Spyglass (Nasdaq: SPYG), which is due to merge with OpenTV (Nasdaq: OPTV), reported a surprise operating profit Wednesday.
Excluding one-time items such as the sale of its stake in JSB Software Technologies, PLC, Spyglass reported a profit of 3 cents a share. First Call consensus expected a loss of a penny a share.
Spyglass reported second quarter earnings of 74 cents a share including an after-tax gain of $14.3 million, or 72 cents per share, associated with the sale of one-third of Spyglass' investment in JSB.
The company ended the fiscal 2000 second quarter with $81.9 million cash and short-term investments, excluding the investment in JSB, as compared to $29.3 million at the end of fiscal 1999. Spyglass' remaining stake in JSB is currently worth about $42.1 million.
Last month, Spyglass agreed to merge with OpenTV, an interactive TV software company, for a hefty premium. Interactive TV companies have been consolidating. Just hours after Spyglass and OpenTV merged, competitor Liberate Technologies (Nasdaq: LBRT) followed up with a big acquisition of its own.
Among other notable earnings: Allaire Corp. (Nasdaq: ALLR), which makes Internet infrastructure software such as ColdFusion, reported first quarter earnings of $1.1 million, or 3 cents a share, on sales of $26.6 million. The results topped consensus estimates by 2 cents a share. In the quarter, Allaire added more than 25 Fortune 500 companies to its customer base. eBenX (Nasdaq: EBNX), a group health insurance business-to-business e-commerce company, reported a first quarter pro forma loss of $1.15 million, or 7 cents a share. The results met First Call estimates. Revenue for the quarter was $5.58 million. LifeMinders.com (Nasdaq: LFMN), an e-marketing company, reported a first quarter pro forma loss of $17.5 million, or 80 cents a share. First Call consensus expected a loss of 87 cents a share. Sales soared to $11 million, up from $23,000 in the same quarter a year ago. First quarter sales were up 37 percent from the fourth quarter. The company added that it has $117 million in cash courtesy of a secondary offering. Tut Systems (Nasdaq: TUTS), which provides broadband access systems, reported a first quarter loss of $2.7 million, or 22 cents a share, excluding charges. First Call was expecting a loss of 28 cents a share. Revenue swelled to $16.5 million, up from $3.9 million in the same quarter a year ago. The company lost 34 cents a share including charges.
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