Last week the company reported positive sequential growth and a return to profitability for the first quarter, with revenues of $23.9 million, a 5% increase over the $22.8 million reported in the fourth quarter of 2000. Its net loss was $17.2 million, or 63 cents per share.
The company's cash and restricted cash position at the end of the quarter was about $10 million, and it expects cash flow from operations to be positive for the rest of the year. It also cut costs by more than $15 million from the previous quarter. -- Adrienne Mand
Copyright May 2001, Crain Communications Inc.