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Bridges.com - Third Quarter Results



September 30, 1999

The third quarter featured the following developments:

For the nine months ending August 31, 1999, Bridges reported $1,376,654 in income before amortization and taxes, or $0.14 per share. This compares to $866,331 in income before amortization and taxes, or $0.10 per share, for the same period in 1998. For the first time, Bridges.com has included a tax consideration in an Interim Report. This has resulted in net income for the nine months of $724,768, or $0.07 per share. This compares to $602,270, or $0.07 per share in 1998. Revenues for the first nine months have reached an all-time high of $3,804,442, compared to $2,111,878 for the same period in 1998.

During the quarter, the Company invested a portion of available funds to more aggressively pursue a greater market share during fiscal 2000. Twenty-four new staff members were added to the sales, technical, content, administrative, and customer support teams during the quarter. The Company currently employs 69 staff in Kelowna, B.C., and over 40 contracted writers and trainers across North America.

Strong sales growth pushed the number of schools using Bridges.com's online career development system over the 4,200 mark. Third quarter sales increased by 46 per cent, with 616 new site sales recorded in June, July and August (420 new site sales were recorded in Q3 of 1998). Career Explorer is now used in 4,266 schools, representing 11.9 per cent of the North American middle and secondary school market.

Use of Bridges.com's resources continued to climb, with 3,689,622 page views recorded on Career Explorer during the third quarter. That compares to 1,108,446 page views over the same period last year. Schools also used the service more frequently -- the average number of page views per subscriber increased from 570 in Q3 1998 to 900 in Q3 1999.

The Company continues to widen the distribution of its online content, signing a state-wide distribution agreement with the South Carolina Occupational Information System, and finalizing plans to launch regional initiatives in West Virginia and Pennsylvania. Bridges.com was also contracted in the third quarter to provide a daily online educational information service to Canadians in conjunction with CanLearn, Human Resources Development Canada and CanWIN.

Outlook - Bridges will focus on four corporate goals during the fourth quarter of 1999:

Career Explorer Sales, Marketing, and Resubscriptions
Bridges primary goal for the next 15 months is to distribute Career Explorer to more than 20% of the North American middle and secondary school market. In order to be on track to achieve this goal, more than 4500 schools (12.5%) must be subscribing to the CX service by the end of Q4 1999. New sales and resubscription sales initiatives to meet this goal will continue in Q4. In addition, a new sales project to examine the impact of state-endorsed distribution of CX will begin in Pennsylvania in September.

Portfolio Plus Implementation and Development
Bridges' innovative Portfolio Plus resource, designed to assist young people with career/life transitions, will be released to subscribing sites during the quarter. Development of new administrative tools and personalized news services for the portfolio will continue in Q4. The Company will also continue to seek and develop partnerships to assist with Portfolio Plus distribution in 2000.

Technical Platform Development
Bridges will examine the purchase or development of more robust publishing software applications to support several new initiatives planned for 2000. In addition, integration of new accounting and contact management software will continue. Q4 technical developments are designed to prepare for increased use of internal and external Bridges systems in 2000.

2000 Strategic Planning
In Q4, Bridges' Board of Directors, management team and staff will finalize strategic plans for 2000. These will support the final year of a three-year plan designed to distribute Career Explorer to at least 20% of the market by November 30, 2000. The 2000 plan will also outline strategies that set the stage for new business development beyond next year.

Download an Adobe .PDF version of the Third Quarter Results which includes financial statements.

Bridges.com
7B-1404 Hunter Court
Kelowna, BC
V1X 6E6
Tel: 250 862 8722
Fax: 250 862 8771
Email: info@bridges.com
Website: www.bridges.com

For further information please contact: Norm Thompson

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein
 
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