ICG loss widens on one-time charges
Internet Capital Group Inc., Wayne, reported a loss of $19.6 million, or 52 cents a share, on revenue of $11.8 million in the first quarter, compared to a loss of $4.9 million, or 13 cents a share, on revenue of $15.2 million in the first quarter of 2006.
Internet Capital Group Inc., Wayne, reported a loss of $19.6 million, or 52 cents a share, on revenue of $11.8 million in the first quarter, compared to a loss of $4.9 million, or 13 cents a share, on revenue of $15.2 million in the first quarter of 2006.
The wider loss was due to the company repaying debt and taking a $10.8 million charge for repurchasing all remaining convertible notes and other one-time charges. Also, Internet Capital Group consolidated the financial results of two partner companies, compared to reporting financial results of three partner companies in the same quarter last year. Internet Capital Group said revenues of its nine portfolio companies were 25 percent higher in the first quarter compared to the same period last year, to $54.6 million from $43.6 million a year earlier. The companies reported loss was $3.7 million, compared to $6.2 million for the 2006 first quarter.
Shares of Internet Capital Group, which acquires and builds Internet software and services companies, fell 29 cents, or 2.35 percent, to $12.06 on the Nasdaq.