Viant beats 3Q estimates, plans reorg
First Call Corp.’s estimates expected the digital business builder to post a loss of 5 cents a share. Viant issued third quarter profit warning last month.
The net loss reported Wednesday is down compared to net income of $1.6 million, or 3 cents a share for the third quarter last year. The drop was sequential, as well, compared to earnings of $6.3 million, or 11 cents a share, in the second quarter.
Revenue for the third quarter was $33.1 million, up 76 percent from the $18.8 million reported for the same period in 1999, but down sequentially from $38.1 million in the previous quarter.
In an effort to improve performance, Viant also announced plans for management re-organization.
The company will create a strategic relationship management group, which will focus on maintaining relationships with Viant’s existing customer base. The new strategy also saw an increase in the number of consultants brought on board in the quarter.
Viant also plans to add wireless and digital technology to its existing services.
In other news, the company also announced consolidation plans with a repurchase of up to $50 million of Viant''s outstanding common stock over the next 24 months.
Shares of Viant were up 0.09 to 6.56 in early trading Wednesday.