First quarter 2001 cash earnings, or net income excluding amortization of goodwill related to acquisitions, totaled $5.8 million or $0.13 per share. Net revenues for the period were $30.7 million, compared to net revenues of $12.4 million for the comparable year-ago period, an increase of 148%.
Register.com finished the first quarter 2001 with over $178 million in cash and cash equivalents, short-term investments and available-for-sale securities on its balance sheet. The Company has no debt. Cash flow from operations for the three months ended March 31, 2001 was $4.7 million. First quarter gross margins remained constant at approximately 72%.
We are pleased to report our second consecutive profitable quarter and our 13th consecutive quarter of revenue growth, said Richard D. Forman, President and Chief Executive Officer of Register.com. Profitability remains a key focus, as well as continuing to attract high quality registrants through our value-added offerings. Our results show that we are trending positively in both directions. We are excited about the anticipated introduction of new top level domains in the second half of the year and look forward to our added role as a participant in the .pro and .info registries.
The Company registered, transferred and renewed approximately 565,000 domain names in the first quarter of 2001. Approximately 95% of the first quarter registration units were registered through traditional Register.com channels, up from 68% in the prior quarter, indicating the increased quality of the Company’s registrations. The balance of the quarter’s registrations was registered via the company’s NameBargain brand. The registrations for the quarter were comprised of approximately 377,000 new registrations and 188,000 renewals. As of March 31, 2001, Register.com had approximately 3.6 million domain names under management, up from approximately 3.4 million in at the end of 2000.
Of the total registration sales for the first quarter 2001, 83% were purchased through www.register.com, 7% via Corporate Services, 9% through the Company’s Global Partner Network and 1% via NameBargain.
SOURCE: COMPANY PRESS RELEASE
