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Critical Path names new CFO, reiterates outlook

The Internet messaging services provider said Lawrence Reinhold will replace Mark Rubash, who resigned due to a family illness, as its new chief financial officer.

Reinhold formerly served as managing partner at PricewaterhouseCoopers.

Ahead of the announcement, Critical Path (Nasdaq: CPTH) shares closed off $1.06 to $27.94.

The company also reiterated its previous guidance of a slight profit in its fourth quarter and fiscal 2001.

Earlier this quarter, Critical Path told analysts to expect sales of between $300 million to $310 million in fiscal 2001, up 95 percent from fiscal 2000.

First Call Corp. consensus expects it to earn 1 cent a share in its fourth quarter and 40 cents a share in fiscal 2001.

"We are extremely excited to have Larry join the Critical Path leadership team," said CEO Doug Hickey in a prepared release. "We selected Larry for three important criteria: experience managing growth and expanding margins, hands on leadership, and fit within the CP team and the dynamic market opportunity."

Last quarter, Critical Path posted a pro forma loss of 14 cents a share on sales of $44.9 million.

The stock moved as high as $119.50 in March before sliding to a low of $19.38 in November.

All 16 analysts tracking the stock rate it either a "buy" or "strong buy."