EarthWeb Inc. Earns Cash Net Income of $369,000 on $17.1 Million in First Quarter Revenues

First Quarter 2001 Highlights

- EarthWeb Inc. earns cash net income of $369,000

- EBITDA totals $2.1 million, up 19% from $1.8 million pro forma EBITDA in

the first quarter of 2000

- Revenues top $17 million, up 117% vs. first quarter 2000 pro forma

results

- EarthWeb Inc. to change name to Dice Inc.; ticker symbol to become

'DICE'



Apr 17, 2001, 01:00 ET from EarthWeb Inc.

    NEW YORK, April 17 /PRNewswire/ -- EarthWeb Inc. (Nasdaq:   EWBX), the IT
 Career Solutions Company(TM), today reported results for the quarter ended
 March 31, 2001.
 
     Revenues
     Revenues for the quarter reached $17.1 million, an increase of 117%
 compared to the $7.9 million recorded on a pro forma basis in the year ago
 quarter, and an increase of 5% compared to pro forma revenues in the fourth
 quarter of 2000.  Pro forma results in 2000 reflect the operations of EarthWeb
 Inc.'s IT Career Solutions businesses, dice.com and MeasureUp, and exclude the
 results of divested content businesses.
 
     Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
     EBITDA excluding one-time charges totaled $2.1 million for the quarter,
 compared to EBITDA of $1.8 million on a pro forma basis for the first quarter
 of 2000 and of $5.2 million on a pro forma basis in the fourth quarter of
 2000.
 
     Cash Net Income
     EarthWeb Inc. recorded cash net income totaling $369,000, or $0.04 per
 share, in the current quarter.  Cash net income excludes a net one-time charge
 of $270,000.  In the first and fourth quarters of 2000, the Company reported a
 cash net loss on an actual basis of $(6.7) million, or $(0.67) per share, and
 of $(1.8) million, or $(0.17) per share, respectively.
 
     Quarterly Results
     The significant increase in revenues on a year over year basis reflected
 expansion of the customer base since the first quarter of 2000, a change in
 pricing structure in mid-year 2000 at dice.com, and the impact of the new
 enterprise agreement program launched in 2000.  The revenue increase compared
 to the fourth quarter of 2000 reflected an increase in the number of
 enterprise agreements, which offset a slight reduction in the number of member
 accounts.
     The improvement in EBITDA compared to the first quarter of 2000 primarily
 reflected the results of revenue expansion from dice.com.  The EBITDA results
 for the first quarter of 2001 compared to the fourth quarter of 2000 reflected
 an increase in sales and marketing expenses, as the Company continued to
 implement an enhanced outbound sales and marketing program at dice.com to
 support continued expansion of the business.
 
     Comments from Management
     "Given the significant increase in economic uncertainty in recent months
 and the increase in announced layoffs and reported unemployment rates, we are
 pleased with our first quarter financial performance.  We believe that we can
 continue to manage the Company to achieve both long-term growth and industry
 leadership as well as near-term EBITDA goals," said Peter A. Derow, President
 & CEO of EarthWeb.
     "We have made two important decisions to position the Company for
 continuing success.  First, last week we announced that we have attracted an
 extremely talented executive as President and CEO.  Scot Melland brings to the
 Company the appropriate mix of knowledge, experience and skills to assure the
 Company's continuing success.
     "Second, we intend to rename our company Dice Inc., reflecting the
 well-established name of our ten-year old dice.com business in the information
 technology market and the extraordinary brand equity it enjoys," continued
 Derow.
     Michael P. Durney, Senior Vice President and CFO of EarthWeb, commented
 further, "We achieved cash net income profitability this quarter, ahead of
 expectations, reflecting continued high gross margins and a prudent rate of
 investment to build our sales and marketing programs.  Our cash position
 remains strong with $36.7 million on hand at the end of the first quarter,
 which with our operating cash flow places us in a strong position to invest in
 and grow our business through this uncertain economic environment.  While we
 are mindful of current economic circumstances, we believe we are in the right
 market for long-term growth."
 
