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Earnings, underwriter can&#039t cushion i3 Mobile slide

i3 Mobile (Nasdaq: IIIM) fell 15 percent after the company reported a first-quarter loss of 63 cents a share, despite a bullish rating Tuesday.

The provider of customized media for wireless users, which just went public on April 6, saw shares fall 2 3/4 to 15 3/4 this morning following its earnings news reported after Monday's bell.

Deutsche Banc Alex Brown, lead underwriter for the company's IPO, initiated coverage of the stock with a "strong buy" rating Tuesday.

Net loss for the first quarter was $3.6 million, or 63 cents a share, compared with a net loss of $0.8 million, or 12 cents per share, in the first quarter of 1999. The company reported revenue of $910,000 for the first quarter of 2000, an increase of 78 percent from $510,000 in the comparable period last year.

Including non-cash dividends, net loss applicable to common stockholders was $6.3 million, or $1.09 per share, compared with $1.2 million, or 18 cents a share, in the first quarter of 1999.

At the end of the first quarter of 2000, i3 Mobile had 700,000 total users, up 180 percent from the period last year.

i3 Mobile's competitors include (Nasdaq: PHCM), (Nasdaq: INSP), and (Amex: DLK).

First Call did not have a consensus estimate for the stock. >