CoolSavings Reduces Loss in 2001 to $30.7MOnline incentives marketer CoolSavings Inc. said that it cut its net loss for 2001 to $30.7 million, or 78 cents per share, from $59.1 million, or $1.63 per share, a year earlier. The company attributed its performance to expense controls and $21.5 million in additional funding during the year.
Net revenue for 2001 fell to $22.2 million, from $39.9 million in 2000.
For the fourth quarter of 2001, CoolSavings posted net revenue of $6.3 million, down from $11.5 million in the same quarter a year earlier. The company's net loss for the quarter was $3.8 million, or 10 cents per share, down from a net loss of $10.4 million, or 27 cents per share, a year earlier.
The company said its member registrations grew to 1.64 million in the fourth quarter, from 1.07 million the previous quarter.
"Because of the additional capital, we were able to resume our aggressive online marketing program, resulting in 53 percent higher registrations in the fourth quarter over the third quarter," said Matthew Moog, CoolSavings' president/CEO. "This growth trend has continued into 2002, with nearly 725,000 new registrations in January alone."
CoolSavings said 3.97 million unique members used its service in the fourth quarter and that it had 17.7 million total member visits in the quarter.
The company said it expects first-quarter 2002 results to be in line with the fourth quarter. It had $5.1 million in cash and equivalents on hand Dec. 31.