     Dice.com Customer Segments
     Dice.com serves three groups of customers: members, enterprise customers,
 and non-members.  Dice.com has direct relationships with member customers,
 trains them on the use of the site, and provides ongoing support to help them
 maximize their use via a telesales force and customer service team.  The price
 for this service is based on the number of jobs a customer posts, the number
 of locations to which dice.com provides access, and the number of users at
 each location.
     The enterprise agreement program, launched in 2000, is an offering
 targeted to large customers interested in significant enterprise-wide
 contracts which cover multiple customer offices.  The pricing is structured
 for enterprise needs over a longer time period than traditional "member"
 relationships.  During the first quarter of this year, dice.com continued to
 expand its customer relationships and revenues through these enterprise
 agreements, including significant new business with clients such as Lockheed
 Martin, America Online, and Andersen LLP, bringing total enterprise agreements
 to approximately 100.
     Non-member customers are smaller, infrequent users of dice.com's job
 posting services.  The service is paid by credit card, and is provided as a
 self-service product to reach these customers on a cost-effective basis.
     Including offices covered under enterprise agreements, the customer base
 remained steady at 8,600 at March 31, 2001.  The customer base of
 8,600 comprises approximately 6,700 member customers and 1,900 offices served
 under approximately 100 enterprise agreements.  The customer base at the end
 of the first quarter of 2000 was 6,000.
 
     Strategic Alliances and Business Development
     In March, the Company completed a three-year agreement with CNET Networks,
 Inc. which will make dice.com the exclusive Information Technology (IT) job
 listing provider for the company's CNET.com and ZDNet.com sites.  With this
 agreement and the internet.com agreement announced earlier this year, dice.com
 reaches the largest IT-centric audience on the Internet.
     Dice.com will create two co-branded sites that will enable CNET.com and
 ZDNet.com's combined audience of millions of technology interested users to
 search for jobs, create IT skills profiles, submit resumes online and access
 other career tools.  The sites will contain all the features found on
 dice.com, including a salary tracker, Announce Availability, Job Tools
 accounts, JobSeeker and Resume Online.
     Dice.com was also chosen in March to develop and power the technology
 career center for Novell's customer communities, such as CNE Net and Novell
 Users International (NUI).  The Novell Customer Community Career Center
 connects IT professionals with companies in search of Novell-certified
 employees and will feature IT positions for Novell networking that are posted
 on dice.com as well as career-related online tools, forums and content.
 
     EarthWeb to Change Name to Dice Inc.
     Today, the Company also announced that it intends to change its name to
 Dice Inc., subject to stockholder approval, reflecting the significance of the
 Company's dice.com business.  As part of this process, the Company will change
 its Nasdaq ticker symbol from 'EWBX' to 'DICE,' upon formal adoption of the
 new name following stockholder approval at the Company's annual meeting,
 scheduled for June 13, 2001.
     The name change is consistent with the Company's exclusive focus on its
 core online Information Technology (IT) career services.  In December 2000,
 the Company completed its strategic transition to an IT career solutions
 company through the sale of certain content business assets (including
 earthweb.com) to internet.com Corporation.
 
     Business Outlook
     The Company noted that external economic indicators continue to
 deteriorate, with a rising level of concern about the short-term demand for IT
 professionals.  As a result, the Company has moderated its view of potential
 revenue growth in 2001 to approximately 35% to 37% year over year, but is
 maintaining its goal for EBITDA in the range of $7 to $8 million.  The Company
 is continuing to commit resources to sales and marketing operations and to
 product development at a greater rate than in 2000, but at a level consistent
 with the moderated revenue outlook for 2001.  The Company currently
 anticipates that sales and marketing expense will double in 2001 compared to
 2000.
     EarthWeb currently anticipates total revenues in the second quarter of
 2001 will be relatively steady at approximately 1% to 2% less than in the
 quarter ended March 31, 2001, and up approximately 63% from the quarter ended
 June 30, 2000, with an EBITDA margin of approximately 10% and a cash net loss
 of approximately $400,000 to $500,000, or ($0.04) to ($0.05) per share.
     The Company's cash balance is anticipated to be approximately $29 to
 $30 million at the end of the second quarter, after earnout payments paid in
 April of approximately $5.2 million related to the dice.com and MeasureUp
 acquisitions, and approximately $33 to $35 million at the end of the year, as
 the Company's operating cash flow is anticipated to fund working capital
 requirements and capital expenditures for the balance of 2001.
 
