CoolSavings Will Meet Street Estimates for Q4 and 2001
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Online incentive marketer CoolSavings said Monday that it expects its fourth-quarter and fiscal year losses to be in line with analyst estimates.
CoolSavings said it expects to post a net loss of $8.2 million to $8.7 million, or $0.21 to $0.22 on a per-share basis. A year ago, the company posted a net loss of $7.1 million, or $0.22 per share.
The company also gave fourth quarter revenue guidance of $12 million to $13 million, in line with analyst expectations.
CoolSavings also gave lowered guidance for its 2000 fiscal year performance, anticipating a pro forma net loss of $33.6 million to $34.1 million -- about $0.92 to $0.94 cents per share. Wall Street had expected a loss of $0.91 per share.
CoolSavings chairman and chief executive Steven Golden said the company will be rolling out several new products and services that the company expects "will help us attain our revenue and profitability goals." Those include more e-mail newsletters, a Web-based shopping-comparison bot, and Web-based couponing for restaurants.
CoolSavings also said it will begin offering its technology to online marketers as a solution to help them manage their databases and consumer modeling.
The company also said it plans to hasten its foreign expansion, to create vertical or special-interest sites and to begin selling "CoolSavings' branded products and services directly to our members."
At press time Monday, shares of CSAV were trading down 8.75 percent at $1.14, following an erroneous First Call/Thompson Financial report that the firm had missed analyst estimates.
"CoolSavings continues to illustrate that our model works," Golden said. "As we move through the fourth quarter, we are extremely well-positioned and prepared to capitalize on the many initiatives put in place and the new and current partnerships we've developed."
The news comes shortly after the Chicago-based company narrowly missed Wall Street estimates in its third-quarter results, posting a loss of $8.5 million, or about $0.21 per share. Street consensus expected a loss of $0.20.