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Infoseek posts loss, to sell stock

The company announces fourth-quarter and year-end results, and says it intends to raise capital through the sale of 2.5 million to 3 million shares of its common stock.

Infoseek (SEEK), a media and navigation service, announced fourth-quarter and year-end results today, and said it intends to raise capital in the first quarter of 1998 through the sale of 2.5 million to 3 million shares of its common stock.

The company announced a fourth-quarter net loss of $4.1 million, or 15 cents per share, compared with an almost identical loss of $4 million, or 15 cents per share, a year ago. Fourth-quarter revenue soared by 105 percent, to $12.5 million, compared to $6.1 million reported for the same period last year.

The Web search service said it lost $17.3 million, or 65 cents per share, excluding a restructuring charge, for the year ended December 31, 1997, compared with a net loss of $15.9 million, or 73 cents per share, last year. Including the charge, Infoseek reported a net loss of $24.6 million, or 93 cents per share. Year-end revenues climbed 129 percent, to $34.6 million, vs. $15.1 million last year.

Net proceeds from the planned offering are expected to be used for general corporate purposes, capital expenditures, and working capital. All shares being sold are primary company shares.

Reuters contributed to this story