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Earnings Roundup: Commerce One comes up shy; USWeb in line

Business-to-business software developer Commerce One (Nasdaq: CMRC) missed analysts' estimates by a penny a share in its fourth quarter Tuesday, losing $28.8 million, or 16 cents a share, on sales of $16.9 million.

First Call consensus expected Commerce One to lose 15 cents a share in the quarter.

Its shares closed up 3/16 to 199 7/8 ahead of the results but fell to 185 in after-hours trading.

In the year-ago quarter, Commerce One lost $7.6 million, or 20 cents a share, on sales of $1 million.

For the year, it lost $63.3 million, or $1.06 a share, on sales of $33.6 million compared to a loss of $24.6 million, or 87 cents a share, on sales of $2.6 million in fiscal 1998.

"Our revenue growth for the fourth quarter reflects the rapid expansion of the Commerce One Global Trading Web to new customers, new suppliers, new partners and new geographies," said CEO Mark Hoffman in a prepared release. "As new members continue to join our global trading community, the potential value to each participant increases exponentially."

In the quarter, sales rose to $13.1 million, or 77 percent of total revenues. Sales from services for the quarter were $3.8 million.

Separately, Electronic Data Systems (NYSE: EDS) said it will raise $400 million in cash through the sale of its holdings in Commerce One.

EDS plans to use the proceeds from the sale to pay down commercial paper. Credit Suisse First Boston is serving as counter party on the transaction. The deal is being structured as a forward transaction in which the cash is delivered up-front but the securities won't be delivered to the counter party until the end of a 5-year term.

Commerce One shares moved up to a 52-week high of 331 in December after falling to a low of 8 13/16 in August.

All nine analysts' tracking the stock maintain either a "buy" or "strong buy" recommendation.

First Call consensus expects it to post a loss of 47 cents a share in fiscal 2000.

Among other technology companies reporting earnings Tuesday:

  • USWeb/CKS Corp. (Nasdaq: USWB) met analysts' estimates in its fourth quarter, earning $17 million, or 16 cents a share, on sales of $187 million.

    First Call consensus expected it to earn 16 cents a share in the quarter.

    Its shares closed up 5/8 to 45 9/16 ahead of the earnings report.

    The $187 million in sales marks a 157 percent improvement from the year-ago quarter when it earned $5 million, or 7 cents a share, on sales of $73 million.

    For the year, it earned $47 million, or 52 cents a share, on sales of $511 million compared to a profit of $13 million, or 18 cents a share, on sales of $229 million in fiscal 1998.

    "Our strong performance this quarter continues to demonstrate successful integration and the growing market demand for our multi-disciplinary approach," said CEO Robert Shaw in a prepared release.

    Its shares peaked at 58 1/2 in December after bottoming out at 17 in August.

  • PlanetRx.com Inc. (Nasdaq: PLRX)

    PlanetRx.com posted a smaller-than-expected loss in its fourth quarter Tuesday, losing $34.1 million, or 75 cents a share, on sales of $5.1 million.

    First Call consensus expected it to lose 83 cents a share in the quarter.

    Its shares closed up 9/16 to 16 15/16 ahead of the results.

    E-commerce sales increased 71 percent in the fourth quarter to $4.6 million as compared to $2.7 million in the third quarter, while sponsorship revenue grew 31 percent to $537,000 compared to $411,000 in the third quarter.

    Prescription drug sales accounted for 49 percent of e-commerce revenue in the fourth quarter.

    PlanetRx.com added approximately 109,000 new customers in the fourth quarter, which increased the total customer count to 254,000. Orders from repeat customers grew to 35 percent in the fourth quarter, up from 27 percent in the third quarter.

  • InsWeb Corp. (Nasdaq: INSW) topped analysts' estimates in its fourth quarter, losing $11 million, or 32 cents a share, on sales of $6.4 million.

    Analysts were looking for a loss of 36 cents a share.

    In the year-ago quarter, InsWeb lost $10.3 million, or 42 cents a share, on sales of $2 million.

    Its shares closed up 5/16 to 16 ahead of the report.

  • USinternetworking Inc. (Nasdaq: USIX) topped analysts' estimates in its fourth quarter, losing $34.2 million, or 56 cents a share, on sales of $14.7 million.

    First Call consensus expected it to lose 59 cents a share in the quarter.

    For the year, it lost $103.3 million, or $2.93 a share, on sales of $35.5 million.

    Its shares closed up 4 to 59 Tuesday.

  • Covad Communications Group Inc. (Nasdaq: COVD) posted a smaller-than-expected loss in its fourth quarter, losing $70.5 million, or 80 cents a share, on sales of $30.9 million.

    Analysts were expecting a loss of 94 cents a share in the quarter.

    In the year-ago quarter, it lost $19.8 million, or $2.96 a share, on sales of $2.8 million.

    Its shares closed up 2 7/8 to 70 3/4 ahead of the earnings report.