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JUPITERMEDIA CORPORATION REPORTS RECORD RESULTS FOR ITS FOURTH QUARTER ENDED DECEMBER 31, 2004(New York, NY - February 15, 2005) - Jupitermedia Corporation (Nasdaq: JUPM) today reported record results for the quarter ended December 31, 2004. Revenues for the fourth quarter of 2004 were $21.0 million compared to revenues of $15.2 million for the same period last year, an increase of 38%. Net income for the fourth quarter was $5.5 million, or $0.16 per diluted share, compared to net income of $2.2 million or $0.08 per diluted share, for the same period last year.For the year ended December 31, 2004, revenues were $71.9 million compared to $47.0 million for 2003, an increase of 53%. Net income for the year ended December 31, 2004 was $15.7 million, or $0.49 per diluted share, compared to net income of $1.4 million, or $0.05 per diluted share, for the prior year. "We are pleased with our financial results for the fourth quarter and the year, with record revenues and net income for both periods," stated Jupitermedia's Chairman and CEO Alan M. Meckler. "Significant highlights for the fourth quarter included continued growth of our JupiterImages division, both organically and with the recent acquisition of Hemera Technologies which solidifies our position as one of the largest organizations in the business of selling royalty free digital images by download or online subscription. We also experienced significant quarterly growth in revenues and operating income, on both a year over year and sequential quarterly basis, in our Online Media and Research businesses. In addition, we experienced a significant improvement in operating income in our Events business compared to the same quarter in the prior year, due in part to a very successful Search Engine Strategies Fall trade show," added Meckler. "Our agreement to acquire Dynamic Graphics Group which we announced yesterday is very positive for our company. Dynamic Graphics Group will make Jupitermedia the third largest company in the world in the field of selling and distributing stock photography, stock footage and other imagery. Dynamic Graphics' Creatas, PictureQuest and Liquid Library brands are widely known worldwide and provide us with thriving sales operations in the United States, the U.K., Germany and Australia. In addition, Dynamic Graphics Group is one of the leading publishers of magazines and organizers of seminars and tradeshows for stock photo and graphics professionals. We will make good use of these properties to help distribute and cross-promote our existing JupiterImages brands. We expect that this acquisition will be accretive to our earnings," stated Meckler.
Jupitermedia Corporation 4th Quarter 2004 Financial Results Conference Call Alert The conference call number is (800) 946-0782 for domestic participants and (719) 457-2657 for international participants; pass code "249 037." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Wednesday, March 2, 2005. Replay call numbers are (888) 203-1112 for domestic participants and (719) 457-0820 for international participants: pass code: "249 037."
New Online Images Offerings In October, Jupitermedia announced the launch of the Comstock 1700k Subscription Plan (www.comstock1700k.com), a new royalty free stock photography offering that is available on a paid subscription basis. This new paid subscription service complements the high quality, royalty free single image and CD offerings available from Comstock Images (www.comstock.com). In November, Jupitermedia announced that Hemera Images (www.hemera.com), a world leader in wholly owned, royalty-free digital image content, had added visual search capabilities on AbleStock.com. Visual search allows users to find images with similar colors, themes and compositions with just one click. In January, Jupitermedia announced the launch of RightsProtectedImages (www.rightsprotectedimages.com), a groundbreaking new licensing model for the professional stock photography industry. RightsProtectedImages.com is the first image service to license exclusive worldwide rights with a simple process and at an affordable price. In February, Jupitermedia announced that it has re-launched its Animations.com Web site (www.animations.com), with over 200,000 animations, Flash components, background graphics and other images. Many of the images are original creations and 100,000 additional new images will be added shortly. Animations.com's royalty-free license allows subscribers to use graphics in any personal, commercial or professional project. In February, Jupitermedia announced it has signed a definitive agreement to acquire Creatas, L.L.C., the parent company of Dynamic Graphics, Inc. (www.dgusa.com), and PictureQuest Acquisition Company, L.L.C., and its many stock photo and related graphics brands ("Dynamic Graphics Group"), for $38,175,000 in cash and 1,483,073 restricted shares of Jupitermedia common stock. Jupitermedia intends to finance the cash portion of the purchase price with cash on hand and borrowings under a credit facility to be obtained in connection with the transaction. The transaction is expected to close in March 2005 and is subject to customary closing conditions, including regulatory approvals. Dynamic Graphics Group, a global media company and graphics pioneer for over 40 years, offers a variety of resources for the graphic design community including: royalty-free and rights-managed stock image content; royalty-free subscription image services; trade publications; and creative services events and training.
