MatchNet plc

euro adhoc: MatchNet plc
Quarterly or Semiannual Financial Statements
MatchNet® plc Reports Record Revenues In First Quarter 2003 (E)

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Subscriptions Drive 75% Revenue Growth Over Q1 2002

LOS ANGELES, CA - (May 30, 2003) - MatchNet plc (MHJG: Frankfurt Stock Exchange - Prime Standard), one of the largest providers of online personals worldwide, today reported first quarter results for the period ended March 31, 2003.

Revenues increased 75% to $7,361,433 in Q1 2003, compared to $4,215,663 in Q1 2002. Increase in revenues is primarily attributed to growth in membership and improving conversion of members into paying subscribers.

Operating expenses were $3,098,502 in Q1 2003, or 42% of revenues compared to $2,108,162, or 50% of revenues in Q1 2002.  The decrease in operating expenses as a percent of revenue reflects the scalable nature of MatchNet’s online subscription-based business model and improved operating efficiencies.  

EBITDA1 was $99,840 in Q1 2003 compared to $1,093,167 in Q1 2002. The decrease is primarily due to the launch of an aggressive online marketing campaign.

Net loss in Q1 2003 was $782,313 compared with net income of $915,936 in Q1 2002. The net loss for the quarter includes depreciation and amortisation charges of $342,733 which, when combined with a change in the Company’s accounting of member acquisition costs2, resulted in a total of $933,572 in non-cash charges for the quarter. Before the change in accounting policy, the net loss in the first quarter 2003 was $191,474.

About MatchNet plc: With over twelve million members worldwide, MatchNet plc is one of the largest providers of online dating services. The MatchNet network includes AmericanSingles.com, FaceLink®.com,  MatchNet.de, MatchNet.co.uk, and MatchNet.com.au. In addition, the Company operates JDate®.com & JDate.co.il, the dominant Jewish dating services worldwide; gay11®.com, an online dating service for relationship-minded gay men and women; and CollegeLuv.com, an exciting new online destination for the college-age demographic. MatchNet was incorporated in England in 1998. More information is available at www.MatchNet.com

end of announcement            euro adhoc 30.05.2003
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Further inquiry note: Elmar Bob VP of Investor Relations

Branche: Online
ISIN:      US5766601042
WKN:        930129
Index:    Prime Standard
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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