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.
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.