Razorfish

(RAZF)

was rising on heavy volume for a second straight day after posting a quarterly profit and predicting another one in the current period.

Razorfish said net income in the first quarter was $2.5 million, or 2 cents a share, including the reversal of approximately $1.7 million of previously recorded restructuring reserves, compared to a loss of $24.9 million, or 25 cents a share. Total revenue fell to $11.25 million from $43.8 million a year earlier.

Before reimbursements for direct costs, revenue for the quarter totaled $10.8 million, up from the fourth quarter, the company said. Pro forma income, which reflects the divestitures of its European operations and excludes noncash compensation, restructuring charges and amortization of intangibles, grew to $900,000, or a penny per share, compared to a loss of $6.6 million, or 7 cents a share, a year-earlier.

Razorfish went public in 1999 at $16 a share but has steadily sold down since the collapse of the Internet bubble and is now a penny stock. The shares were recently up about 23% to 59 cents each with 1.4 million shares traded.

The New York-based Web consultant expects second-quarter revenue before reimbursements for direct costs of $10.3 million to $11.3 million and pro forma earnings of $500,000 to $1.0 million.