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Razorfish posts $2.5 million profit

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New York--It’s not man-bites-dog, but it’s close: An Internet services firm posted positive net income. Razorfish Inc. Wednesday posted net income of $2.5 million, including the reversal of about $1.7 million of previously recorded restructuring reserves. Razorfish posted a net loss of $24.9 million in the first quarter of 2001. In this year’s first quarter, revenues before reimbursements for direct costs were $10.8 million, compared with $42.4 million in the first quarter of 2001. Total liabilities were reduced by more than $5 million. Razorfish said it was retained by several new clients during the first quarter, including Microsoft Corp. It also won additional business from existing clients, including Cisco Systems and Avaya. Looking ahead, Razorfish anticipates revenues before reimbursements for direct costs of $10.3 million to $11.3 million and pro forma net earnings of $500,000 to $1 million for the second quarter.
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