topped analysts expectations for its second quarter, and raised its per-share financial guidance for the remainder of 2001.
The company reported a loss, excluding certain items, of $6.6 million, or 17 cents per share, on revenue of $37.6 million. Analysts were expecting a loss of 22 cents per share on $36.8 million in revenue, according to
Thomson Financial First Call
In a news release, the company said it anticipates a loss of 11 cents per share for the third quarter and a loss of five cents per share during the fourth quarter. Analysts had estimated a third-quarter loss of 17 cents per share and a 12-cent loss during the fourth quarter. The company reiterated its previous guidance that revenues should grow 5% sequentially in each of those quarters and that it will break even, on an operations basis, during the first quarter of 2002.
The company attributed its raised guidance to a restructuring of its business. During the second quarter, the company took a $6.4 million restructuring charge, a $204.3 million goodwill write-off for its acquisition of
, and a $3.4 million charge related to its canceled merger with
Before releasing its results, the company's stock rose $1.22, or 6.9%, to $18.95 during regular trading. Unlike most of the once-highflying technology companies that made their names during the "B2B" craze of 1999 and 2000, FreeMarket's stock has been staging a notable come back. It's up 175% since its April lows, though it's still well below its all-time high of $370, reached at the end of 1999.