Santa Clara, CA-based USWeb/CKS reported a 1999 first quarter net loss of $51.7 million or $0.73 per share, which included non-cash and merger-related charges, compared with a net loss of $15.3 million or $0.29 per share in the first quarter of 1998.
Revenues for the first quarter were $84.1 million, up from revenues of $39.3 million in the first quarter of 1998.
During the fourth quarter of 1998, the merger between USWeb Corp. and CKS Group was completed. The merger was accounted for as a pooling of interests.
During the first quarter of 1999, the company recognized costs directly associated with the merger of $5.3 million, which, combined with merger costs incurred in the fourth quarter of 1998, brings the total of merger and integration costs to $34.2 million.
“The first quarter of 1999 demonstrates the momentum USWeb/CKS has created in the market. We grew the business 16 percent sequentially while at the same time accomplishing major integration milestones. . .” said CEO Robert Shaw.
Client activity in the first quarter of 1999 included e-commerce services for Dick’s Sporting Goods, Honeywell, Jenny Craig, National Airlines, Sony Music and Tower Records. In the financial services industry, clients include, E*OFFERING, Net.B@nk and PIMCO. International-based clients include BBC, Bayer AG and IKK Bundesverband, the largest health insurance company in Germany.