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Viant tops 2Q estimates

Viant Corp. (Nasdaq: VIAN) said Thursday second-quarter earnings were 6.3 million, or 11 cents per diluted share, topping First Call's expected profit of 6 cents a share.

Revenue for the second quarter was $38.5 million, up 26 percent sequentially from $30.6 million for the first quarter, and up 251 percent from $11.0 million for the second quarter of 1999. Gross margin increased to 61 percent, up from 59 percent in the previous quarter.

Shares in the Internet consulting company closed at 35 11/16 Wednesday. Competitor Scient (Nasdaq: SCNT) took a tumble recently over concerns its dot com clients may not be able to pay up.

Net income of $6.3 million, or 11 cents a share, compared to $5.6 million, or 10 cents a share in the first quarter of 2000. In the same quarter last year, Viant reported a net loss of $1.8 million, or 5 cents per share.

As a result of its continued profitability, Viant reversed the entire valuation allowance previously carried on its deferred tax assets, resulting in a $1.8 million credit to the provision for income taxes in the quarter.

The company said strong revenue and earnings growth is due to new project work for established clients.