     Performance Highlights
     Selected Performance Data(1)
     (unaudited)                 Actual               Pro Forma(2)
                                 Q1 01     Q4 00     Q3 00     Q2 00     Q1 00
 
     Total Revenues            $17,099   $16,253   $15,514   $10,286    $7,877
     Gross margin                92.0%     93.2%     92.8%     92.2%     91.0%
     Sales & Marketing Exp.
      (% of Rev.)                56.0%     39.4%     36.9%     38.1%     41.6%
     EBITDA(3)                  $2,137    $5,174    $5,508    $2,976    $1,795
 
                                                    Actual
     Cash balance
      (end of period)(4)       $36,729   $46,479   $50,127   $58,381   $70,948
     Dice.com revenues         $15,563   $14,858   $14,387    $9,565    $7,593
     MeasureUp revenues         $1,536    $1,395    $1,127      $721      $284
     Dice.com customer
      base(5)                    8,600     8,600     8,000     7,600     6,000
 
     (1) $ in thousands.
     (2) Pro forma results for 2000; see full description in the attached
         Consolidated Statement of Operations.
     (3) Earnings before interest, taxes, depreciation, amortization and
         restructuring and one-time charges, net; see full description in the
         attached Consolidated Statement of Operations.
     (4) Includes marketable securities.
     (5) End of period, includes multiple offices served through enterprise and
         member accounts
 
     Other Items in the Quarter ending March 31, 2001
     Results for the quarter include a one-time charge of $1.0 million
 resulting from payments triggered by the resignation of two co-founders from
 their executive officer positions, offset by a $730,000 reduction of the
 restructuring reserve recorded in the fourth quarter of 2000.  This reduction
 primarily results from the cash collections of accounts receivable in excess
 of, and the settlement of obligations at lower than, projected levels.
 
     Conference Call Information
     Today's earnings conference call at 11:00 a.m. Eastern Daylight Time will
 be webcast live via EarthWeb's Investor Relations website http://www.ewbx.com
 (click on "Live Webcast"), Vcall (http://www.vcall.com), and Street Events
 (http://www.streetevents.com, subscribers only).
     An audio replay of the call will be available for 30 days at
 1-800-428-6051, passcode: 175662, shortly after the call and webcast are
 completed.
 
     About EarthWeb Inc.
     EarthWeb Inc. (Nasdaq:   EWBX) (http://www.ewbx.com), the IT Career
 Solutions Company(TM), is the leading online provider of career development
 resources to Information Technology (IT) professionals.  EarthWeb Inc.
 provides services to hire and retain IT professionals through dice.com, the
 leading online IT job board, as ranked by Media Metrix and IDC, and MeasureUp,
 a leading provider of preparation products for IT professional certifications.
 EarthWeb Inc. intends to change its name to Dice Inc., subject to shareholder
 approval; as part of this process, the Company will change its Nasdaq ticker
 symbol from EWBX to DICE.
 
     This press release may be deemed to contain forward-looking information.
 Any forward-looking statements are made pursuant to the safe harbor provisions
 of the Private Securities Litigation Reform Act of 1995. Forward-looking
 statements, including statements as to industry trends, future economic
 performance, anticipated profitability, anticipated revenues and expenses, and
 products or service line growth, may be significantly and materially impacted
 by certain risks and uncertainties, including, but not limited to, failure to
 meet operating objectives or to execute the operating plan, competition, and
 other economic factors.  Additional risks and uncertainties are described in
 the Company's public filings with the Securities and Exchange Commission.  Any
 forward-looking information in or referred to by this press release is current
 only as of the date of publication, and EarthWeb Inc. disclaims any obligation
 to update this information.
     For further information, please visit http://www.ewbx.com, or send an
 email inquiry to ir@earthweb.com.
 
