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Andover.Net matches analyst expectations

The network of Web sites for Linux fans and other tech-savvy readers matches analyst expectations with a loss of 22 cents per share.

Andover.Net, a network of Web sites for Linux fans and other tech-savvy readers, matched analyst expectations with a loss of 22 cents per share.

The company, which is being acquired by hardware maker VA Linux Systems, had revenues of $2.8 million for the quarter ended March 31 and a net loss of $3.4 million.

Analysts surveyed by First Call expected a loss of 22 cents per share.

Revenue increased 36 percent over the previous quarter's $2.06 million and a 1011 percent increase over the $253,000 reported in the same quarter the year before. The company's net loss a year ago was $342,000.

Among other properties, Andover.Net operates Slashdot and Freshmeat, two popular Linux sites. Most of its revenue comes from advertising.

VA Linux priced its acquisition of Andover.Net at more than $1 billion when it was announced in February, less than two months after both companies went public. However, the companies repriced the deal today.

The companies valued the deal today at about $300 million, adjusting for the elimination of a $60 million cash payment VA earlier planned to make to Andover.Net, as well as the dropping stock prices of Linux companies such as Red Hat, Caldera Systems, VA and Andover.Net.