Internet portal and online community Lycos Inc has reported a net loss of $27.5m for the first quarter of fiscal 2000, compared to a loss of $3.6m in the year-ago period. Revenue for the quarter soared $126% to $56m but the bottom line was burdened by $28.2m in acquisition-related amortization charges. Results for the year-ago period include $11.1m in similar charges as well as a one-time gain of $10.1m from the sale of investments
Excluding charges, the Waltham, Massachusetts-based company posted pro forma net income of $714,000, up from a loss of $2.6m last year. Pro forma earnings per share were $0.01, matching the consensus estimate of analysts surveyed by First Call. Advertising revenue for the quarter rose 126% to $39m and revenue from e-commerce, licensing and other sources jumped 127% to $17m.
Pre-tax profit before amortization and one-time expenses roughly doubled to $1.2m from approximately $600,000 in the previous quarter ended July 31, the company said. During the quarter, Lycos acquired MP3 audio company IMDI Inc and online financial information service Quote.com Inc. The company also continued its worldwide growth, with the launch of properties in Korea and Latin America and the expansion of Lycos Japan.
