Today's big loser was online advertising firm Engage Inc. of Andover, which announced that, as part of a corporate consolidation, it was firing 175 workers, or about 13 percent of its 1,350-person workforce.

The news, which came after markets closed on Wednesday, came at the same time as Engage announced fourth-quarter and fiscal 2000 results that beat analyst expectations but still showed heavy losses, as well as growing revenues.

Engage said the job cuts would result in a one-time charge of between $3.5 million and $4 million in the current quarter but ultimately save $21 million in annual operating costs.

The company's stock is down a stunning 91 percent from its 52-week high of 94.5, closing Wednesday at 8.0625.

Last week two other CMGI subsidiaries, AltaVista Co. and iCast.com, fired 25 percent and 12 percent of their workforces, respectively.

CMGI itself earlier this month announced a restructuring designed to spur subsidiaries of the Net holding company more quickly into the black.

For Engage's part, a continuing tide of red ink forced the firm's hand. In the fourth quarter ending in July, Engage lost $23.9 million, or 14 cents a share, which beat the 28 cents per share loss predicted by analysts polled by Thomson Financial /First Call. In the third quarter Engage lost $38.3 million, or 22 cents a share.

Including amortization of goodwill and other intangible assets, stock compensation, research and development and acquisition costs, Engage lost $112.3 million, or 64 cents a share, compared to third-quarter losses of $196.5 million, or $1.14 a share.

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Quarterly revenues were $66.7 million, quadrupling last year's fourth-quarter earning and up 14 percent over the third quarter.

For the fiscal year ending in July Engage lost $96.8 million, or 67 cents a share, compared to analyst predictions of an 84 cent per share loss. Last year the firm lost 45 cents a share.

Including amortization of goodwill, acquisitions and other costs, net loss for 2000 was $377.9 million, or $2.61 per share, compared to 1999 losses of $46.6 million, or 61 cents per share.

Annual revenues were up more than six times over 1999, to $176.8 million.

To cut costs Engage CEO Paul Schaut decided to streamline operations, consolidating the company's five business divisions into two, media and software.

The media division combines the former media, business media, AdKnolwedge and I/PRO divisions, as well as new email offerings. The software division comprises the former enabling technologies division and the recently acquired MediaBridge.

Schaut said integrating the several companies purchased by Engage last year "has resulted in natural redundancies that led to this consolidation. Our objective with this action is twofold: to achieve profitability as soon as possible and to deliver in a unified fashion interactive marketing solutions that maximize the return on our customers' marketing dollars, both in the U.S. and abroad."

Schaut said the reorganization would help the company integrate its marketing, analysis and media functions.

"Engage has acted quickly to conform to the new realities of the global Internet economy, which requires all Internet companies to show a solid plan and progression toward profitability," he said. "In addition, the company's new structure positions it to take full advantage of the rapidly growing marketing infrastructure and media businesses."