CoolSavings reported a $2.5 million net loss on $5.8 million in revenue in Q1 2002, a 7.9% decrease from Q1 2001 revenue of $6.3 million, and a decrease in losses, which totaled $8.4 million in Q1 of last year.
In November 2001, Nasdaq delisted CoolSavings for failure to meet minimum asset and stock-price requirements. CoolSavings stock now trades over-the-counter at 4 cents a share.
CoolSavings reported a net loss of $29.2 million in 2001 on revenue of $22 million, a 44.8% decrease from 2000 revenue of $39.9 million. Net losses in 2000 were $39.2 million.
In February 2002, auditor PricewaterhouseCoopers raised substantial doubt about the company's ability to continue as a going concern, citing its negative cash flows and negative working capital.
Landmark Communications and affiliates have made loans and equity investments in the company, resulting in Landmark beneficially owning 77% of CoolSavings after conversion of preferred stock.
CoolSavings expects to be cash-flow positive in the second half of 2002, according to President-CEO Matt Moog.