NetGenesis Begins Year with Lower Revenues
2001 showed great promise when this provider of E-Metrics Solutions was added to the Forbes Top 100 Growth Tech Companies list.Cambridge, Mass.-based NetGenesis, recently added to the Forbes ASAP List of Top 100 Growth Technology Companies, announced that it expects lower revenues of between $3.3 million and $4.3 million for the quarter ending March 31, 2001. A net loss for the first quarter of between $11.5 million and $12.5 million, or $0.55 to $0.60 per diluted share, is also expected. Pro forma guidance excludes non-cash charges for stock-based compensation and amortization of intangible assets. To help defray some of these losses, NetGenesis will reduce its workforce by approximately 15 percent.
Larry Bohn, Chief Executive Officer of NetGenesis, commented, "We are disappointed in first quarter results, which we believe stem directly from a dramatic downturn in US IT spending. While we remain confident in our business prospects for the mid- and long-term, we are taking the necessary actions to reduce operating costs, in order to maintain our focus on achieving profitability."
NetGenesis provides E-Metrics Solutions, a combination of software and analytic consulting services that were created to ameliorate the financial performance of e-business initiatives. In addition to the Forbes 2001 list of the 100 fastest growing technology companies, NetGenesis was also named to Software Magazine's Software 500 list for 2000 and the 2000 Deloitte & Touche Technology Fast 500 for North America.