TheStreet.com posts loss, revenue drops
TheStreet.com reported a first-quarter loss after posting a profit in the same quarter a year ago and said its revenues fell.
A story on the financial news site stated, “For the first quarter ended March 31, total revenue was $14 million, down from $18.9 million in the same quarter of 2008.
“TheStreet.com reported a loss of $3.1 million, or 10 cents a share, excluding a noncash impairment charge of $24.1 million, one-time restructuring costs and severance payments totaling $2.4 million, and a valuation allowance for a deferred tax asset of $16.1 million. Including those items, the company lost $45.7 million, or $1.50 a share, in the quarter.
“Of the impairment charge, $22.6 million was for goodwill and intangible assets, and $1.5 million was related to writing down a long-term investment.
“Analysts surveyed by Thomson Reuters were expecting a first-quarter loss of 3 cents a share, excluding items, and revenue of $15.4 million.
“For the year-earlier quarter, the company had net income of $2.4 million, or 7 cents a share.”
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