24/7 Media Evaluating Ways to Improve Its Cash Position
February 21, 2001
24/7 Media Inc. said yesterday that it is "evaluating strategic alternatives to improve" its cash position and that it will postpone its fourth-quarter and full-year 2000 earnings release until March 21.
The international media, Internet and technology company had originally planned to release its earnings on Feb. 26.
Mitchell Simmons, a spokesman for the New York-based company, said 24/7 Media is looking to shore up its cash position. He would not say exactly what course of action the company plans to take.
"We are concerned about our cash position," he said. "We are looking at all the possibilities."
24/7 Media said earlier that for the fourth quarter that ended Dec. 31, it expected total revenues to be $43 million to $45 million. Earnings per share for the quarter are expected to be a loss of between 46 cents and 49 cents.
"The company is actively evaluating strategic alternatives to improve its cash position," 24/7 Media said in a statement. "The reschedule date will enable the company to present investors with a more definitive outlook for 2001, including the effects of the company's strategic operating plan announced in November 2000, as well as an update on the company's initiatives to improve its cash position."
As part of a restructuring, 24/7 Media laid off 200 employees in December. It fired another 100 employees in early January.
Dean Tomasula, DM News