-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FkpkyIRRdQgmAz5fK1D+W9PiOR7r/uJWs5QsU/x7/ROMhJITxeNXCiELs3r9Q3yT kgvxH9yqr8W5jAftKUjEFg== 0000352988-03-000039.txt : 20031114 0000352988-03-000039.hdr.sgml : 20031114 20031114105755 ACCESSION NUMBER: 0000352988-03-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031114 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMTEX NEWS NETWORK INC CENTRAL INDEX KEY: 0000352988 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380] IRS NUMBER: 133055012 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10541 FILM NUMBER: 031001176 BUSINESS ADDRESS: STREET 1: 625 N. WASHINGTON ST. STREET 2: STE 301 CITY: ALEXANDRIA STATE: VA ZIP: 22314 BUSINESS PHONE: 703-820-2000 MAIL ADDRESS: STREET 1: 625 N. WASHINGTON ST STREET 2: STE 301 CITY: ALEXANDRIA STATE: VA ZIP: 22314 FORMER COMPANY: FORMER CONFORMED NAME: COMTEX SCIENTIFIC CORP DATE OF NAME CHANGE: 19920703 8-K 1 cform8k0104.txt FORM 8K DATED NOVEMBER 11, 2003 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 14, 2003 COMTEX NEWS NETWORK, INC. (Exact name of registrant as specified in its charter) Delaware 0-10541 13-3055012 (State or other (Commission File No.) (IRS Employer jurisdiction Identification No.) of incorporation) 625 N. Washington St. Ste. 301, Alexandria, Virginia 22314 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 820-2000 4900 Seminary Road, Ste. 800, Alexandria, VA 22311 (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (a) Not Applicable. (b) Not Applicable. (c) Exhibits. Exhibit No. Description 99.1 Press release dated November 14, 2003 Item 9. Regulation FD Disclosure. The following information is furnished pursuant to this Item 9 and in satisfaction of Item 12, "Disclosure of Results of Operations and Financial Condition." On November 14, 2003, Comtex News Network, Inc. issued a press release disclosing financial results for the first quarter of fiscal year 2004. A copy of the press release is attached as Exhibit 99.1 to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. COMTEX NEWS NETWORK, INC. DATE: November 14, 2003 By: /S/ STEPHEN W. ELLIS STEPHEN W. ELLIS President and Chief Executive Officer EXHIBIT INDEX The following Exhibits are filed as part of this report: Exhibit No. Description 99.1 Press Release issued by Comtex News Network, Inc. on November 14, 2003 EX-99 3 exh991.txt 1ST FY 2004 PRESS RELEASE COMTEX NEWS NETWORK, INC. Release: IMMEDIATE For: Comtex News Network Contact: Amber Gordon (Symbol: CMTX) 703-820-2000 COMTEX REPORTS 1st QUARTER FISCAL 2004 FINANCIAL RESULTS ALEXANDRIA, VA, November 14, 2003 - Comtex News Network, Inc., (OTC BB: CMTX), a leading wholesaler of electronic real-time news and content, today announced first quarter fiscal 2004 financial results. For the quarter ended September 30, 2003, the Company's revenues were $2.2 million compared to $2.4 million for the first quarter of fiscal 2003. The Company reported an operating loss of $228,000 and a net loss of $252,000, or a $0.02 loss per share, for the first quarter of 2004, versus last year's first quarter operating loss of $242,000 and net loss of $267,000, or $0.02 loss per share. The decline in revenues and continuing losses primarily result from business closures and consolidation among clients. Despite the decline in revenues, the Company's losses improved due to decreases in operating expenses. For the first quarter fiscal 2004, earnings before interest expense, interest and other income, income taxes, stock-based compensation and depreciation and amortization ("EBITDA") were $51,000 versus $62,000 for the quarter ended September 30, 2002. Steve Ellis, Comtex's Chairman of the Board and CEO, said, "Our strategy for Comtex's turnaround was launched in the first quarter and cannot be expected to produce immediate results. Comtex remains optimistic that our strong product offering and distributor base will provide the foundation for the Company, in due course, to return to profitability and achieve growth in revenue." About Comtex Comtex is a leading wholesaler of real-time news and related content for the world's leading financial and business information distributors. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines, filters and distributes news and content received from more than 10,000 national and international news bureaus, agencies and publications. The resulting news and content products - with embedded stock tickers, key words, standardized metadata, uniform formatting and custom filters - are all designed to meet the exacting standards required by investment professionals. www.comtex.com FINANCIAL TABLE FOLLOWS Comtex News Network, Inc. Selected Financial Data (unaudited) (amounts in $000's, except per share amounts) Quarters Ended September 30, ----------------- 2003 2002 ----- ----- Revenues $ 2,173 $ 2,431 Operating Loss (228) (242) Net Loss $ (252) $ (267) ------------------- Net Loss Per Share Basic and Diluted $ (0.02) $ (0.02) -------------------- Weighted Avg. # Shares: Basic and Diluted 13,508 13,141 -------------------- Reconciliation to EBITDA: Net Loss $ (252) $ (267) Stock Based Compensation 28 - Depreciation & Amortization 252 304 Interest/Other Expense 23 25 Income Taxes - - -------------------- EBITDA $ 51 $ 62
Please Note: EBITDA is not a term defined by generally accepted accounting principles, and as a result, our measure of EBITDA might not be comparable to similarly titled measures used by other companies. However, we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this information to permit a more comprehensive analysis of our operating performance. Also note, except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. These forward-looking statements may be identified by reference to a future period by use of forward- looking terminology such as "anticipate," "expect," "could," "intend," "may" and other words of a similar nature. These statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated herein, including the occurrence of unanticipated events or circumstances relating to the fact that Comtex is in a highly competitive industry subject to rapid technological, product and price changes. Other factors include the possibility that demand for the Company's products may not occur or continue at sufficient levels, changing global economic and competitive conditions, technological risks and other risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Comtex undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. # # # -----END PRIVACY-ENHANCED MESSAGE-----