Headline Feeds
Internet Capital Group (Nasdaq: ICGE) picked up 29 U.S. cents to $3.41 in morning trading Thursday, after the company said it met its goals for the first quarter, ending the period with $264 million in cash, short-term investments and available securities.
The Wayne, Pennsylvania-based Internet incubator said its 15 developed partner companies generated $61 million in revenue in the quarter ended March 31st, up 231 percent from a year earlier.
Internet Capital said its stakes in the companies had a market value of more than $320 million as of quarter's end.
"By increasing financial flexibility and actively focusing on our key partner companies, ICG is well positioned to succeed in these challenging markets," said president and chief executive officer Walter Buckley. "The continued progress of our key partner companies is evidence of the increasing adoption that we're seeing in the B2B arena."
Internet Capital shifted its focus last year, concentrating on those partner companies deemed to have the greatest potential for success. The company said it sold its stakes in five ventures during the first quarter, receiving a total of $28 million in return.
Internet Capital said its remaining partner companies narrowed their operating losses to $104 million in the first quarter from $117 million in the fourth quarter.
Pro forma aggregate net revenue for all partner companies totaled $209 million, up from $102 million a year earlier and ahead of the $193 million in the fourth quarter.
Overall, Internet Capital posted a pro forma loss of $185 million, or 66 cents per share, compared with a loss of $35 million, or 13 cents, in the year-earlier quarter.
The company also took a $1.2 billion charge in the
latest quarter to cover adjustments to the carrying values of some assets
and the sale of the RightWorks to i2 Technologies (Nasdaq: ITWO). The net
loss totaled $1.7 billion, or $6.06 per share, compared with net income of
$352 million or $1.30.
