Lante, AppNet Shares Off After Earnings News

By David Jastrow, CRN
July 25, 2000 1:58 PM ET

David Jastrow

New York

E-marketplace integrators AppNet and Lante saw their shares decline Tuesday morning after reporting their second-quarter financial results.

AppNet reported sales of $51.2 million for the period ended June 30 after market close Monday, up 107 percent from $25.1 million for the year-ago period and 14 percent higher than the $44.7 million in sales generated during the first quarter of this year.

The Bethesda, Md.-based Web integrator, which plans to merge with e-commerce software vendor Commerce One, narrowed its loss to $16.3 million, or 48 cents a share, from a loss of $22.4 million, or $1.09 a share a year earlier.

Shares of AppNet were off 38 cents to $39.13 in late morning trading Tuesday.

"We are now the architects of a dozen B2B e-marketplaces, the e-business consultants to 25 of the Fortune 50 companies, and the builders of enterprise portals for global players," said AppNet Chairman and CEO Ken Bajaj in a prepared statement.

Meanwhile, Lante's sales surged to $23.6 million, up a whopping 231 percent above the $7.1 million in sales generated a year ago and ahead 38 percent from $17.1 million from the first quarter of this year.

The Chicago-based provider of e-marketplace services took a loss of $743,000, or 2 cents a share, compared with a gain of $724,000, or 3 cents a share, in the year-ago period.

Lante beat analysts' expectations by a penny, according to First Call.

Like many e-services firms, Lante plans to shift more of its business toward more established companies and industry-sponsored consortia, said Rudy Puryear, Lante president and CEO.

"High demand for e-market expertise continues to drive Lante's strong growth and momentum toward profitability," said Puryear in a press statement.

Share of Lante tumbled $2.56 to $21.44 on Wall Street late Tuesday morning.

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