TheStreet.com reported Monday that it lost money in the fourth quarter that was less than the same quarter a year ago, but its loss for the year was wider than 2008.
A story on the financial news site’s page stated, “For the quarter, the company narrowed its adjusted loss to $767,865 compared to a loss of $1.7 million in the fourth quarter of the prior year. The full-year adjusted loss amounted to $45.5 million compared with a profit of $2.4 million in 2008. The adjusted figures exclude the impact of Promotions.com.
“The net loss decreased to $870,831 attributable to common shareholders, or 3 cents a share, in the fourth quarter compared with a loss of $1.5 million, or 5 cents a share, the year before. The company posted a full-year net loss of $47.8 million attributable to common shareholders, or $1.56 a share, vs. a profit of $158,092, or 1 cent per share, in 2008.
“CEO Daryl Otte said in a press release that the company has addressed challenges posed by the economic crisis of the past year by aggressively reducing costs and shedding Promotions.com, ‘an unprofitable, non-core subsidiary.'”
Read more here.
