-----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, IKh2ot3aW1sS1m2dkS51dT6jmginYdfNZrVHJh2U1gQVAwJIiPJ+v7A2he6dtBHr lbAi8Osc7NKX9u9GmpA65g== 0000943374-05-000670.txt : 20050517 0000943374-05-000670.hdr.sgml : 20050517 20050517114328 ACCESSION NUMBER: 0000943374-05-000670 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050516 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050517 DATE AS OF CHANGE: 20050517 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: 05837657 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 form8k_051705.txt UNITED STATES 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): May 16, 2005 ------------ COMTEX NEWS NETWORK, INC. ------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-10541 13-3055012 - ----------------------------- --------------------- ------------------- (State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer of Incorporation) Identification No.) 625 N. Washington Street, Suite 301, Alexandria, Virginia 22314 - ---------------------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (703) 820-2000 -------------- Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On May 16, 2005, Comtex News Network, Inc, issued a press release reporting its financial results for the three months and nine months ended March 31, 2005. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose. Item 9.01. Financial Statements and Exhibits (a) Financial Statements of Businesses Acquired. Not applicable (b) Pro Forma Financial Information. Not Applicable (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release dated May 16, 2005 issued by Comtex News Network, Inc. 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: May 17, 2005 By: /s/ C.W. Gilluly -------------------------------------------- C.W. Gilluly, Ed.D. Chairman and Interim Chief Executive Officer EXHIBIT INDEX Exhibit Description - ------- ----------- 99.1 Press release dated May 16, 2005 issued by Comtex News Network, Inc. EX-99.1 2 form8k_ex991-051705.txt Comtex Relevant Reliable Real-Time Release: Immediate For: Comtex News Network (Symbol: CMTX) Contact: Amber Gordon agordon@comtex.com 703-820-2000 x8011 COMTEX REPORTS THIRD QUARTER FISCAL 2005 EARNINGS Alexandria, VA, May 16, 2005 - Comtex News Network, Inc., (OTC BB: CMTX), a leading provider of economically useful electronic real-time news and content, today announced fiscal 2005 third quarter and year-to-date earnings. For the quarter ended March 31, 2005, the Company reported operating income of $109,000 and net income of $82,000, or $0.01 per share, versus last year's third quarter operating loss of $(26,000) and net loss of $(68,000), or ($0.00) per share. Revenues were $1.9 million for both periods. For the nine months ended March 31, 2005, the Company reported operating income of $400,000 and net income of $298,000, or $0.02 per share, versus last year's nine month operating loss of $(1.3) million and net loss of $(1.4) million, or ($0.10) loss per share. Revenues for the nine months ended March 31, 2005 were $6 million compared to $6.1 million for the same period of fiscal 2004. Comtex's continued profitability was largely due to decreased operating expenses, particularly in the areas of general / administrative costs and technical operations costs, partially offset by increased sales / marketing expenses and, by decreased revenues. The decline in revenues resulted primarily from continuing business contractions within the electronic news marketplace. C.W. Gilluly, Comtex's Chairman and Interim CEO, stated, "Comtex management is focused on developing and introducing innovative, economically useful news and information products for our clients. We are pleased to report profitability during this time of product development." About Comtex Comtex (www.comtex.com) provides real-time news and economically useful information to businesses whose customers need more than just facts. Comtex customers receive select content from key sources which is further enhanced with stock tickers and an extended lexicon of relevant terms. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines and filters news and content received from national and international news bureaus, agencies and publications, and distributes more than one million total stories per day. Comtex's state-of-the-art technology delivers this relevant content and reliable service in real-time. Comtex has offices in New York City and Alexandria, Virginia. Financial Table Follows More... Comtex: Reports 3rd Quarter FY 2005 Earnings Page 2 May 16, 2005 Comtex News Network, Inc. Selected Financial Data (unaudited) (amounts in thousands, except per share amounts)
Three Months Ended Nine Months Ended March 31 March 31 ----------------------------------- ----------------------------------- 2005 2004 2005 2004 ---- ---- ---- ---- Revenues $ 1,927 $ 1,962 $ 6,000 $ 6,149 Operating Income (Loss) 109 (26) 400 (1,263) Net Income (Loss) $ 82 $ (68) $ 298 $ (1,355) ----------------------------------- ----------------------------------- Net Earnings (Loss) Per Share Basic $ 0.01 $ 0.00 $ 0.02 $ (0.10) ----------------------------------- ----------------------------------- Diluted $ 0.01 $ 0.00 $ 0.02 $ (0.10) ----------------------------------- ----------------------------------- Weighted Avg. # Shares: Basic 13,600 13,588 13,600 13,560 ----------------------------------- ----------------------------------- Diluted 14,745 13,588 14,736 13,560 ----------------------------------- ----------------------------------- Reconciliation to EBITDA: Net Income (Loss) $ 82 $ (68) $ 298 $ (1,355) Stock-based compensation - 16 - 68 Depreciation & Amortization 177 197 505 679 Interest/Other Expense 27 42 102 92 Income Taxes - - - - ----------------------------------- ----------------------------------- EBITDA $ 286 $ 187 $ 905 $ (516)
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-----