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SportsLine spinoff helps its earnings

SportsLine.com posted third-quarter earnings Tuesday of $3.9 million, or 14 cents per share, helped by a $41.7 million windfall related to the spinoff of its Sports.com subsidiary. Excluding the windfall and results of Sports.com, which SportsLine spun off in July, as well as the write-down of goodwill, SportsLine posted a pro forma net loss of $19.4 million, or 68 cents per share. Wall Street analysts surveyed by First Call had expected the company to report a pro forma loss of 94 cents per share. As part of its earnings release, SportsLine reported that it had cut an unspecified number of jobs last week to reduce costs. The company has cut about 25 percent of its staff, or about 115 jobs, in two rounds of layoffs since April, bringing its total number of employees to 335, company representatives said.

SportsLine.com posted third-quarter earnings Tuesday of $3.9 million, or 14 cents per share, helped by a $41.7 million windfall related to the spinoff of its Sports.com subsidiary. Excluding the windfall and results of Sports.com, which SportsLine spun off in July, as well as the write-down of goodwill, SportsLine posted a pro forma net loss of $19.4 million, or 68 cents per share. Wall Street analysts surveyed by First Call had expected the company to report a pro forma loss of 94 cents per share.

As part of its earnings release, SportsLine reported that it had cut an unspecified number of jobs last week to reduce costs. The company has cut about 25 percent of its staff, or about 115 jobs, in two rounds of layoffs since April, bringing its total number of employees to 335, company representatives said.