TheStreet.com Posts Narrower-Than-Expected Fourth-Quarter Loss
TheStreet.com
(TSCM)
posted a narrower-than-expected loss in its fourth quarter, helped in part by a 33% rise in quarterly advertising revenue.
Excluding one-time charges, the New York-based publisher of this Web site lost $5.6 million, or 20 cents a share, compared with a loss of $9.1 million, or 36 cents a share, in the same period last year. Five analysts surveyed by
First Call/Thomson Financial
were expecting a loss of 28 cents a share for the quarter.
Factoring in one-time charges, the company's loss widened to $24.6 million, or 90 cents a share, compared with a loss of $11.8 million, or 47 cents a share, a year ago. The one-time charges included $17.6 million in restructuring costs relating to the termination of its joint venture with
The New York Times
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, staff layoffs and other items; and a $1 million loss relating to the closing of its U.K. operation.
Quarterly revenue grew 23% to $6.3 million, compared with $5.1 million in the year-ago period.
Fourth-quarter advertising revenue was $3.9 million, a 33% rise over year ago levels and an increase of 38% from the third-quarter 2000 figure.
TheStreet.com offered no guidance for the remainder of 2001 in its press release, but scheduled a conference call with analysts for 11 a.m. ET Thursday. Analysts polled by First Call are expecting the company's full-year losses to narrow to 72 cents a share in 2001 from $1.55 a share in 2000.
Shares of the company were up 6 cents, or 2.7%, to $3.56 in recent
Nasdaq
trading.
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