 74 115 370 832
------- -------- -------- --------
Net income (loss) from continuing
operations 154 (1,166) (4,039) (8,896)
Gain on disposal of discontinued
operations - 9 - 210
------- -------- -------- --------
Net income (loss) $154 $(1,157) $(4,039) $(8,686)
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Net income (loss) per share - basic and diluted:
Continuing operations $0.01 $(0.05) $(0.17) $(0.38)
Discontinued operations - - - 0.01
------- -------- -------- --------
Net income (loss) $0.01 $(0.05) $(0.17) $(0.37)
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Weighted average basic and diluted
shares outstanding 23,998 23,573 23,864 23,559
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CONTACT: TheStreet.com, New York
Wendy Tullo, 212-321-5493
wendy.tullo@thestreet.com
SOURCE: TheStreet.com
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