                     Consolidated Statements of Operations
                    (in thousands, except per share amounts)
                                  (unaudited)
 
                                               Three Months Ended
                                                    March 31,
                                      Actual          Actual      Pro Forma(1)
                                       2001            2000           2000
     Revenues                        $17,099         $13,658        $7,877
     Cost of revenues                  1,376           4,444           711
     Gross profit                     15,723           9,214         7,166
     Operating expenses:
      Product development              1,375           2,002           544
      Sales and marketing              9,577           9,846         3,280
      General and administrative       2,634           2,846         1,547
      Depreciation                       788             788           154
      Amortization                     3,795           4,966         2,668
      Restructuring and one-time
        charges, net                     270              --            --
        Total operating expenses      18,439          20,448         8,193
     Loss from operations            (2,716)        (11,234)       (1,027)
     Interest and other income
      (expense), net                   (980)           (397)         (262)
     Net loss                       $(3,696)       $(11,631)      $(1,289)
 
     Supplemental Financial Data:
 
     EBITDA(2)                        $2,137        $(5,480)        $1,795
 
     Cash net income (loss)(3)         $ 369        $(6,665)        $1,379
 
     Cash net income (loss)
      per share(4)                     $0.04         $(0.67)         $0.14
 
     Weighted average shares of
      common stock outstanding        10,429           9,891         9,891
 
     (1) Pro forma reflects the elimination of the education courseware and
         content businesses, which were sold and / or exited during December
         2000.  These results of operations are not meant to be pro forma
         financial statements, as required by Regulation S-X Article 11 Pro
         Forma Information, and accordingly do not reflect all adjustments
         required by these regulations.
     (2) EBITDA is calculated by adding back restructuring and one-time
         charges, interest, taxes, depreciation and amortization to net loss.
         EBITDA should not be considered an alternative to operating income (as
         determined in accordance with generally accepted accounting
         principles), as a measure of the Company's operating performance, or
         as an alternative to cash flows from operating activities (as
         determined in accordance with generally accepted accounting
         principles) or as a measure of the Company's liquidity.
     (3) Cash net income (loss) is calculated by adding back amortization and
         restructuring and one-time charges to net loss.  It is not intended to
         reflect our actual net loss per share, cash flows from operations or
         net cash flows, as determined under generally accepted accounting
         principles and reported in our periodic quarterly filing with the
         Securities and Exchange Commission.
     (4) Cash net income (loss) per share is calculated by dividing cash net
         income (loss) by weighted average shares of common stock.  The actual
         net loss per share is $(0.35) and $(1.18) for the three month periods
         ended March 31, 2001 and 2000, respectively.
 
 
                          Consolidated Balance Sheets
                                 (in thousands)
                                  (unaudited)
 
                                                    March 31,       Dec. 31,
                                                         2001           2000
     ASSETS:
     Current Assets:
      Cash and marketable securities                  $36,729        $46,479
      Accounts receivable, net                          5,195          8,293
      Prepaid expenses and other current assets         6,791          2,618
        Total current assets                           48,715         57,390
     Fixed assets, net                                  7,447          6,842
     Intangible assets, net                            37,790         40,370
     Other assets                                       5,789          5,002
        Total assets                                  $99,741       $109,604
 
     LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY:
     Current Liabilities:
      Accounts payable                                 $2,194         $2,999
      Accrued expenses                                  7,150          8,424
      Accrued interest                                  1,034          2,434
      Amounts due under acquisition agreements          5,214          4,096
      Deferred revenue                                  7,354          5,963
      Accrued restructuring charges                     3,652          8,793
      Other current liabilities                         1,195          1,259
      Notes payable -- short-term                         550            524
        Total current liabilities                      28,343         34,492
     Convertible notes payable                         80,000         80,000
     Notes payable -- long-term                            --            156
     Other liabilities                                  1,661          1,871
     Commitments and contingencies                         --             --
 
     Stockholders' (deficit) equity:
      Common stock                                        104            104
      Additional paid in capital                      125,887        125,558
      Treasury stock                                    (200)          (200)
      Accumulated other comprehensive income               74             55
      Accumulated deficit                           (136,128)      (132,432)
        Total stockholders' (deficit) equity         (10,263)        (6,915)
        Total liabilities & stockholders'
        (deficit) equity                              $99,741       $109,604
 
 

SOURCE EarthWeb Inc.
    NEW YORK, April 17 /PRNewswire/ -- EarthWeb Inc. (Nasdaq:   EWBX), the IT
 Career Solutions Company(TM), today reported results for the quarter ended
 March 31, 2001.
 
