Engage Technologies beats estimates
Online marketer sets two-for-one stock split
By Cecily Fraser, CBS MarketWatch
Last Update: 10:36 PM ET Mar 7, 2000 NewsWatch
ANDOVER, Mass. (CBS.MW) -- Online marketing company Engage Technologies reported a narrower-than-expected second-quarter loss Tuesday and announced a two-for-one stock split.
The company said its second-quarter net loss widened to $27.4 million, or 52 cents a share from a loss of $10.5 million, or 22 per share, in the prior quarter.
Analysts surveyed expected the company to post a 58-cent deficit.
Revenue hit $12.8 million, a 377 percent jump from $2.7 million last year and a 54 percent increase from the first quarter.
"Our customer base has expanded rapidly, particularly among online marketers and agencies, as companies recognize the substantial value and effectiveness of our profile-driven Internet marketing solutions," said Paul Schaut, chief executive officer.
The company said it added 186 customers, bringing its total to 556.
Engage (ENGA: news, msgs) provides software and services for businesses to collect demographic profiles of Internet users. Internet holding company CMGI owns 79 percent of Engage, according to Hoovers. It's stock fell 1 1/16 to 178 ahead of the earnings report, released after the market closed. Shares rose to 189 in after-hours trade.
The company said the stock split is payable on April 3 to stockholders of record at the close of business on March 20.
Engage said its acquisition of Adsmart Corp. and Flycast Communications Corp. from CMGI, is on schedule and is expected to close in late April or early May"
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