AppNet, Xpedior charge past 4Q forecasts
AppNet Inc. (Nasdaq: APNT) slipped past analysts' estimates in its fourth quarter Wednesday, earning $2 million, or 5 cents a share, on sales of $34.9 million.
First Call consensus expected the e-commerce marketing firm to earn 4 cents a share in the quarter.
AppNet shares closed up 2 1/4 to 51 3/8 ahead of the earnings report.
The $34.9 million in sales represents a 60 percent jump from the year-ago quarter when it lost 7 cents a share on sales of $21.8 million.
For the year, it pocketed $5 million, or 7 cents a share, on sales of $112.3 million, up 62 percent from fiscal 1998 when it lost 9 cents a share on sales of $69.2 million.
"Throughout 1999 we have maintained a relentless focus on our end-to-end e-business model, and these excellent results clearly demonstrate that our model has been validated by our customers and the industry," said CEO Ken Bajaj in a prepared release."
Last quarter, AppNet earned 5 cents a share on sales of $30.1 million.
AppNet shares moved up to a 52-week high of 67 1/4 in January after falling to a low of 8 5/8 in June.
First Call consensus expects AppNet to earn 22 cents a share in fiscal 2000.
Its shares closed off 2 3/16 to 24 7/16 ahead of the earnings report.
First Call consensus expected the Internet consulting firm to lose 20 cents a share in the quarter.
In the year-ago quarter, it lost $300,000, or 1 cent a share, on sales of $29.4 million.
Company officials credited the 63 percent jump in sales to a healthy demand for e-business consulting, continued execution of Xpedior's strategic plan, an increase in consultant staff and a favorable pricing environment.
"We ended the calendar year with solid business momentum and expect our revenues to accelerate throughout the coming year," said CEO David Campbell in a prepared release.
Among the new projects initiated during the quarter, Xpedior said 26 are expected to exceed $1 million in revenue each and two of them are expected to exceed $10 million in revenue each.