Interchange Files for IPO

Interchange, a small search engine marketing company similar to FindWhat.com and Enhance Interactive (formerly Ah-ha.com), has filed to go public, on 2003 sales of $8.7 million and profits of $60,000. It feels like 1999.

Years Ended Three Months Ended
December 31, March 31,


2002 2003 2003 2004




(unaudited)
(in thousands)
Statement of Operations Data:
Revenue
$ 3,588 $ 8,784 $ 1,687 $ 3,462




Operating expenses:
Search serving
1,776 3,816 800 1,744
Sales and marketing
1,501 1,978 377 712
General and administrative
1,383 1,466 346 473
Research and development
987 708 193 199
Non-cash equity based expense
28 103 69 8




Total operating expenses
5,675 8,071 1,785 3,136




Operating income (loss)
(2,087 ) 713 (98 ) 326
Interest and other income (expense)
(403 ) (636 ) (88 ) (300 )




Income (loss) before income taxes
(2,490 ) 77 (186 ) 26
Provision for income taxes
1 17

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