     Revenues
     Revenues for the quarter reached $17.1 million, an increase of 117%
 compared to the $7.9 million recorded on a pro forma basis in the year ago
 quarter, and an increase of 5% compared to pro forma revenues in the fourth
 quarter of 2000.  Pro forma results in 2000 reflect the operations of EarthWeb
 Inc.'s IT Career Solutions businesses, dice.com and MeasureUp, and exclude the
 results of divested content businesses.
 
     Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
     EBITDA excluding one-time charges totaled $2.1 million for the quarter,
 compared to EBITDA of $1.8 million on a pro forma basis for the first quarter
 of 2000 and of $5.2 million on a pro forma basis in the fourth quarter of
 2000.
 
     Cash Net Income
     EarthWeb Inc. recorded cash net income totaling $369,000, or $0.04 per
 share, in the current quarter.  Cash net income excludes a net one-time charge
 of $270,000.  In the first and fourth quarters of 2000, the Company reported a
 cash net loss on an actual basis of $(6.7) million, or $(0.67) per share, and
 of $(1.8) million, or $(0.17) per share, respectively.
 
     Quarterly Results
     The significant increase in revenues on a year over year basis reflected
 expansion of the customer base since the first quarter of 2000, a change in
 pricing structure in mid-year 2000 at dice.com, and the impact of the new
 enterprise agreement program launched in 2000.  The revenue increase compared
 to the fourth quarter of 2000 reflected an increase in the number of
 enterprise agreements, which offset a slight reduction in the number of member
 accounts.
     The improvement in EBITDA compared to the first quarter of 2000 primarily
 reflected the results of revenue expansion from dice.com.  The EBITDA results
 for the first quarter of 2001 compared to the fourth quarter of 2000 reflected
 an increase in sales and marketing expenses, as the Company continued to
 implement an enhanced outbound sales and marketing program at dice.com to
 support continued expansion of the business.
 
     Comments from Management
     "Given the significant increase in economic uncertainty in recent months
 and the increase in announced layoffs and reported unemployment rates, we are
 pleased with our first quarter financial performance.  We believe that we can
 continue to manage the Company to achieve both long-term growth and industry
 leadership as well as near-term EBITDA goals," said Peter A. Derow, President
 & CEO of EarthWeb.
     "We have made two important decisions to position the Company for
 continuing success.  First, last week we announced that we have attracted an
 extremely talented executive as President and CEO.  Scot Melland brings to the
 Company the appropriate mix of knowledge, experience and skills to assure the
 Company's continuing success.
     "Second, we intend to rename our company Dice Inc., reflecting the
 well-established name of our ten-year old dice.com business in the information
 technology market and the extraordinary brand equity it enjoys," continued
 Derow.
     Michael P. Durney, Senior Vice President and CFO of EarthWeb, commented
 further, "We achieved cash net income profitability this quarter, ahead of
 expectations, reflecting continued high gross margins and a prudent rate of
 investment to build our sales and marketing programs.  Our cash position
 remains strong with $36.7 million on hand at the end of the first quarter,
 which with our operating cash flow places us in a strong position to invest in
 and grow our business through this uncertain economic environment.  While we
 are mindful of current economic circumstances, we believe we are in the right
 market for long-term growth."
 
