Razorfish Reports 4Q, 2001 Losses

Razorfish

In the quarter ended Dec. 31, Razorfish said total revenue was $13.8 million. Net loss for the quarter was $7 million, or 7 cents per share.

Thomson Financial/First Call had predicted a loss of 20 cents per share.

Also in the fourth quarter, Razorfish's pro forma revenue was $11.1 million, down about $1.5 million from the previous quarter.

Before charges, Razorfish's net income for the fourth quarter of 2001 was $600,000, or 1 cent per share. The solution provider, headed by CEO Jean-Philippe Maheu, recorded a charge of $6.8 million in relation to the sales of European offices in England, Finland and Italy.

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The company lost the same amount before charges in the third quarter of 2001.

Razorfish's sales were down by well over half, compared with the year-ago fourth quarter. Then, Razorfish reported a loss before charges of $19.8 million, or 20 cents per share, on sales of $50.1 million.

Still, Razorfish landed new customers in the quarter, including Comcast and Western Union.

"We're pleased to have regained profitability on a pro forma basis," Maheu said.

For the year ended Dec. 31, the company reported a net loss of $183.9 million, or $1.83 per share, on revenue of $104 million. For 2000, Razorfish reported a net loss of $148.9 million on sales of $267.9 million.

In a conference call with analysts and media Tuesday, Maheu named Robert Lord Razorfish's COO.

Razorfish, which currently has about 275 employees, closed Tuesday at 19 cents per share.