Infospace narrows quarter loss
BANGALORE: tHE Bellevue based company posted full year revenues of $136.1 million.
"Our team made significant progress this past year aligning costs with revenues and maintaining a strong, debt free balance sheet," said Jim Voelker, chairman, CEO and president of InfoSpace, Inc. "We are pleased with our fourth quarter results, as we reported sequential revenue growth and significant cost reductions."
In accordance with Generally Accepted Accounting Principles (GAAP), net loss for the fourth quarter was $64 million, or a loss of $2.07 per basic share. The principal difference between GAAP net loss and pro forma net income for the quarter was the impairment of goodwill and other intangibles of $60.9 million. This charge is based on a preliminary independent valuation report. For the full year, the GAAP net loss was $344.8 million, or a loss of $11.16 per basic share, which included the cumulative effect of a change in accounting principal of $206.6 million under the adoption of SFAS 142, the accounting standard related to goodwill. For 2001 InfoSpace reported a GAAP loss of $102 million in the fourth quarter and a GAAP loss of $502.1 million for the full year.
Pro forma net income for the fourth quarter was $1.7 million, which included $4.1 million of non-cash depreciation. Pro forma EPS (earnings per share) was $0.05 per fully diluted share. EPS information within this press release reflects the 1-for-10 reverse stock split approved by InfoSpace's shareholders on September 12, 2002. For the full year pro forma net loss was $11.8 million, or a loss of $0.38 cents per basic share post split. For the fourth quarter 2001, InfoSpace reported a pro forma net loss of $5.5 million, including non-cash depreciation of $5.2 million, or a loss of $0.18 cents per share post split. For the full year 2001 the Company reported a pro forma net loss of $20 million or a loss of $0.63 cents per share. Pro forma results exclude impairment and amortization of intangibles and certain other items as detailed in the footnotes in the following financial tables.
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