     Dice.com Customer Segments
     Dice.com serves three groups of customers: members, enterprise customers,
 and non-members.  Dice.com has direct relationships with member customers,
 trains them on the use of the site, and provides ongoing support to help them
 maximize their use via a telesales force and customer service team.  The price
 for this service is based on the number of jobs a customer posts, the number
 of locations to which dice.com provides access, and the number of users at
 each location.
     The enterprise agreement program, launched in 2000, is an offering
 targeted to large customers interested in significant enterprise-wide
 contracts which cover multiple customer offices.  The pricing is structured
 for enterprise needs over a longer time period than traditional "member"
 relationships.  During the first quarter of this year, dice.com continued to
 expand its customer relationships and revenues through these enterprise
 agreements, including significant new business with clients such as Lockheed
 Martin, America Online, and Andersen LLP, bringing total enterprise agreements
 to approximately 100.
     Non-member customers are smaller, infrequent users of dice.com's job
 posting services.  The service is paid by credit card, and is provided as a
 self-service product to reach these customers on a cost-effective basis.
     Including offices covered under enterprise agreements, the customer base
 remained steady at 8,600 at March 31, 2001.  The customer base of
 8,600 comprises approximately 6,700 member customers and 1,900 offices served
 under approximately 100 enterprise agreements.  The customer base at the end
 of the first quarter of 2000 was 6,000.
 
     Strategic Alliances and Business Development
     In March, the Company completed a three-year agreement with CNET Networks,
 Inc. which will make dice.com the exclusive Information Technology (IT) job
 listing provider for the company's CNET.com and ZDNet.com sites.  With this
 agreement and the internet.com agreement announced earlier this year, dice.com
 reaches the largest IT-centric audience on the Internet.
     Dice.com will create two co-branded sites that will enable CNET.com and
 ZDNet.com's combined audience of millions of technology interested users to
 search for jobs, create IT skills profiles, submit resumes online and access
 other career tools.  The sites will contain all the features found on
 dice.com, including a salary tracker, Announce Availability, Job Tools
 accounts, JobSeeker and Resume Online.
     Dice.com was also chosen in March to develop and power the technology
 career center for Novell's customer communities, such as CNE Net and Novell
 Users International (NUI).  The Novell Customer Community Career Center
 connects IT professionals with companies in search of Novell-certified
 employees and will feature IT positions for Novell networking that are posted
 on dice.com as well as career-related online tools, forums and content.
 
     EarthWeb to Change Name to Dice Inc.
     Today, the Company also announced that it intends to change its name to
 Dice Inc., subject to stockholder approval, reflecting the significance of the
 Company's dice.com business.  As part of this process, the Company will change
 its Nasdaq ticker symbol from 'EWBX' to 'DICE,' upon formal adoption of the
 new name following stockholder approval at the Company's annual meeting,
 scheduled for June 13, 2001.
     The name change is consistent with the Company's exclusive focus on its
 core online Information Technology (IT) career services.  In December 2000,
 the Company completed its strategic transition to an IT career solutions
 company through the sale of certain content business assets (including
 earthweb.com) to internet.com Corporation.
 
     Business Outlook
     The Company noted that external economic indicators continue to
 deteriorate, with a rising level of concern about the short-term demand for IT
 professionals.  As a result, the Company has moderated its view of potential
 revenue growth in 2001 to approximately 35% to 37% year over year, but is
 maintaining its goal for EBITDA in the range of $7 to $8 million.  The Company
 is continuing to commit resources to sales and marketing operations and to
 product development at a greater rate than in 2000, but at a level consistent
 with the moderated revenue outlook for 2001.  The Company currently
 anticipates that sales and marketing expense will double in 2001 compared to
 2000.
     EarthWeb currently anticipates total revenues in the second quarter of
 2001 will be relatively steady at approximately 1% to 2% less than in the
 quarter ended March 31, 2001, and up approximately 63% from the quarter ended
 June 30, 2000, with an EBITDA margin of approximately 10% and a cash net loss
 of approximately $400,000 to $500,000, or ($0.04) to ($0.05) per share.
     The Company's cash balance is anticipated to be approximately $29 to
 $30 million at the end of the second quarter, after earnout payments paid in
 April of approximately $5.2 million related to the dice.com and MeasureUp
 acquisitions, and approximately $33 to $35 million at the end of the year, as
 the Company's operating cash flow is anticipated to fund working capital
 requirements and capital expenditures for the balance of 2001.
 
