DiamondCluster Reports Another Tough Quarter

Net loss for the quarter was $31.9 million, or $1.02 per diluted share, compared to a loss of $27.3 million, or 89 cents per diluted share, for the same period last year.

Revenue for the fourth quarter came in at $36.1 million, down more than 50 percent from the $74.9 million brought in for the previous year's quarter. And cash earnings per share loss was 7 cents per diluted share for the quarter, compared to income of 19 cents for last year's quarter.

For fiscal 2002, net revenue was $181.2 million, down from $266.5 million for fiscal 2001. Net loss for the year was $133.7 million ($4.34 per diluted share), compared to a net loss of $12.9 million (49 cents per diluted share) for 2001.

The good news, says the company, is that revenue loss appears to be stabilizing and net loss decreased quarter over quarter, from a net loss of $43.1 million, or $1.39 per share, in the third quarter of fiscal 2002.

Chairman and CEO Mel Bergstein in a statement said the company's North American operations posted a sequential increase of 8 percent, the first sequential increase in six quarters. However, business in Europe and Latin America remained weak. Bergstein expects the company to increase North America net revenue by between 5 and 10 percent for the next quarter, with Europe and Latin America remaining flat.

The company ended the quarter on March 31, 2002, with a cash balance of $96.8 million.