i3 Mobile Reports Q2

STAMFORD, Conn. -- i3 Mobile Inc. (NASDAQ: IIIM) , the creator of Pronto(sm) and a leading provider of premium wireless content and services, today announced financial results for the second quarter and six months ended June 30, 2002. "During the second quarter, our Pronto service began generating attention in the national media following our advertising campaign targeting mobile professionals through cable TV, newspapers, online advertising and direct mail," said John A. Lack, the Company's President and Chief Executive Officer. Pronto commercials ran on CNBC, CNN, ESPN, Bloomberg, and Tech TV, in addition to ads in The Wall Street Journal and USA Today. We ended the quarter with more than 3,400 paying Pronto subscribers (net of churn), below our target of 5,000 subscribers but double the subscribers at the end of the first quarter. i3 Mobile reported revenue for the second quarter of 2002 of $0.8 million compared with $1.3 million in last year's comparable period as the Company continued to de-emphasize its legacy SMS wireless services and focus on Pronto. For the first six-months of 2002, revenues totaled $1.7 million, compared with $2.7 million in the year-ago period. Substantially all of revenues for the six-month period in 2002 related to the legacy SMS product. For the second quarter of 2002, i3 Mobile reported a net loss of $12.0 million, or $0.57 per share, on 21.0 million average shares outstanding, compared with a net loss of $6.5 million, or $0.28 per share, on 22.8 million basic average shares outstanding, in the corresponding period a year ago. For the first six months of 2002, i3 Mobile reported a net loss of $22.0 million, or $1.01 per share, on 21.8 million average shares outstanding, compared with a net loss of $11.2 million, or $0.49 per share, on 22.8 million average shares outstanding from the prior year period. i3 Mobile Inc.