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CMGI profit soars; revenue up 107%
Net incubator blows past Wall Street forecasters
By Bambi Francisco CBS MarketWatch
Last Update: 5:10 PM ET Sep 27, 1999 Net Stocks
ANDOVER, Mass. (CBS.MW) -- CMGI closed out its fiscal year with an exclamation point on Monday as the fast-growing Internet incubator blew past analysts' earnings estimates on revenue that more than doubled.
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The Andover, Mass.-based company (CMGI: news, msgs) also posted net income of $452.7 million, or $4.74 a share, including $744.7 million of gains. Of that, $661 million was from the conversion of the company's GeoCities investment to Yahoo (YHOO: news, msgs) stock. Analysts polled by First Call expected the company, whose operating profit is primarily from investments in Internet and software startups, to make $4.08 a share.
CMGI also reported a pre-tax gain of $81 million stemming from the initial public offering by Engage Technologies (ENGA: news, msgs). Engage, in which CMGI holds 38.6 million shares, went public at $15 and currently trades at 30 7/8, rising 2 7/16 on Monday.
"The company had a productive quarter to get them closer to their goal of being an operating company," said Michael Graham, an Internet analyst at BancBoston Robertston Stephens.
CMGI reported revenue of $53.6 million, a 107 percent increase from the same period a year ago, and up 17 percent from its fiscal third quarter. For the full year that ended July 31, CMGI's sales rose 114 percent to $93.7 million. ...