Coolsavings Sees Dip in 2Q Net Revenue
Gross profit in the second quarter reached $3.8 million, or 71 percent of net revenue, compared with $4.4 million, or 70 percent of net revenue, during the first quarter.
Total operating expenses during the second quarter amounted to $13.6 million, compared with $12.9 million reported during the first quarter and $17.9 million posted during second quarter 2000. Excluding a one-time charge of $3.7 million, or 10 cents per share, for the forgiveness of notes receivable from directors, the net loss for the second quarter was $6.4 million, or 16 cents per share.
Net revenue during the first six months of the year totaled $11.6 million compared with $17 million during the same period last year. Gross profit during the first six months of this year totaled $8.2 million, or 71 percent of net revenue, compared with $14.6 million, or 86 percent of net revenue, during the same period last year.