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Dear Sir/Madame,
Below is the latest news release from uDate outlining the financial results= for Q4 2001. The company has achieved revenues of $8.6M for the quarter wi= th an EBITDA of $3.9M, and ended with cash and cash equivalents of $4.33M. = In the space of twelve months revenues have risen from $0.26M in December 2= 000 to $3.12M in December 2001, an increase of 1,200%. Furthermore, in the last month uDate has also announced significant deals w= ith both the MSN network of Internet Services, and InfoSpace,Inc and its ne= twork of affiliate Web sites, including Excite.com. Full details of both of= these press releases can be found at: http://finance.yahoo.com/q?s=3Dudat.ob&;d=3Dv1 To obtain a fifteen minute delayed stock quote, please go to: http://finance.yahoo.com/q?s=3Dudat.ob&;d=3Dv1 (NASDAQ OTC Symbol udat.ob) If you are not interested in receiving any more information, please mailto= :remove@standardatlantic.com and write REMOVE in the subject box. Please en= sure that you make the request from the same address we have contacted you = on. Regards James Taylor Tuesday January 22, 9:15 am Eastern Time Press Release SOURCE: uDate.com, inc. uDate.com ANNOUNCES Q4 REVENUES OF $8.6M WITH EARNINGS BEFORE INTEREST TAX = DEPRECIATION AND AMORTIZATION (EBITDA) OF $3.9M NEW YORK, NY--(INTERNET WIRE)--Jan 22, 2002 -- uDate.com (OTCBB:UDAT - news= ), the global online personals group providing dating and matchmaking servi= ces to more than 200,000 subscribers through two leading brands www.udate.c= om and www.kiss.com, today announced preliminary results for the month of D= ecember 2001 and Quarter 4 2001. FINANCIAL HIGHLIGHTS During the fourth quarter 2001 the Company achieved earnings before interes= t tax depreciation and amortization; excluding one-off costs associated wit= h the recent reorganization of Kiss.com *; (EBITDA*) of $3.9M on revenues o= f $8.6M. The results, which are subject to review as part of the quarter en= d filings, compare favorably with the Company's latest guidance issued on S= eptember 18th, 2001 and with the preceding quarter: Q4-2001 Q4-2001 Q3-2001 Guidance Actuals Actuals Revenues: $8.82M $8.6M $6.62M EBITDA*: $3.85M $3.89M $2.01M Net Profit/Loss: - ($0.92M) ($0.02M) In the month of December 2001 the Company achieved earnings before interest= tax depreciation and amortization, excluding one-off costs associated with= the Kiss.com reorganization *, (EBITDA*) of $1.585M, up 31% on the month o= f November 2001. Total revenues for the month of December 2001 were $3.12M,= up $0.302M or 11%, on November 2001. The preliminary results for Q4-2001, = which are subject to review as part of our Quarter and Year end process, ex= ceed the Company's latest EBITDA* guidance of $3.85M issued on September 18= th, 2001 by $0.39M or 11%. Operating Profit for the quarter including Kiss reorganization costs was $1= .45M. Net Loss allowing for goodwill write off and loan note interest was $= 0.92M. Cash and cash equivalents at the end of December 2001 increased by more tha= n 115% or $2.35M compared to the position at September 30, 2001. The Compan= y ended the month with cash and cash equivalents of $4.33M. This figure is = stated after meeting payments due in the quarter in respect of the loan not= e associated with the Kiss.com acquisition. The balance of the loan note at= the end of December 2001 was $2.61M. "2001 has been a phenomenal year for uDate.com, inc. These are indeed very = impressive results. In just 12 months we have increased our monthly revenue= s from $0.26M in December 2000 to $3.12M in December 2001, a 1,200% increas= e. Our traction and continued growth pushes us ever closer to the number on= e slot." stated Mel Morris, founder and Chief Executive, uDate.com, inc. "As I had declared in our Q2 and Q3 teleconference, Q4 demonstrated very cl= early that our superior ability to monetize would prove to be a significant= competitive advantage in winning revenue based partnership and advertising= deals. In the last month we have announced significant deals with both MSN= and Infospace/Excite. As the strength of our monetization becomes more wid= ely understood I expect additional significant players will choose to partn= er with us." added Morris. CONSISTENT GROWTH IN SUBSCRIBER BASE During December 2001, in spite of the pressures from retail spending patter= ns prior to the Christmas period the subscriber base grew by 8,188, an incr= ease of 4.3%. This takes the total number of subscribers for the combined o= peration to 200,175, an increase of 27% over the count at the end of Septem= ber 2001. OUTLOOK FOR JANUARY "I expect January to show strong growth over December as our new marketing = relationships begin to take effect. We also enter 2002 with the benefits of= a substantial reduction in overheads following the Kiss.com reorganization= ." concluded Morris. About uDate uDate operates high-quality web sites that serve the online singles communi= ty. The Company stresses service, efficiency and personal security through = its two leading brands uDate.com (www.udate.com) and Kiss.com (www.kiss.com= ). uDate.com was launched commercially in February 1999 to provide a comprehen= sive Internet dating service featuring extensive customer profiles, sophist= icated matchmaking technology and fully integrated instant messaging capabi= lities. uDate operates at the top end of its market sector with more than 2= 00,000 subscribers and provides features that surpass the most professional= off-line dating services. Both uDate.com and Kiss.com web sites offer free registered membership. A r= egistered member of either web site may post their profile and photographs = and utilize the search or matchmaking features offered by the site at any t= ime. To enable communication with other members however, registered members= must purchase a subscription. Subscription plans are available allowing co= mmunication for periods of five days to 12 months. Forward-Looking Statements Certain statements in this press release that do not contain historical fac= ts or information are ``forward-looking statements'' within the meaning of = Section 27A of the Securities Act of 1933 and Section 21E of the Securities= Exchange Act of 1934. Forward-looking statements include those (a) that co= ntain the words ``may,'' ``will,'' ``should,'' ``estimates,'' ``predicts,''= ``potential,'' ``continue,'' ``strategy,'' ``believes,'' ``anticipates,'' = ``plans,'' ``expects,'' ``intends,'' and similar expressions, (b) that desc= ribe any of the Company's or management's plans, objectives or goals for fu= ture operations and products, or © that concern the characteristics and g= rowth of the Company's markets or customers or products or the expected liq= uidity and capital resources of the Company. Such forward-looking statement= s involve known and unknown risks, uncertainties and other factors which ma= y cause the actual results, levels of activity, performance or achievements= of the Company to be materially different from any future levels of result= s, activity, performance or achievements expressed or implied by such forwa= rd-looking statements. Such risks include, among others, those set forth in= the Company's Annual Report on Form 10-KSB under the heading, ``Risk Facto= rs'' contained within Item 6. Management's Discussion and Analysis or Plan = of Operations. Such Risk Factors include the following: risks related to th= e Company's financial condition and business model, risks related to the Co= mpany's markets and strategy, risks related to the internet and the Company= 's technology infrastructure, risks related to government regulation, and r= isks related to volatility in the price for the Company's securities and th= e effect of future sales of the Company's common stock. For a detailed disc= ussion of these risk factors and other cautionary statements, please refer = to the Company's filings with the Securities and Exchange Commission, inclu= ding the Company's Annual Report on Form 10-KSB for the most recently ended= year. Contact: Contact: uDate.com, Inc. Title: Public & Investor Relations Voice: 800-506-2307 Email: ir@uDate.com
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