L90 Reports Results

  • May 17, 2002
Media company L90 today announced its full year 2001 operating results, including the previously announced restated results for the first three quarters of 2001 and the last two quarters of 2000. For the full year ended December 31, 2001, L90 reported revenue of $27.6 million and a net loss of $52.6 million, or $2.14 per share. The loss included non-cash impairment charges of approximately $28.0 million or $1.14 per share. L90 significantly reduced its cash used in operating activities by $15.3 million from $22.0 million in 2000 to $6.7 million for 2001. At December 31, 2001, L90 had cash and cash equivalents on hand of approximately $63.8 million. For fourth quarter 2001, L90 reported revenue of $5.5 million and a net loss of $30.9 million, or $1.24 per share. The loss included non-cash impairment charges of approximately $25.9 million or $1.04 per share. L90's President and CEO Mitchell Cannold said the company's finances are "strong with excess of $50 million of cash on hand. We look toward the future with confidence and are moving aggressively ahead to secure the leadership positions within our industry."

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