Critical Path Posts Fourth-Quarter Loss, Says SEC Probe Ends

Critical Path(CPTH Quote) reported a fourth-quarter loss of $15.6 million, or 21 cents a share, compared with net income of $86.9 million, or $1.17 a share, in the third quarter. The company also said a Securities and Exchange Commission probe into it had ended with no fines being assessed.

Excluding extraordinary gains, the company lost $53.5 million, or 71 cents a share, in the fourth quarter, compared with a loss of $50.3 million, or 68 cents a share, in the third quarter.

Total fourth-quarter revenue was $23.2 million, down from $26.8 million last quarter.

The software and service provider also provided guidance for the first quarter, saying it expects revenue of $22.5 million to $24.0 million. For the full year, the company expects revenue of $118.0 million to $128.0 million, and based on these projections, the company expects positive EBITDA in the fourth quarter of 2002.

In a separate announcement, Critical Path also said that the SEC has ended its investigation into the company with no fines being issued.

Share of Critical Path closed at $2.92 Monday on the Nasdaq.