SANTA CLARA, Calif., Oct 10, 2000 (BUSINESS WIRE) -- Yahoo! Inc. (Nasdaq: YHOO)today reported net revenues totaling $295,548,000 for the third quarter ended Sept. 30, 2000, compared to net revenues of $155,863,000 for the third quarter ended Sept. 30, 1999, an increase of 90 percent. Pro forma net income for the quarter was $81,090,000 or $0.13 per share diluted, excluding acquisition-related charges, amortization of intangibles and stock compensation, employer payroll taxes on gains realized by employees from non-qualified stock option exercises, and gains from the exchanges of certain equity investments.
This compares to pro forma net income of $38,485,000 or $0.06 per share diluted for the comparable period in the previous year. Including acquisition-related charges, amortization of intangibles and stock compensation, and employer payroll taxes on non-qualified options, net income for the third quarter ended Sept. 30, 2000 was $47,665,000 or $0.08 per share diluted, compared to a net income for the third quarter ended Sept. 30, 1999, of $11,073,000, or $0.02 per share diluted.
"The global Yahoo! franchise is stronger today than ever before, and this is
reflected in our performance this quarter -- our 16th consecutive quarter of
profitability on a pro forma basis before acquisitions," said Tim Koogle,
chairman and CEO of Yahoo!. "Once again, we exceeded expectations for financial performance by posting record revenues, operating profit and cash flow. We made significant progress in all areas of strategic focus and extended our services to more of the world`s largest advertisers. Going forward, we remain focused on extending our strong leadership position and capturing market share through our key growth areas."
"Yahoo! content and services have become an increasingly essential part of
people`s daily lives -- our active registered users interact with more Yahoo! services, spend more time, consume more pages, and purchase more products and services," said Jeff Mallett, Yahoo!`s president and chief operating officer. "We also continue to deliver essential services for business partners and clients, who continue to turn to Yahoo! for customized and comprehensive marketing and business solutions. As we move forward into the fourth quarter, we will focus on our key growth areas in order to provide our customers and consumers with the most powerful and valuable suite of services available in the marketplace."
Yahoo! today also announced that Edward Kozel has joined its Board of Directors. Kozel is currently a managing partner of Open Range Ventures, a private venture capital firm. He is a member of the Board of Directors of Cisco Systems, Inc., where he worked for 11 years in a variety of roles. During his tenure at Cisco, Kozel founded the business development group, which, under his direction, was responsible for more than 22 technology acquisitions and 25 minority investments.
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