LookSmart's 1st quarter loss not as bad as anticipated · 30 April 04

LookSmart (LOOK) reported a net loss of $7.1 million, or 7 cents a share, for the quarter ended March 31, 2004.

A year ago, the company reported net income of $1.1 million, or a penny a share. Revenue for the San Francisco-based Web search company was $27.6 million vs. $29.4 million for the year-ago period.

The company’s results beat the consensus estimate of a loss of 9 cents per share for the period, according to analysts polled by Thomson First Call.

LookSmart announced earlier Thursday that it had acquired Net Nanny, an online filter, for $5 million. The company also raised its expectations on revenue and earnings for the year.

LookSmart officials said they expect to report revenue for the year of $76 million to $81 million, up from $45 million to $50 million.

Its net loss, previously forecast to be in the $26 million to $30 million range, was narrowed to $20 million to $22 million.

The company’s shares closed Thursday at $2.44, up 8 cents.

Source: CBS Marketwatch

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