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Strategies & Market Trends : January Effect 2002 -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (14)	12/11/2001 5:50:40 PM
From: RockyBalboa	Respond to of 91

UPDATE 1-CMGI slows cash burn, Q1 loss narrows Reuters Company News - December 11, 2001 17:11 (Recasts, adds details throughout) ANDOVER, Mass. Dec 11 (Reuters) - CMGI Inc. on Tuesday said its fiscal first-quarter net loss narrowed significantly, but warned its full-year revenue would fall below its previous forecast as the Internet firm aggressively restructures to keep its Internet businesses afloat. CMGI expects revenue in the current fiscal second quarter to be $210 million to $220 million, which would mark the first sequential increase since the fourth quarter of fiscal 2000. CMGI expects full-year revenue of $900 million to $950 million for the fiscal year ending July 31, lower than CMGI's previous estimate of about $1.11 billion. CMGI also said it would file amendments to its 2001 annual report filed with the U.S. Securities and Exchange Commission to reflect "inadvertent errors" made in the calculation of certain noncash items. The effect of the corrections will increase CMGI's fiscal 2001 net loss by $110.3 million, or 2 percent, to $5.49 billion. The errors also will increase the company's fiscal fourth-quarter net loss by $110.8 million, or 9 percent, to $1.33 billion. After the market closed, CMGI, whose properties include search engine AltaVista, reported a net loss of $224.8 million, or 65 cents a share. That compared with a net loss of $636.6 million, or $2.07 a share, in the year-ago quarter. CMGI said they expect their cash and cash equivalents to be down to $250 million at the end of fiscal 2002. That's about $75 million less than the company previously estimated. CMGI's revenue fell to $200.7 million, down from $358 million in the year-ago quarter. CMGI shares closed up 31 cents, or 15.58 percent, to $2.30 Tuesday. The stock is off about 56 percent this year, underperforming the 19 percent decline on Nasdaq.