     Performance Highlights
     Selected Performance Data(1)
     (unaudited)                 Actual               Pro Forma(2)
                                 Q1 01     Q4 00     Q3 00     Q2 00     Q1 00
 
     Total Revenues            $17,099   $16,253   $15,514   $10,286    $7,877
     Gross margin                92.0%     93.2%     92.8%     92.2%     91.0%
     Sales & Marketing Exp.
      (% of Rev.)                56.0%     39.4%     36.9%     38.1%     41.6%
     EBITDA(3)                  $2,137    $5,174    $5,508    $2,976    $1,795
 
                                                    Actual
     Cash balance
      (end of period)(4)       $36,729   $46,479   $50,127   $58,381   $70,948
     Dice.com revenues         $15,563   $14,858   $14,387    $9,565    $7,593
     MeasureUp revenues         $1,536    $1,395    $1,127      $721      $284
     Dice.com customer
      base(5)                    8,600     8,600     8,000     7,600     6,000
 
     (1) $ in thousands.
     (2) Pro forma results for 2000; see full description in the attached
         Consolidated Statement of Operations.
     (3) Earnings before interest, taxes, depreciation, amortization and
         restructuring and one-time charges, net; see full description in the
         attached Consolidated Statement of Operations.
     (4) Includes marketable securities.
     (5) End of period, includes multiple offices served through enterprise and
         member accounts
 
     Other Items in the Quarter ending March 31, 2001
     Results for the quarter include a one-time charge of $1.0 million
 resulting from payments triggered by the resignation of two co-founders from
 their executive officer positions, offset by a $730,000 reduction of the
 restructuring reserve recorded in the fourth quarter of 2000.  This reduction
 primarily results from the cash collections of accounts receivable in excess
 of, and the settlement of obligations at lower than, projected levels.
 
     Conference Call Information
     Today's earnings conference call at 11:00 a.m. Eastern Daylight Time will
 be webcast live via EarthWeb's Investor Relations website http://www.ewbx.com
 (click on "Live Webcast"), Vcall (http://www.vcall.com), and Street Events
 (http://www.streetevents.com, subscribers only).
     An audio replay of the call will be available for 30 days at
 1-800-428-6051, passcode: 175662, shortly after the call and webcast are
 completed.
 
     About EarthWeb Inc.
     EarthWeb Inc. (Nasdaq:   EWBX) (http://www.ewbx.com), the IT Career
 Solutions Company(TM), is the leading online provider of career development
 resources to Information Technology (IT) professionals.  EarthWeb Inc.
 provides services to hire and retain IT professionals through dice.com, the
 leading online IT job board, as ranked by Media Metrix and IDC, and MeasureUp,
 a leading provider of preparation products for IT professional certifications.
 EarthWeb Inc. intends to change its name to Dice Inc., subject to shareholder
 approval; as part of this process, the Company will change its Nasdaq ticker
 symbol from EWBX to DICE.
 
     This press release may be deemed to contain forward-looking information.
 Any forward-looking statements are made pursuant to the safe harbor provisions
 of the Private Securities Litigation Reform Act of 1995. Forward-looking
 statements, including statements as to industry trends, future economic
 performance, anticipated profitability, anticipated revenues and expenses, and
 products or service line growth, may be significantly and materially impacted
 by certain risks and uncertainties, including, but not limited to, failure to
 meet operating objectives or to execute the operating plan, competition, and
 other economic factors.  Additional risks and uncertainties are described in
 the Company's public filings with the Securities and Exchange Commission.  Any
 forward-looking information in or referred to by this press release is current
 only as of the date of publication, and EarthWeb Inc. disclaims any obligation
 to update this information.
     For further information, please visit http://www.ewbx.com, or send an
 email inquiry to ir@earthweb.com.
 
