Both BackWeb (Nasdaq:BWEB) and RadView (Nasdaq:RDVW) announced deeply disappointing results for the third quarter.
BackWeb revealed third-quarter revenues of $4.5 million, less than half the $11.7 million achieved in Q3 2000. Its result even inched below its second-quarter performance of $4.6 million revenue.
Net loss for the third quarter of 2001 was $5.5 million, or 14 cents per share, against a net loss of $500,000, or 1 cent per share in the same period last year.
In the second quarter it lost $8.2 million, or 21 cents per share.
These figures exclude amortization related to goodwill, other intangibles and deferred stock compensation and a one-time restructuring charge in the third quarter of 2001.
Including charges, net loss for the third quarter of 2001 was $9.2 million, or a loss of 24 cents per share compared with a net loss of $1.5 million, or a loss of 4 cents per share in the same period last year. In the second half it lost $11.6 million, or 30 cents per share.
In the third quarter the company took a $2.8 million one-time restructuring charge, worth 7 cents per share.
The company claimed to have met its goals and milestones. "¿ we are encountering solid indications that the latest terror and computer virus events have raised the need and awareness for critical and reliable communications within many of our potential customers," commented chairman and chief executive Eli Barkat.
RadView reports disappointing results, job cuts
Third-quarter RadView Software (Nasdaq:RDVW) results were way below expectations, admitted president & CEO Ilan Kinreich. But cost-saving measures enabled it to lift pro-forma loss above guidance, he added.
The company, which provides solutions for verifying the performance, scalability and integrity of Web applications, reported third-quarter revenues of $1.7 million compared to $3.1 million in the parallel.
Pro forma net loss for the third quarter was $3.9 million, or 24 cents per share, compared to $2.8 million, or 19 cents per share, for the third quarter of 2000.
Pro forma net loss for the third quarter of 2001 excluded a restructuring charge of $1.2 million and non-cash stock-based compensation expense of $114,000.
Net loss for the third quarter was $5.1 million, or 32 cents per share, compared to $3.3 million, or 54 cents per share, in the corresponding quarter of 2000.
RadView also announced a 20% workforce reduction effective October 5, 2001.