'Net Earnings Roundup: Ticketmaster-CitySearch tops estimates
Ticketmaster Online-CitySearch posted a smaller-than-expected loss in its second quarter Tuesday, losing $6.7 million, or 11 cents a share, on sales of $61.4 million.
First Call Corp. consensus expected it to lose 13 cents a share in the quarter.
Ticketmaster Online-CitySearch (Nasdaq: TMCS) shares closed up 11/16 to 20 13/16 ahead of the earnings report.
The $61.4 million in sales marks a 141 percent improvement from the year-ago quarter when it lost $9.2 million, or 17 cents a share, on sales of $25.5 million.
"Every line of our business grew significantly during the quarter, which demonstrates the overall strength and scalability of our business model," said CEO John Pleasants in a prepared release. "These results indicate that we continue to execute on our vision of being the leading online network to help people make the most of their cities."
Company officials also announced something it's calling the CS21 initiative which will eliminate 150 jobs, or 11 percent of the company's workforce, in the hopes of saving $7 million in expenses and helping the company reach profitability by the third quarter of fiscal 2001.
It expects to take a $1 million restructuring charge in the third quarter.
In the quarter, total network traffic increased to 800 million page views, up 153 percent from the year-ago quarter.
Ticketing sales jumped 125 percent to $40 million in the quarter as it sold 5.4 million tickets.
City Guide and related sales increased 160 percent to $17.1 million in the quarter, up from $6.6 million in the year-ago period.
Its sponsorship and advertising sales improved 265 percent to $4.3 million from $1.2 million in the second quarter of 1999.
Last quarter, Ticketmaster Online-CitySearch posted a loss of $48.6 million, or 57 cents a share, on sales of $46.5 million.
Among other companies reporting earnings after the bell Tuesday:
First Call Corp. consensus expected it to lose 50 cents a share in the quarter.
In the year-ago period, Egghead.com lost $22.2 million, or 60 cents a share, on sales of $122 million.
Egghead.com also said CEO Jerry Kaplan had stepped down from the top post and will be replaced by COO Jeff Sheahan. Kaplan will serve as co-chairman of the company.
Its shares closed unchanged at 2 29/32 ahead of the earnings report.
First Call Corp. consensus expected the Internet consulting and Web site designer to earn 7 cents a share in the quarter.
The $76.6 million in sales marks a 91 percent jump from the year-ago quarter when it earned $4.6 million, or 5 cents a share, on sales of $40 million.
Razorfish shares closed up 55/64 to 20 31/64 ahead of the earnings report.
A survey of analysts by First Call Corp. predicted it would lose 63 cents a share in the quarter.
In the year-ago quarter, it lost $14.7 million, or 74 cents a share, on sales of $755,000.
Separately, PlanetRx.com said it would get as much as $50 million in the form of an equity line from Alpha Venture Capital Inc., a member of the Alpha Group of Funds. The company said it expected to use its financing and existing cash balances for working capital and general corporate needs.
PlanetRx.com shares closed up 27/32 to 1 3/4 ahead of the earning report.
First Call Corp. consensus expected it to lose 31 cents a share in the quarter.
The $18.7 million in sales marks a 593 percent jump from the year-ago quarter when it lost $8.8 million, or 49 cents a share, on sales of $2.7 million.
MyPoints.com shares closed off 1/16 to 16 15/16 ahead of the earnings report.
First Call Corp. consensus expected it to lose 22 cents a share in the quarter.
In the year-ago period, it lost $1.2 million, or 18 cents a share, on sales of $1.2 million.
L90 shares closed off 5/16 to 9 3/16 ahead of the earnings report.