Infoseek Reports Fourth Quarter Fiscal 1999 Results; Revenues More Than Doubled Year-Over-Year to $41.3 Million

Business Wire, Oct 28, 1999

                         INFOSEEK CORPORATION
       Unaudited Condensed Consolidated Statements of Operations
                 (In thousands, except per share data)


                         Three months ended           Years ended
                           Oct. 2,     Oct. 3,    Oct. 2,     Oct. 3,
                            1999         1998       1999        19998
Revenues:
  Advertising
    revenues             $  36,844   $  16,992   $ 124,749  $  57,012
  Software licensing
    revenues                 4,423       2,204      12,472      6,378
                         ---------   ---------   ---------  ---------
    Total revenues          41,267      19,196     137,221     63,390

  Costs and expenses:
    Hosting, content
      and website costs     18,978       3,278      57,454      9,878
    Research and
      development           11,898       2,635      33,144      9,453
    Sales and marketing     27,859      12,704     112,085     46,944
    General and
      administrative         4,964       3,953      21,946      9,676
    Amortization
      of intangibles        29,807        --       100,468       --
    In-process research
       and development        --          --        76,939       --
    Transaction costs        1,759        --         1,759       --
                         ---------   ---------   ---------  ---------
         Total costs
          and expenses     95,265      22,570     403,795     75,951
                         ---------   ---------   ---------  ---------

      Operating loss       (53,998)     (3,374)   (266,574)   (12,561)
      Loss from
        Joint Ventures      (2,178)       --       (10,172)      --
      Interest and
        other income, net    3,140         747      11,524      2,219
                         =========   =========   =========  =========
      Net loss           $ (53,036)  $  (2,627)  $(265,222) $ (10,342)
                         =========   =========   =========  =========

Basic and diluted
 net loss per share      $   (0.85)  $   (0.08)  $   (4.58) $   (0.35)
Shares used in
 computing basic
 and diluted
 net loss per share         62,515      31,421      57,966     29,720



                         INFOSEEK CORPORATION
            Unaudited Condensed Consolidated Balance Sheets
                            (In thousands)


                                      October 2,  October 3,
                                         1999        1998
                                 ----------------------------
  ASSETS

 Current assets:
   Cash, cash equivalents and
      short-term investments         $    75,805    $    51,868
   Accounts receivable, net               27,532          6,942
   Prepaid to service providers            2,000         20,338
   Other current assets                   18,917            998
                                     -----------    -----------
           Total current assets          124,254         80,146

  Property and equipment, net             37,123         15,370
  Investments in Joint
  Ventures and others                     22,657           --
  Intangibles and other assets           807,526          6,140
                                     ===========    ===========
                 Total assets        $   991,560    $   101,656
                                     ===========    ===========


 LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable                    $    17,415    $     3,560
 Payables to related parties              34,714           --
 Accrued payroll and
   other accrued liabilities              19,487         20,667
 Deferred revenue                         30,038          4,789
 Short-term portion of
   long-term obligations                   2,748          2,942
                                     -----------    -----------
         Total current liabilities       104,402         31,958

  Long-term obligations                      749          2,981
  Deferred tax liability                  45,065           --

  Stockholders' equity:
  Common stock                         1,278,867        121,292
  Accumulated deficit                   (318,946)       (53,724)
  Deferred compensation                   (1,203)          (717)
  Notes receivable
    from stockholders                   (118,158)          (134)
  Unrealized holding
    gain on investment, net                  754           --
  Unrealized gain on
    currency translation                      30           --
                                     -----------    -----------
          Total stockholders'
           equity                        841,344         66,717
                                     ===========    ===========
          Total liabilities and
           stockholders' equity      $   991,560    $   101,656