                     Consolidated Statements of Operations
                    (in thousands, except per share amounts)
                                  (unaudited)
 
                                               Three Months Ended
                                                    March 31,
                                      Actual          Actual      Pro Forma(1)
                                       2001            2000           2000
     Revenues                        $17,099         $13,658        $7,877
     Cost of revenues                  1,376           4,444           711
     Gross profit                     15,723           9,214         7,166
     Operating expenses:
      Product development              1,375           2,002           544
      Sales and marketing              9,577           9,846         3,280
      General and administrative       2,634           2,846         1,547
      Depreciation                       788             788           154
      Amortization                     3,795           4,966         2,668
      Restructuring and one-time
        charges, net                     270              --            --
        Total operating expenses      18,439          20,448         8,193
     Loss from operations            (2,716)        (11,234)       (1,027)
     Interest and other income
      (expense), net                   (980)           (397)         (262)
     Net loss                       $(3,696)       $(11,631)      $(1,289)
 
     Supplemental Financial Data:
 
     EBITDA(2)                        $2,137        $(5,480)        $1,795
 
     Cash net income (loss)(3)         $ 369        $(6,665)        $1,379
 
     Cash net income (loss)
      per share(4)                     $0.04         $(0.67)         $0.14
 
     Weighted average shares of
      common stock outstanding        10,429           9,891         9,891
 
     (1) Pro forma reflects the elimination of the education courseware and
         content businesses, which were sold and / or exited during December
         2000.  These results of operations are not meant to be pro forma
         financial statements, as required by Regulation S-X Article 11 Pro
         Forma Information, and accordingly do not reflect all adjustments
         required by these regulations.
     (2) EBITDA is calculated by adding back restructuring and one-time
         charges, interest, taxes, depreciation and amortization to net loss.
         EBITDA should not be considered an alternative to operating income (as
         determined in accordance with generally accepted accounting
         principles), as a measure of the Company's operating performance, or
         as an alternative to cash flows from operating activities (as
         determined in accordance with generally accepted accounting
         principles) or as a measure of the Company's liquidity.
     (3) Cash net income (loss) is calculated by adding back amortization and
         restructuring and one-time charges to net loss.  It is not intended to
         reflect our actual net loss per share, cash flows from operations or
         net cash flows, as determined under generally accepted accounting
         principles and reported in our periodic quarterly filing with the
         Securities and Exchange Commission.
     (4) Cash net income (loss) per share is calculated by dividing cash net
         income (loss) by weighted average shares of common stock.  The actual
         net loss per share is $(0.35) and $(1.18) for the three month periods
         ended March 31, 2001 and 2000, respectively.
 
 
                          Consolidated Balance Sheets
                                 (in thousands)
                                  (unaudited)
 
                                                    March 31,       Dec. 31,
                                                         2001           2000
     ASSETS:
     Current Assets:
      Cash and marketable securities                  $36,729        $46,479
      Accounts receivable, net                          5,195          8,293
      Prepaid expenses and other current assets         6,791          2,618
        Total current assets                           48,715         57,390
     Fixed assets, net                                  7,447          6,842
     Intangible assets, net                            37,790         40,370
     Other assets                                       5,789          5,002
        Total assets                                  $99,741       $109,604
 
     LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY:
     Current Liabilities:
      Accounts payable                                 $2,194         $2,999
      Accrued expenses                                  7,150          8,424
      Accrued interest                                  1,034          2,434
      Amounts due under acquisition agreements          5,214          4,096
      Deferred revenue                                  7,354          5,963
      Accrued restructuring charges                     3,652          8,793
      Other current liabilities                         1,195          1,259
      Notes payable -- short-term                         550            524
        Total current liabilities                      28,343         34,492
     Convertible notes payable                         80,000         80,000
     Notes payable -- long-term                            --            156
     Other liabilities                                  1,661          1,871
     Commitments and contingencies                         --             --
 
     Stockholders' (deficit) equity:
      Common stock                                        104            104
      Additional paid in capital                      125,887        125,558
      Treasury stock                                    (200)          (200)
      Accumulated other comprehensive income               74             55
      Accumulated deficit                           (136,128)      (132,432)
        Total stockholders' (deficit) equity         (10,263)        (6,915)
        Total liabilities & stockholders'
        (deficit) equity                              $99,741       $109,604
 
 SOURCE  EarthWeb Inc.