Re: IPIX Reports Q4 Loss, Cuts Staff

[gene360@xxxxxxxxx]

Looks like IPIX is getting the're just
rewards!  (how sweet)  I mean "what a shame!

simonwide wrote:

> http://www.newsbytes.com/news/01/163946.html
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   [Newsbytes]    [Image]

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                 IPIX Reports Q4 Loss, Cuts Staff
                 [Image]
  [Image]        [Image]
                 By Staff, Newsbytes
                 SAN RAMON, CALIFORNIA,
  [Image]        U.S.A.,
                 02 Apr 2001, 7:14 AM CST
  [Image]
                 Internet Pictures    [Image]
                 Corp. [NASDAQ:IPIX],
  [Image]        involved in imaging on the
                 Internet, has announced a
                 net loss of $24.6 million
  [Image]        for the fourth quarter ended
                 Dec. 31, 2000, on revenue of
                 $12.7 million. The company
  [Image]        added that it has cut its
                 workforce by 60 percent
  [Image]        since October 2000.

                 The company said that the
  [Image]        net loss for the quarter,
                 excluding merger expenses,
                 restructuring expenses and
  [Image]        non-cash charges related to
                 stock-based compensation and
                 amortization of intangible
  [Image]        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
          [Image]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)

                    © 2001 The Washington Post
                             Company

                 [Image]

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