Hey, it's better than a sharp stick in the eye.
Online coupon and direct marketing services provider CoolSavings Inc. yesterday reported its first-ever profitable quarter — by $100,000.
This compares with a $1.7 million loss for the Chicago company in the second quarter of last year.
CoolSavings said that business from consumer packaged goods companies was largely responsible for this year's boost, rising 200 percent in second-quarter 2003 versus the same period last year and fueling a 69 percent increase in revenue between those two periods.
Net revenue for second-quarter 2003 was $8.6 million, up from $5.1 million in second-quarter 2002, the company said.
CoolSavings lost $900,000 in the first six months of 2003 compared with $4.2 million for the first six months of 2002.
At the close of the second quarter June 30, CoolSavings reported having cash and cash equivalents of $5.9 million, compared with $4.9 million at the close of fourth-quarter 2002, which ended Dec. 31.
Also, accounts receivable were $5.1 million at the close of the second quarter, compared with $4.9 million at the close of 2002, the company said. Liabilities at the close of the second quarter were $12.3 million, compared with $11.9 million at the close of 2002.