Earnings report on Marketwatch. Losses also up hugh. .91 per share compared to .14 year ago.
By Debra McGarry, CBS MarketWatch
Last Update: 7:54 PM ET Aug 25, 1999
Also: NewsWatch
PLANTATION, Fla. (CBS.MW) -- Mortgage.com shares closed up 88
percent ahead of the release of the company's second-quarter results,
apparently buoyed by the belief that the Fed's 25-basis-point rate hike
may benefit a company that promises to cut costs typically associated with
mortgage loans.
The Internet mortgage
company is in a post-IPO
quiet period until next month.
On Aug. 11, the stock
(MDCM: news, msgs)
soared 44 percent in its stock-market debut at an
$8 offering price. See IPO Report.
After the market closed Wednesday, the company
posted a net loss of $8.6 million, or $1 a share, in
the second quarter, compared with a loss of
$763,000, or 14 cents, in the year-ago quarter.
Excluding amortization of stock-based
compensation, the loss came in at $7.7 million, or
91 cents a share.
No estimates were available from First Call.
Revenue during the quarter surged 66 percent to
$14.3 million from $8.6 million in last year's second quarter.
Shares closed up 7 3/16 at 15 3/8, with 11.2 million shares trading hands. |
