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Internet shop Modem Media, Norwalk, Conn., reported net losses of $61.7 million for the fiscal quarter ended Dec. 31, 2000, compared with earnings of $1.6 million for the same quarter a year earlier. Net losses for the year ended 2000 were $74.2 million, compared to earnings of $3 million for 1999.

Modem reported that fourth-quarter 2000 revenue came to $35.2 million vs. $24.5 million for the same quarter in 1999, and $37.8 million for the third quarter of 2000. Revenue dropped 7% from third-quarter 2000 to the fourth quarter.

Modem took a significant one-time cash charge of $52.8 million for the fourth-quarter 2000 tied to its purchase of Vivid Studios. The company said it realized the "goodwill remaining from the Vivid acquisition, totaling $52.8 million, is fully impaired and cannot be recovered from expected future cash flows."

Copyright March 2001, Crain Communications Inc.

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