MarketWatch.com, Inc., a multimedia source of financial news and information, yesterday announced financial results for the fourth quarter and year ended December 31, 2002. The company reached two significant milestones in 2002: achieving its first quarter of profitability in the fourth quarter and its first positive cash flow on an annual basis. MarketWatch.com reported $11.7 million in net revenues for the fourth quarter 2002, compared to $11.6 million for the same period a year ago. Fourth quarter 2002 net income was $854,000, or $0.05 per share, comparing favorably to a net loss of ($20.8 million), or ($1.25) per share, for fourth quarter 2001. Net revenues for the year ended December 31, 2002 were $44.5 million, compared to $45.9 million for the prior year. Net loss for the year 2002 was ($9.7 million), or ($0.57) per share, comparing favorably to a net loss of ($76.5 million), or ($4.60) per share, for the prior year. Cash and cash equivalents at December 31, 2002 were $43.3 million, an increase of $5.7 million from the end of the prior year.
MarketWatch also reports that online advertising revenues totaled $4.6 million in the fourth quarter 2002, a 19% increase from last quarter and a slight increase from the same period in 2001. The increase from last quarter was primarily the result of the growth in advertising revenues from new and existing clients in the automotive, airline and financial industries realized through the quality of MarketWatch.com’s business content, innovative advertising solutions and the value of the Company’s highly desirable online audience.