More NewsXceed Reports Q1 Loss $43.8 million, $1.73 EPS

Xceed Reports Q1 Loss $43.8 million, $1.73 EPS

The company said its first quarter loss from continuing operations includes goodwill impairment of $26 million from past acquisitions.

Worldwide Xceed Group, an Alley interactive consulting firm hit hard by the dot-com downturn, reported a loss from continuing operations of $43.8 million, or $1.73 per share, on revenues of $13 million for its fiscal first quarter ending Nov. 30th.

The results represented a difference of 812% compared to its net loss of $4.8 million, or $0.26 per share, on revenues of $15.5 million in the same period a year ago.

The company said the 15 percent decrease in its revenues year-over-year was because of the revenues it lost when it eliminated non-strategic businesses from its holdings. However, its interactive and strategic consulting revenues grew by over 52 percent between last year’s fiscal first quarter and its current results.

The company said its first quarter loss from continuing operations includes goodwill impairment of $26 million, depreciation and amortization of $4.5 million, restructuring costs of $3.7 million and write-off of leasehold improvements of $2 million.

Shares of Xceed closed at $0.41 on the NASDAQ Wednesday. The company’s results were released after the market closed.

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