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Onsale beats revised estimates
By Sandeep Junnarkar
Staff Writer, CNET NEWS.COM
July 30, 1998, 11:15 a.m. PT
Onsale today announced that it has surpassed First Call's updated earnings-per-share estimate for its previously announced second-quarter earnings, based on analysts' expectations.
First Call, a research group that provides earnings estimates and corporate information to the financial community, revised its consensus of analysts' estimates for Onsale's second quarter from a 20-cent-per-share loss to a loss of 22 cents per share.
On Wednesday, Onsale reported a net lot of 21 cents per share. The loss included a previously announced one-time marketing payment to Cendant, relating to a partnership forged with Resort Condominiums International. (See related story)
After the online auctioneer reported its financial results, it contended that the one-time marketing payment was not included in all of the analysts' estimates provided to First Call. First Call then corrected the numbers in all of its earnings estimates to reflect the charge, resulting in the revised loss of 22 cents per share for the second quarter.
"There was a lot of confusion about whether or not we were in line with analysts' expectations," said Jerry Kaplan, Onsale's president and CEO. "This caused a substantial amount of erroneous information in the press, leading to some frustration among shareholders."
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