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(May 3, 2001) -- I-shops and Sapient today released first-quarter financial results.

New York-based reported revenues of $41.1 million, with a cash loss of $4.7 million, or 12 cents per share. It also finished the quarter with $72 million in cash, higher than the expected range of $66 million to $69 million. Full financial results will be announced May 14.

Sapient's revenues were $109.1 million, a 9% increase over its first quarter 2000 revenues of $100.3 million. Pro forma net loss (before amortization of intangibles, stock-based compensation charges, restructuring charges and other non-recurring items) was $6.2 million, or 5 cents per diluted share, for the first quarter of 2001, compared to pro forma net income of $12.7 million, or 10 cents per diluted share, for the first quarter of 2000. Net loss for the quarter was $48.3 million, or 39 cents per diluted share, compared to net income of $11.9 million, or 9 cents per diluted share for the year earlier period.

The company incurred a $47.3 million charge for a restructuring that included laying of 20% of its workforce and closing its Sydney, Australia, office. -- Adrienne Mand

Copyright May 2001, Crain Communications Inc.

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