Despite, for the first time in its history, recording positive EBITDA (earnings before interest, taxes, depreciation, amortisation, write-down of goodwill and amortisation of equity issued to Viacom for promotion) of $2.2m, it still recorded heavy losses.
The company reported revenue of $19.9m for the fourth quarter of 2002, an increase of approximately 28 percent over the $15.5m of revenue reported in both the fourth quarter of 2001 and third quarter of 2002.
However, its net loss for the fourth quarter 2002 was $8.3m, or $0.22 per basic and diluted share, yet it was still an improvement of 40 percent over the net loss of $13.8 million or $0.50 per basic and diluted share for the same quarter of 2001.
SportsLine's $2.2m positive EBITDA for the fourth quarter compares favourably both year over year to the $4.1m EBITDA loss for the fourth quarter of 2001, and sequentially to the $2m EBITDA loss in the third quarter of 2002.
Said Michael Levy, founder and CEO of SportsLine.com, Inc.: "Eighteen months ago, we established the goal of achieving positive EBITDA for the first time in this final quarter of 2002, then we proceeded to execute our plan.
"This achievement is the strongest indication yet of both the viability of SportsLine.com's business model and our ability to execute on it.
"We made dramatic progress this past year in diversifying our revenue, while continuing to manage our costs effectively. These results clearly demonstrate that SportsLine.com is squarely positioned as a leader for years to come in the internet media and services industry."
Making money on the internet with sport is just one of the topics to be discussed at SportAccord, the leading industry conference taking place in Madrid between May 12-16.
To find out how YOU can attend, click on the link below to visit the official SportAccord website.
