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Tech Industry posts hefty 3Q loss

    Health Web site, Inc. (Nasdaq: KOOP) Wednesday posted a loss of $57.9 million for the third quarter, as the company streamlines and reorganizes.

    Shares of the company were off 0.06 to 0.75.

    The company, which last month said it will cut its workforce by 30 percent and bring in new management, reported a net loss of $57.9 million, or $1.60 a share. This compares to a loss of $20.6 million, or 68 cents a share, in the third quarter of 1999. This quarter's loss included $48.0 million of non-cash expenses from stock-based charges.

    Revenues were $2 million, down 31 percent from the $2.9 million pocketed in the same period last year. The company said the drop reflected the general slowdown in advertising revenue across Internet sectors.

    In the quarter, slowed its operating activities cash burn rate through its cost reduction efforts. Cash used in operating expenses was $8.5 million in quarter, a decrease from the $31.0 million used in the third quarter of 1999.

    According to a prepared release, the company said it relieved to get to the end of this "transitional quarter". "With much of the clean-up behind us, we can now focus on execution," added Ed Cespedes, President.

    Reuters contributed to this story.