COOLSAVINGS.COM REPORTS 22% DROP IN FIRST-QUARTER REVENUE

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(May 10, 2001) -- Coolsavings.com reported an $8.4 million loss applicable to common shareholders on first-quarter revenue of $6.3 million, down 22% from $8.1 million in the same period last year.

The Chicago-based provider of e-marketing services for online and offline retailers expects to reach profitably sometime in the second half of the year, following a cost-savings initiative implemented in the fourth quarter of last year.

The success of the effort led Coolsavings to lower its expectations for operating expenses for the year to between $37 million and $42 million, down from previous guidance of $40 million to $45 million and earlier forecasts of $57 million to $60 million. The company expects third-quarter net revenues to be between $6.5 million and $7.5 million. --Cara Beardi

Copyright May 2001, Crain Communications Inc.

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