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Published on .

After postponing its fourth-quarter and year-end financial results from mid-February to allow for an outside audit to ensure accurate and complete reporting, Coolsavings.com on March 20 reported net losses of $39.2 million on $39.9 million revenue for 2000, a 209% sales increase from the previous year.

The Chicago-based provider of e-marketing services to help online and offline advertisers acquire and retain consumers predicts first- and second-quarter revenues to be lower than the fourth quarter of last year. Coolsavings' fourth-quarter 2000 revenue was $11.5 million, and the company expects to reach $6 million in first-quarter revenue and $7 million to $9 million in the second quarter.

Despite the downturn, the company maintains its expectation to be profitable by the second half of this year: "We are cautiously optimisitic about 2001," Chairman-CEO Steven Golden said in a call to investors.

In response to the downturn in general and Internet advertising in the fourth quarter, the company inititiated several cost-cutting measures, including a hiring slowdown and a reduction in offline marketing. Coolsavings stock closed at 78 cents on Monday, down from its 52-week high of $7.12. -- Cara Beardi

Copyright March 2001, Crain Communications Inc.

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