Netcentives Looking for Cash
Online incentive marketer Netcentives reported second quarter results showing a narrowed pro forma loss, but dwindling cash reserves.
The San Francisco-based firm reported a pro forma loss of $11.4 million, or $0.26 per share, on revenue of $15 million — beating the Street’s estimates of a $0.30 loss, according to Thomson Financial/First Call. The performance is an improvement over last quarter’s $0.31 per share loss as well.
However, with about $10.5 million in cash remaining and a $15.3 million current burn rate, the company said it would not meet its cash flow breakeven projections for fourth quarter.
“We have come to a critical point in the company’s history where continued operations are contingent on an additional cash infusion and further managing down our cost structure, which includes workforce reductions,” said Eric Larsen, who became Netcentives’ chairman and chief executive in April.
Scient Delays Earnings Report
Interactive shop Scient said it is postponing its earnings report a week. Spokespeople did not return phone calls seeking comment.
Wall Street consensus has the firm pegged to deliver a $0.11 per share loss on the quarter, Scient’s first of its fiscal year.
Last quarter, the firm posted a $0.38 per share loss on revenues of $21.7 million. Previously, executives have said they intend to reach breakeven by second quarter.
Real Media, Sonata Team for Wireless Ads
Ad network Real Media and wireless marketing firm Sonata inked an agreement Tuesday to jointly develop targeted advertising products for mobile devices.
The two New York-based firms said they aim to provide advertisers with location-based advertising to cell phones, taxi-tops, and PDAs. Through the partnership, Real Media will sell Sonata’s wireless solution to its agency and advertiser contacts. Real Media, which is owned by European media placement powerhouse PubliGroupe, has handled ads for names like Ford, Honda and Toshiba.
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