e-Net posts big loss in fourth quarter

Telecommunications software provider e-Net Inc. (Nasdaq: ETEL) reported a fourth-quarter loss of $3 million, or 37 cents a share, on sales of $555,000. Its shares closed off 3/8 to 4 3/4 ahead of the earnings report.

There was no First Call consensus estimate for this quarter.

In the year-ago period, it lost $1.5 million, or 27 cents a share, on sales of $344,000.

For the year, e-Net lost $9.2 million, or $1.17 a share, on sales of $1.6 million. Last year, it lost $3.9 million, or 68 cents a share, on sales of $723,000.

"During the 1999 fiscal year, we had to confront one of the most difficult issues a technology start-up company has to face," said CEO Robert Veschi in a prepared release. "As we conclude the first quarter of our fiscal year 2000, we now have real opportunities in new market areas."

The stock peaked at 20 in August before falling to a low of 1 7/8 in October.>