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[sharechat] E-commerce turning profit

From: "Osbert Sun" <>
Date: Thu, 27 Apr 2000 10:52:10 +1200

The heavy fall of NASDAQ has impacted the tech stocks listed on NZSE in recent weeks. The fear among the investors about the lack of profit-generating capacity in short term in internet related stocks has been the primary drive for the heavy sellings in the likes of ADV, ITC and SMR. However, acknowledging some of the hypes associated with these stocks, I personally believe that investors who are able to ride out the current market volatility will be rewarded in near future once stronger than expected profits are in the making. The following article from Yahoo Finance could probably serve as an example about the potential in the locally listed internet stocks such as ADV, ITC and SMR. Happy reading/trading/investing!
Kind regards,
Osbert Sun
(Disclosure od interests: hold shares in SMR)

E-commerce provider Scient turns first profit

SAN FRANCISCO, April 26 (Reuters) - Scient Corp. (NasdaqNM:SCNT - news), a provider of technology and consulting services for e-commerce, Wednesday reported its first quarterly profit, exceeding analysts' estimates in reaching its financial milestone.

Scient reported net income of $2.2 milion, or 4 cents a share, for the fiscal fourth quarter ended March 31, excluding stock compensation expense, compared with a loss of $6.1 million, or 40 cents a share, the prior year. Analysts had forecast earnings of 2 cents a share, excluding goodwill items, according to First Call/Thomson Financial.

Revenue jumped 54 percent from the prior quarter to stand at $65.8 million, a rise of 600 percent from the year-ago quarter's $9.4 million.

Bill Kurtz, Scient executive vice president and chief financial officer, said that while the company continues to invest heavily to expand its business, its ``goal is to continue to improve profitability while continuing to outpace the industry growth rates.''

While many Internet companies continue to report losses, largely because of intense competition, Scient is capitalising on the scramble to put up e-commerce sites, as a builder and consultant to the fast-multiplying businesses.

``As Scient embarks on its new fiscal year, we believe we are uniquely positioned to capitalise on the increasing global demand for systems innovation,'' said chairman and chief executive Bob Howe.

Revenues for the fiscal year were $155.7 million, an increase of more than 650 percent over the $20.7 million of the prior fiscal year. Pro forma net loss, excluding stock compensation charges, was $2.6 million, or 4 cents a share, compared to a net loss of $4 million, or 9 cents a share, the prior year.

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