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Actua Reports Third Quarter Financial Results

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RADNOR, Pa., Nov. 09, 2017 (GLOBE NEWSWIRE) -- Actua Corporation (NASDAQ:ACTA) ("Actua") today reported its results for the third quarter ended September 30, 2017.  Based on the execution of definitive agreements for the sale of Actua's stakes in Bolt, FolioDynamix and VelocityEHS (as previously announced on September 25, 2017), along with other relevant factors, it has been determined that the relevant criteria for "held-for-sale" classification and "discontinued operations" presentation were met on September 30, 2017.  Accordingly, the financial results and financial positions of Bolt, FolioDynamix and VelocityEHS are presented as discontinued operations in Actua's consolidated financial statements for all periods presented.

Actua's consolidated financial statements are contained in this release and are also available in Actua's Quarterly Report on Form 10-Q, which was filed with the SEC on November 9, 2017.  As a reminder, Actua will not be hosting a third quarter earnings conference call in light of the pending sale transactions described above.

Please see Actua's website at www.actua.com for more information on Actua, its businesses and its third quarter 2017 results.

About Actua

Actua Corporation (NASDAQ:ACTA), the multi-vertical cloud company, brings the power of the cloud to vertical markets and processes.  Actua is pioneering the second wave of the SaaS revolution - the vertical wave - by growing cloud businesses that are transforming their markets.  With over 700 employees delivering unrivaled domain knowledge, agility and responsiveness to our customers, Actua's rapidly growing vertical cloud businesses are positioned to lead this wave.  For the latest information about Actua and its brands, please go to www.actua.com

Safe Harbor Statement under Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements involve certain risks and uncertainties, including, but not limited to, risks associated with our ability to compete successfully in highly-competitive, rapidly-developing markets, the valuation of public and private cloud-based businesses by analysts, investors and other market participants, our ability to deploy capital effectively and on acceptable terms, the effect of economic conditions generally, capital spending by our customers, our ability to retain existing customer relationships and revenue streams and secure new ones, developments in the markets in which we operate and our ability to respond to those changes in a timely and effective manner, the availability, performance and security of our cloud-based technology, particularly in light of increased cybersecurity risks and concerns, our ability to retain key personnel, our ability to successfully integrate any acquired business, the impact of any potential acquisitions, dispositions, share repurchases or other strategic transactions (including in connection with the negotiation, execution and consummation thereof), our ability to have continued access to capital and to manage capital resources effectively, our ability to satisfy the closing conditions for the sales of our businesses described above, our ability to monetize our remaining minority investments for sufficient value and other risks and uncertainties detailed in Actua's filings with the SEC.  These and other factors may cause actual results to differ materially from those projected.

 
 Actua Corporation
 Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
                   
      Three Months Ended
 September 30,
  Nine Months Ended
September 30,
      2017   2016   2017   2016
                   
 Revenue   $     $     $     $  
                   
 Operating expenses                
   Cost of revenue                
   Sales and marketing                
   General and administrative   6,186     5,313     19,607     18,280  
   Research and development                
   Amortization of intangible assets                
   Impairment related and other       (3 )       42  
    Total operating expenses   6,186     5,310     19,607     18,322  
   Operating income (loss)   (6,186 )   (5,310 )   (19,607 )   (18,322 )
                   
 Other income (expense):                
   Other income (loss), net   192     2,842     3,846     2,888  
   Interest income   107     24     381     92  
                   
 Income (loss) before income taxes and noncontrolling interests (5,887 )   (2,444 )   (15,380 )   (15,342 )
                   
 Income tax benefit (expense)                
                   
 Income (loss) from continuing operations (5,887 )   (2,444 )   (15,380 )   (15,342 )
 Income (loss) from discontinued operations, net of tax (1,018 )   (8,649 )   (9,003 )   (24,692 )
 Net income (loss)   (6,905 )   (11,093 )   (24,383 )   (40,034 )
   Less: Net income (loss) attributable to the noncontrolling interests (424 )   (1,019 )   (1,369 )   (2,888 )
 Net income (loss) attributable to Actua   $ (6,481 )   $ (10,074 )   $ (23,014 )   $ (37,146 )
                   
 Amounts attributable to Actua common shareholders:              
 Net income (loss) from continuing operations $ (5,887 )   $ (2,444 )   $ (15,380 )   $ (15,342 )
 Net income (loss) from discontinued operations (594 )   (7,630 )   (7,634 )   (21,804 )
 Net income (loss) attributable to Actua common shareholders $ (6,481 )   $ (10,074 )   $ (23,014
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