New Online Media Offerings In October, Jupitermedia's JupiterWeb online media division announced the acquisition of the assets of Megapixel.net (www.megapixel.net), a leading resource for digital camera owners and those interested in digital images. The site reviews new cameras, provides tips for photographers, hosts an active discussion community forum and features active buying exchanges for new and used equipment. In November, Jupitermedia's JupiterWeb online media division unveiled a series of innovative new marketing programs that guarantee tangible, measurable results for clients. These programs, known as Guaranteed Effective Marketing Solutions (GEMS), are available immediately on JupiterWeb's DevX.com, EarthWeb.com and internet.com networks which serve IT and business professionals. Conferences and Trade Shows JupiterEvents, a division of Jupitermedia, produces paid conferences and trade shows on IT and business-specific topics worldwide that are aligned with the content on our Web sites and our research offerings. JupiterEvents held six paid conferences and trade shows in the fourth quarter, each focusing on a different issue pertaining to information technology and the Internet industry. Events included Digital Rights Management Strategies Conference & Expo 2004; Search Engine Strategies Sweden Conference & Expo 2004; ISPCON Fall Conference & Expo 2004; Inside ID Fall Conference & Expo 2004; Wi-Fi Planet Fall Conference & Expo 2004; and Search Engine Strategies Fall Conference & Expo 2004. JupiterEvents has announced the following conferences and trade shows for 2005:
Jupitermedia Corporation Consolidated Statements of Operations For the Three Months and Years Ended December 31, 2003 and 2004 (unaudited) (in thousands, except per share amounts)
Segment Information The following tables summarize the results of the segments of Jupitermedia for the three months and years ended December 31, 2003 and 2004. Online media consists of the JupiterWeb business that includes the internet.com, EarthWeb.com, DevX.com and ClickZ.com Networks. Online images consist of the JupiterImages business that includes Comstock Images, Thinkstock Images, Thinkstock Footage, Photos.com, HemeraImages.com, Ablestock.com, Clipart.com and Animations.com. Research represents the JupiterResearch business. Events represents the JupiterEvents business. Other includes corporate overhead, depreciation, amortization and venture fund related activities.
Jupitermedia Corporation Consolidated Balance Sheets December 31, 2003 and December 31, 2004 (in thousands, except share and per share amounts, unaudited)
Jupitermedia Corporation Consolidated Statements of Cash Flows Years Ended December 31, 2003 and 2004 (unaudited) (in thousands)
Business Outlook Jupitermedia's financial guidance is prepared in accordance with accounting principles generally accepted in the United States of America. Historical results below have been adjusted to conform to this presentation. The amounts below reflect the preliminary allocation of the purchase prices paid by Jupitermedia in connection with its recent acquisitions of Comstock Images, Thinkstock Images, Megapixel.net and Hemera Technologies Inc. and are subject to change pending a final allocation of these amounts. The following forward-looking statements reflect Jupitermedia's expectations as of February 15, 2005 and assume the closing of the acquisition of Dynamic Graphics Group effective April 1, 2005. However, there can be no assurance that this acquisition will be consummated by April 1, 2005 or at all. Financial guidance for 2005 does not include the impact of expensing share-based compensation, which becomes mandatory in our quarter ending September 30, 2005, in accordance with Financial Accounting Standards Board Statement No. 123R. Due to potential changes in general economic conditions and the various other risk factors discussed below and in Jupitermedia's reports filed with the Securities and Exchange Commission from time to time, actual results may differ materially. Jupitermedia intends to continue its practice of not updating forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
Future Expectations
About Jupitermedia Corporation
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release which are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the competitive environment in which Jupitermedia competes; the unpredictability of Jupitermedia's future revenues, expenses, cash flows and stock price; Jupitermedia's ability to integrate acquired businesses, products and personnel into its existing businesses; Jupitermedia's dependence on a limited number of advertisers; and Jupitermedia's ability to protect its intellectual property. For a more detailed discussion of such risks and uncertainties, refer to Jupitermedia's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and Jupitermedia assumes no obligation to update the forward-looking statements after the date hereof.
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