By Staff, Newsbytes
SAN RAMON, CALIFORNIA, U.S.A.,
02 Apr 2001, 7:14 AM CST
Internet Pictures Corp. [NASDAQ:IPIX], involved in imaging
on the Internet, has announced a net loss of $24.6 million for the
fourth quarter ended Dec. 31, 2000, on revenue of $12.7 million. The
company added that it has cut its workforce by 60 percent since
October 2000.
The company said that the net loss for the quarter, excluding merger
expenses, restructuring expenses and non-cash charges related to
stock-based compensation and amortization of intangible assets, was
$0.40 per share.
For the year-end, total revenue was $53.7 million, compared to
$12.5 million for the same period last year. Net loss for the year,
excluding merger and restructuring expenses, restructuring expenses,
goodwill and non-cash charges related to stock-based compensation and
amortization of intangible assets, was $88.1 million or $1.56 per
share, compared with a net loss of $56.9 million or $2.21 per share
for 1999.
With regard the workforce reduction, the company added that 72
percent of vice president and senior management level positions have
been eliminated.
Said Jim Phillips, chairman and CEO of iPIX. "The company will focus
on near-term high margin opportunities while we delay the launch of
several new initiatives due to overall economic conditions. We will
aggressively enter new markets as economic conditions improve."
The company added that its "transforming strategy" with regard to
"real estate, expanded business through indirect channels, and focus
on high-margin revenue businesses" has resulted in a 75 percent
decrease in operating expenses on a quarterly basis, which in turn
have been the result of workforce reductions, consolidation of
physical sites, and "more streamlined operations."
Now the company is projecting a loss of just $0.21 for the first
quarter 2001, a loss of about $0.08 for the second quarter, and
actual profitability in the fourth quarter.
In addition to already announced alliances with Homestore, eBay, and
IBM, the firm said it is "actively discussing alliances in the
insurance, entertainment, surveillance and observation, justice,
travel and other markets that can benefit from immersive imaging and
iPIX's imaging infrastructure solutions," and that it is continuing
negotiations on a private round of financing.
Reported by Newsbytes.com, http://www.newsbytes.com .
07:14 CST
(20010402/WIRES TOP, ONLINE, PC, BUSINESS/JOBCUTS/PHOTO)
