canoe.ca
itemus inc. well capitalized despite
$2.2-million quarterly loss
TORONTO (CP) -- itemus inc., a gold miner turned
Internet enterprise incubator, has reported a quarterly
loss of $2.2 million US on revenue of $300,000.
In its previous quarter, itemus, which disdains capital
letters in its corporate name and reports in U.S. dollars,
lost $20 million on revenue of $100,000.
During the second quarter, itemus -- launched in
mid-February to invest in and develop companies with
promising Internet applications or business models --
invested more than $35 million worth of cash and shares
in two acquisitions and 10 minority stakes.
Its investments to date total $50 million; it retained $18
million cash on hand as of Aug. 15.
"Our performance reflects a solid second quarter in line
with our continued steady build-out, which is likely to
continue for two more quarters," Jim Tobin, president
and CEO of itemus -- formerly Vengold Inc. -- said in a
statement Wednesday.
"We believe we can produce self-sustaining results in
2001 as an Internet operating company."
Shares in itemus, which traded far under $1 as Vengold,
closed Wednesday at $1.20 on the Toronto Stock
Exchange, off six cents on the day and down from a
new-economy spike as high as $4.83 in early March. |
