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Exhibit 99.5
THESTREET.COM REPORTS FIRST QUARTER 2004 FINANCIAL RESULTS
Net Revenue Up 40% Year over Year
NEW YORK, April 22, 2004 - TheStreet.com, Inc. (Nasdaq: TSCM), a leading
provider of independent research, financial commentary, analysis and news, today
announced its financial results for the first quarter 2004, which includes a net
revenue year over year increase of 40%.
"We have been building upon our strategy of creating sustainable long-term
growth for our shareholders and I am very pleased that the Company exhibited
strong growth by most every measure, including the highest subscription and
deferred revenue levels in the Company's history," said Thomas J. Clarke, Jr.,
chairman and chief executive officer of TheStreet.com. "With both our electronic
publishing and securities research and brokerage segments reporting significant
revenue growth, we are well positioned for a strong performance in 2004."
First Quarter 2004 Results
o Net revenue was $7.9 million in the first quarter 2004, a 40% increase over
the same period last year and a 7% increase from last quarter.
o Deferred revenue was $8.1 million, a 21% increase over the same quarter last
year and up 19% from last quarter. This represents subscription bookings that
will be recognized as revenue in future quarters.
o The total number of subscribers was more than 74,000, an increase of 20%
over the same period last year and up 9% over last quarter. The average annual
revenue per subscriber reached $303, an increase of 14% from the first quarter
of 2003 and a 1% increase from last quarter. The Company has increased its
average annual revenue per subscriber in each of the past 17 quarters.
o Total cash flow for the quarter was $1.5 million, a $2.6 million improvement
over last year's first quarter burn of $1.1 million and a $1.6 million
improvement over last quarter's cash burn of $90,000.
o The Company ended the quarter with a cash balance of $29.9 million and no
bank debt.
o Net loss was ($1.6) million or ($0.06) per share, comparing favorably to a
loss of ($2.1) million, or ($0.09) per share, for the same period of 2003. This
improvement was achieved even with a cash investment in our wholly owned
subsidiary Independent Research Group LLC (IRG) of $1.6 million,related to
staffing, trading capabilities, and general infrastructure needs. We expect IRG
to be self-funding in 2005.
Revenue Streams
"Our first quarter revenue surpassed even our expectations," said Lisa A.
Mogensen, chief financial officer of TheStreet.com. "Not only do our record
subscription revenue and deferred income levels confirm the strength of the
Company's electronic publishing model, but the fact that our first quarter
commission revenue increased 139% over last quarter and we achieved 96% of last
year's total in this quarter, supports our continued investment in our
securities research and brokerage business (IRG)."
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o Subscription revenue for the first quarter 2004 was $5.4 million, an
increase of 27% over the same quarter last year and a 7% increase from the
fourth quarter 2003. This increase marks the Company's twelfth consecutive
quarter of subscription revenue growth.
o Subscription bookings for the first quarter totaled $6.7 million, an
increase of 22% over the same quarter in 2003 and a 33% increase from the fourth
quarter 2003.
o Advertising revenue was $1.4 million for the first quarter 2004, a 19%
increase over the same quarter in 2003 and a seasonal decrease of 16% from last
quarter.
o Commission revenue for the quarter was $0.7 million, a 139% increase from
the fourth quarter 2003.
Expenses
o Total expenses were $9.6 million in the first quarter 2004, an increase of
22% over the same period last year and a 31% increase from the fourth quarter
2003. This increase is primarily due to the previously mentioned investments in
IRG, coupled with increased consumer marketing spending.
First Quarter 2004 Business Highlights
o IRG continues to expand. In addition to announcing an in-house trading desk
in January, the firm's 10 analysts now cover 36 under-covered companies in 10
sectors. Its institutional sales force and sales trading teams also continue to
grow. More than 75 hedge and mutual fund clients currently trade with IRG.
o "Street Insight," TheStreet.com's subscription website aimed at professional
investors, received "honorable mention" in the Premium Site category for "The
Best of the Web" awards presented by Media Industry Newsletter, min's b2b and
min magazine. Winners serve as benchmarks of online publishing excellence and
effective brand extension. The company also received the Society of American
Business Editors and Writers, Inc. (SABEW) 2004 Best in Business/Special
Projects for excellence in business journalism.
o The Company partnered with PointRoll, a leading provider of rich media
marketing services, and joined the PointRoll Included network of online
publishers. TheStreet.com is supporting its advertising partners with PointRoll
rich media products to help them meet their desired results, increasing online
ad spending. As part of the PointRoll Included network, TheStreet.com can offer
online advertisers PointRoll's user initiated rich media ads and support
services at no additional charge.
o "Jim Cramer's RealMoney" financial radio program continues to expand its
listening audience and is now heard in eight of the top 10 and 16 of the top 20
Arbitron Metro rated markets. It is heard on 95 stations nationally.
TheStreet.com will conduct a conference call today, April 22, 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)
March 31, December 31,
2004 2003
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ASSETS
Current Assets:
Cash, restricted cash and short-term
investments $ 28,030 $ 26,558
Accounts receivable - net 1,481 1,638
Other receivables 295 417
Prepaid expenses and other current assets 1,197 1,304
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Total current assets 31,003 29,917
Property and equipment - net 2,544 2,553
Other assets 314 343
Goodwill and intangibles - net 2,484 2,484
Restricted cash 1,900 1,900
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Total assets $ 38,245 $ 37,197
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 4,028 $ 3,932
Deferred revenue 8,148 6,839
Note payable 91 90
Other current liabilities 75 72
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Total current liabilities 12,342 10,933
Note payable 198 221
Other liabilities 55 56
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Total liabilities 12,595 11,210
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Stockholders' Equity:
Stockholders' equity 25,650 25,987
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Total liabilities and stockholders'
equity $ 38,245 $ 37,197
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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 $ 28,030 $ 26,558
Restricted cash 1,900 1,900
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Total cash, current and noncurrent
restricted cash and short-term
investments $ 29,930 $ 28,458
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THESTREET.COM, INC.
STATEMENTS OF OPERATIONS
($ in thousands, except per share data)
For the Three Months Ended
March 31,
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2004 2003
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Net revenue:
Subscription $ 5,409 $ 4,273
Advertising 1,428 1,201
Commission 777 -
Other 306 182
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Total net revenue 7,920 5,656
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Operating expense:
Cost of services 4,077 3,412
Sales and marketing 3,081 1,658
General and administrative 2,189 1,755
Depreciation and amortization 212 766
Noncash compensation - 239
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Total operating expense 9,559 7,830
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Interest income, net 71 118
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Net loss $ (1,568) $ (2,056)
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Net loss per share - basic and diluted: $ (0.06) $ (0.09)
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Weighted average basic and diluted shares
outstanding 24,240 23,652
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CONTACT: TheStreet.com
Wendy Tullo, 212-321-5493
wendy.tullo@thestreet.com
SOURCE: TheStreet.com
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