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CacheFlow (Nasdaq: CFLO) edged up 82 U.S. cents to $8.40 in morning trading Thursday, despite reporting a steeper loss for the period than a year ago, after the company's fourth-quarter results beat Wall Street estimates.
CacheFlow, which develops systems to boost Web site performance, maintained that its market segment is "beginning to show early signs of recovery," even though it only saw a "slight improvement" in its business from the third quarter.
"We're staying focused on our strategy and working hard to achieve the right balance between adjusting costs and expenses downward to address current business conditions, while at the same time making the necessary investments to ensure that we come out of this slowdown strong and well positioned to resume growth," said president and chief executive officer Brian NeSmith.
After the closing bell Wednesday, the Sunnyvale, California-based firm
reported a pro forma net loss for the quarter of $13.96 million, or 35 cents
per share, on sales of $21.5 million, compared with a pro forma loss of $6.2
million, or 20 cents per share, on sales 
of $12.8 million in the year-ago
period.
Analysts surveyed by Thomson Financial/First Call had expected an average loss of 39 cents per share.
CacheFlow said it recorded a number of non-cash and non-recurring items for the fourth quarter. Factoring in these items, the company reported an actual net loss of $348.9 million, or $8.81 per share.
For its first quarter, CacheFlow projected revenues to be flat compared
with the fourth quarter and a pro forma net loss of $13 million to $15
million. For fiscal 2002, the company said it anticipates 10 percent to 15
percent sequential quarterly revenue growth.
