Engage lowers losses

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Andover, Mass.--Engage Inc. reported a fiscal third-quarter loss of $76.6 million, compared with a loss of $196.5 million in the year-earlier quarter. The e-mail marketing services company has gone about a stringent cost-cutting initiative for the last six months, firing 54% of its staff, or 630 people. "Despite turbulent markets, Engage has made significant progress over the last six months through effective management and responsible cost controls," said Tony Nuzzo, Engage's president-CEO, in a statement. Engage has $55 million in available cash and is negotiating with its parent, CMGI Inc., for more. In an analyst conference call, Engage said it will post break-even earnings by the end of the fiscal first quarter 2002.
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