Engage Posts Loss on Higher Revenues
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Profile driven Internet marketing company Engage Technologies Inc. posted a fourth quarter (ended July 31, 1999) net loss of $10.8 million, or $0.26 per share, compared to a net loss of $4.6 million, or $0.25 per share, in last year's fourth quarter.
Revenues for the fiscal 1999 fourth quarter were $7.0 million, a 338 percent increase from last year's fourth quarter, the company said.
Engage raised $94.8 million, net of issuance and other deal related costs, in its initial public offering on July 20, 1999.
Revenues for the fiscal year ended July 31, 1999 grew to $16.0 million compared to $2.2 million in fiscal 1998.
For the 1999 fiscal year, net loss was $32.0 million, or $0.89 per share, compared to a net loss of $13.8 million, or $0.83 per share last year.
Paul Schaut, president and chief executive officer, said that in the fourth quarter, Engage added 33 new customers including FasTV.com, Infomove, TheBigStore.com, TheBigHub.com and theglobe.com. As of July 31, 116 of the company's total of 335 customers used two or more of Engage's products and/or services.
"We are optimistic about the opportunities before us as we head into fiscal 2000. Engage intends to broaden its family of products and services targeted at Web publishers, advertisers and merchants," Schaut said.
There was no word on when the company may attain profitability. Engage is a majority-owned operating company of Internet holding company CMGI Inc.