The company also announced the departure of two senior executives, President Michael Hudes and Executive Vice President Sue Field, both of whom were said to be pursuing other opportunities.
The company said it had a loss of $18.4 million compared to $13.1 million for the same quarter last year, and a basic and diluted net loss of 21 cents per share, compared to 16 cents per share for the second quarter of 2000. Revenues were $13.8 million, a 63% decline over the $37.2 million in revenue the company reported during the second quarter of 2000.
Organic said it had a cash balance of $28 million at the end of the quarter. At the end of the first quarter it had a cash balance of $43.7 million.
Seneca Investments LLC, a company owned by Omnicom Group and Pegasus Partners, owns a minority stake in Organic. -- Adrienne Mand
Copyright July 2001, Crain Communications Inc.