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Spyglass scrapes by 1Q estimate

Spyglass Inc. (Nasdaq: SPYG) fell 8 percent Wednesday after it said it lost 4 cents a share in its first quarter fiscal 2000, scraping by First Call's predicted loss of 5 cents a share.

Shares were down 3 1/2 to 49. Spyglass, which provides Internet consulting, software and professional services for the interactive television and mobile data markets, hit a new high in January on analyst comments.

Revenue of $8.2 million was an increase of 42 percent over the prior year's first quarter. The strong increase in revenue was driven by a 78 percent improvement in technology licensing revenue combined with a 25 percent increase in revenue from professional services, the company said.

The loss of 4 cents a share is much narrower than the loss of 11 cents a share in the prior year's first quarter. The loss excluded a gain from its sale of SurfWatch of $1.41 per share and a non-recurring restructuring charge of 5 cents per share. Spyglass's first quarter diluted earnings including these one-time events was $1.32 per share.

In November, Spyglass sold its SurfWatch Software subsidiary to JSB Software Technologies (Easdaq: JSBS) for $17 million cash proceeds and 800,000 shares of JSB which resulted in an after tax gain of $26.4 million. As of December 31, 1999, the shares of JSB held by Spyglass had a market value of $39.6 million, an additional $27.6 million increase in value from the date the transaction closed. JSB trades on the Easdaq, a Pan European exchange.

Spyglass said its improved balance sheet will allow it to expand in the interactive television and mobile data communications markets. In October, Spyglass restructured the management team of its professional services organization