L90 Loses $4.9M, Meets Analysts Expectations
Those items were related to the company's recent sale of its technology assets and the write-down of its investment in a private company called Zondigo. L90 finished the quarter with $60.9 million in cash, cash equivalents and restricted cash.
The company said it met analysts' third-quarter expectations for both system revenue and EPS, excluding non-recurring charges. L90 produced system revenue of $14.9 million in the third quarter, a 17.4 percent increase over the second quarter but a 7.6 percent decline from last year's third quarter.
"Despite the September 11 tragedy and the challenging economic climate, L90 continued to execute on our business plan in the third quarter," said John Bohan, president/CEO. "While we are not completely satisfied with the third-quarter results, we believe that we are making the necessary adjustments to streamline our cost structure and enable us to focus on our core business of online media and direct marketing."