AppNet Continues Growth; Revenue Doubles 07/25/00
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BETHESDA, MARYLAND, U.S.A., 2000 JUL 25 (NB) -- By Kyle Balluck,
Washtech. E-business services provider AppNet [NASDAQ:APNT] said
building momentum in e-marketplaces helped double second quarter 2000
revenue and contributed to slightly stronger than expected earnings per
share.
Second quarter results showed company revenue of $51.2 million, up more
than 100 percent compared to second quarter 1999 results of $25
million.
The company reported fully taxed cash earnings per share at $0.07,
versus break-even earnings per share (EPS) in the second quarter of
1999. AppNet's earnings were 1 cent higher than a consensus estimate of
six analysts surveyed by First Call/Thomson Financial. Second quarter
EPS included expenses related to the pending merger with Commerce One
[NASDAQ:CMRC].
AppNet also reported a second quarter 2000 net income of $2.4 million,
compared to an $88,000 loss in the second quarter of 1999.
During the second quarter, AppNet formed strategic alliances with
Commerce One, eCredit, Intershop and Fairfax, Va.-based WebMethods
in an effort to strengthen its e-marketplace offerings. It also launched
ProcureZone, a business-to-business (B2B) e-marketplace for the
construction industry, and TelecomSmart, a B2B e-marketplace for small
and medium businesses in the telecommunications industry.
In June, California-based Commerce One, which builds Internet-based
commercial exchanges, said it would acquire Bethesda, Md.-based AppNet
in a stock deal that was worth about $1.4 billion before the news sent
Commerce One shares sharply lower.
AppNet shares were down $0.938, or 2.38 percent in mid-day trading to
$38.562.
Reported by Newsbytes.com, newsbytes.com
(20000725/WIRES ONLINE, BUSINESS/)
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