Razorfish Inc., a provider of Web development and design services, yesterday reported strong growth in fourth quarter revenue, though it ended the quarter in the red.
Revenue for the quarter ended December 31 was up 134% from the same period last year to $57.2 million, reflecting the company's acquisitions of Lee Hunt and Associates and I-Cube last year. Net income, prior to amortization, merger-related charges, and non-cash compensation expenses, totaled $5.7 million or six cents a share compared with $1.9 million, or 3 cents a share, in the fourth quarter of 1998. Including one-time charges, Razorfish reported a loss of $23 million, or 26 cents a share for the quarter.
Revenue for the year was $170.2 million, up 103% over 1998. The company reported a loss of $14.5 million, or 17 cents a share, for the year. This compares with net income of $4 million, or 8 cents a share, in 1998.