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.