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 reporter in the fourth quarter of 2000. Net income was approximately $220,000, or 1 cent per share, compared to a cash operating loss of approximately $13.3 million, or 49 cents in the previous quarter.
Luminant said it is not expecting, nor depending upon, an increase in client spending levels before 2002. Assuming client spending levels remain about the same, the company expects its quarterly revenue to be roughly within plus or minus 5% of the revenue level in the first quarter. In addition, the company expects each quarter to be profitable, at levels roughly the same as the first quarter.
Donald S. Perkins, a Luminant director, also has been named chairman of the board as the current chair, Michael Jordan, steps down but remains a board member. In addition, two new directors have been elected to the board, Jerry K. Pearlman and John M. Richman. -- Adrienne Mand
Copyright May 2001, Crain Communications Inc.