Record revenues trim company’s net loss

Wednesday, April 19, 2000 | 10:46 a.m.

PurchasePro.com Inc., a Las Vegas-based Internet procurement company, reported record revenues of $4.5 million for the first quarter of 2000.

The company said revenues are up 71 percent from $2.7 million in the fourth quarter of 1999 and 575 percent over revenues of $674,000 in the first quarter of last year.

The net loss for the quarter, excluding charges for stock-based compensation, was $8.3 million or 28 cents per share compared with a net loss of $6.1 million or 22 cents per share in the fourth quarter of 1999.

With the charges, the company lost $15.7 million or 53 cents for the quarter vs. a loss of $2.7 million or 24 cents in the first quarter of 1999.

The company's stock price has been under pressure along with other Internet companies in recent weeks.

PurchasePro's stock rebounded after hitting $25 on Friday, the Nasdaq index's worst trading day. The stock closed Tuesday at $36.31. Today, it is up 69 cents to $37.

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