Santa Clara, CA-based USWeb/CKS reported a 1999 first quarter
net loss of $51.7 million or $0.73 per share, which included non-cash and
merger-related charges, compared with a net loss of $15.3 million or $0.29
per share in the first quarter of 1998.
Revenues for the first quarter were $84.1 million, up from revenues of
$39.3 million in the first quarter of 1998.
During the fourth quarter of 1998, the merger between USWeb Corp. and CKS
Group was completed. The merger was accounted for as a pooling of interests.
During the first quarter of 1999, the company recognized costs directly
associated with the merger of $5.3 million, which, combined with merger costs
incurred in the fourth quarter of 1998, brings the total of merger and
integration costs to $34.2 million.
“The first quarter of 1999 demonstrates the momentum USWeb/CKS has created
in the market. We grew the business 16 percent sequentially while at the same time
accomplishing major integration milestones. . .” said CEO Robert Shaw.
Client activity in the first quarter of 1999 included e-commerce services for
Dick’s Sporting Goods, Honeywell, Jenny Craig, National Airlines, Sony Music
and Tower Records. In the financial services industry, clients include,
E*OFFERING, Net.B@nk
and PIMCO. International-based clients include BBC, Bayer AG and IKK
Bundesverband, the largest health insurance company in Germany.