The Company reported a cash earnings loss (loss before depreciation, amortization and non-cash stock-based compensation charges) of $5.8 million or $0.15 per share for the first quarter of 2001, compared to a loss of $9.3 million or $0.29 per share for the fourth quarter of 2000. The fourth quarter of 2000 results exclude $4.5 million of non-recurring charges related to write-downs of notes receivable.
In addition, the Company reported a net loss of $12.0 million or $0.32 per share for the quarter, as compared to a net loss of $16.5 million or $0.51 per share in the fourth quarter of 2000.
Cash and marketable securities on March 31, 2001 totaled $28.4 million compared to $29.0 million on December 31, 2000. The Company continues to carry no long-term debt. The cash used in continuing operations was $6.4 million during this first quarter.
We are continuing to experience an increase in the demand for our technology; and we are pleased with our solid performance in the first quarter. Our objective is to continue to fuel the revenue momentum and at the same time maintain a tight and efficient operation in order to achieve operating cash flow breakeven by this calendar year-end, commented Bob Rice, Viewpoint Corporation’s Chairman, President and CEO.
