March 8, 2002 — (WEB HOST INDUSTRY REVIEW) — divine Inc., a provider of solutions for the extended enterprise, posted a narrower loss in the fourth quarter amid a sharp rise in revenue.
The company reported net income of $239.2 million, or $1.79 a share, compared to a net loss of $ 179.9 million, or 65 cents a share, the previous year earlier. Revenue increased to $80.5 million from $13.1 million a year earlier.
The company attributed its revenue growth to several acquisitions, which the company said should position it for achieving profitability by the fourth quarter of 2002.
divine (divine.com) said that excluding operating expenses of $80.2 million primarily related to impairment, acquisition-related costs and stock-based compensation, the company’s operating loss was $75.6 million. Of the total $ 155.8 million operating loss, $88.4 million was in non-cash charges.
At December 31, divine had about $140.7 million in cash and securities, as well as $203.8 million in accounts receivable.
