, the restructuring Internet investor and operator, posted widening second-quarter losses and is shopping three of its properties as it continues its uphill push for profitability.
The Andover, Mass., firm has received inquiries about selling some or all of its majority stake in Web and application host NaviSite
, also based in Andover. It has hired investment bank Goldman Sachs to review offers.
For the three months ending in January, CMGI posted a net loss of $2.562 billion, or $7.86 per share, compared to a loss of $2.07 per share for the first quarter.
Much of the loss was for non-cash charges related to the reduced market value of acquisitions as well as restructuting. Minus these items, CMGI’s second-quarter operating loss was $216 million, or 66 cents per share.
Revenue for the quarter was $342.7 million, up 116 percent from the same period a year ago but down 6 percent from the first quarter.
“We continue to make significant strides on our restructuring, focusing our core competencies, company assets and business activities on platforms that will build a strong base for CMGI’s future,” said David Wetherell, CMGI’s chairman and CEO.
Looking forward, CMGI expects third quarter revenue of between $280 million and $290 million and restructuring charges of between $48 million and $52 million for the third quarter. Further future guidance is expected in May after CMGI executives review the budgets from their operating companies.
Addressing cash burn, Wetherell said CMGI has $1.5 billion in cash and securities, enough to fund operations 27 months. He also said the search for a COO for the company was ongoing.
CMGI’s results were announced after markets closed Tuesday. Earlier, shares finished up 0.156, or 4 percent, to 4. In the last 52 weeks, the stock has been as high as 137 and as low as 3.625.