USWeb/CKS 3Q Results Meet Expectations - InformationWeek

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USWeb/CKS 3Q Results Meet Expectations

USWeb/CKS [Nasdaq: USWB] yesterday reported third-quarterresults for the period ended Sept. 30 that were on par with Wall Street expectations.

Revenue for the quarter was $138.9 million, up 122% from $62.6 million in the year-ago quarter. Including noncash charges, USWeb/CKS had a net loss of $44 million, or 54 cents a share, compared with a net loss of $27.8 million, or 44 cents a share, for the third quarter of 1998. Third- quarter 1998 results also included noncash charges for stock compensation, a provision for contract loss or recovery, acquired in-process technology, and amortization of intangible assets.

Not including noncash charges and after a 38% effective tax rate, the company reported net income of $13.3 million, or 15 cents a share, compared with $4.7 million, or 6 cents a share, in the comparable quarter. With that, USWeb/CKS jumped past Wall Street expectations of approximately 13 cents per share.

Hambrecht & Quist recently re-emphasized its buy ratings of the stock after Microsoft invested $90 million in the company to foster the development and implementation of joint E-service product offerings. Investors were happily anticipating positive results, raising the stock 2-5/16 to 37-9/16 before the announcement.

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