LV tech firm’s stock slumps on earnings report
Wednesday, Nov. 14, 2001 | 9:43 a.m.
The stock of PurchasePro, a Las Vegas technology company, tumbled 35 percent this morning after the company on Tuesday reported a huge loss on asset write-downs and said business is struggling because of the slowdown in the U.S. economy.
Excluding special items, including $98 million in write-downs, PurchasePro lost $28.2 million in its third quarter ending Sept. 30. After special items, PurchasePro lost $106 million or $1.46 per share vs. a loss in the year-ago quarter of $8.2 million or 13 cents.
Revenue fell from $17.4 million to $3.6 million.
Last month, PurchasePro said it fired 125 employees, reducing its head count in half. PurchasePro's staff peaked above 600 last winter before its financial troubles unfolded, leading to massive layoffs.
PurchasePro stock fell 30 cents this morning to 55 cents.
archive
- Most Read
- Discussed
- Most E-mailed
- Man, 26, dies in collision with truck traveling at 100 mph
- MGM Mirage: CityCenter not affected by debt woes
- Metro admits to improper release of criminal history data
- Locomotives win inaugural UFL championship
- Bargain hunters hit stores for Black Friday
- Was a foiled bank heist a cry for help?
- If Palin’s book is so bad, then why is it a best-seller?
- Q&A: MMA fighter and Playboy model Latasha Marzolla
- UNLV recalls last year’s close shave at Louisville
- Live game blog: Bellfield, UNLV come through late, upset No. 16 Louisville
Blogs
The Kats Report
Could a savior of shuttered Las Vegas Art Museum be ... Peter Max? (6 Comments)
For Paul Stanley and KISS, rock and roll is not over (6 Comments)
Twenty years ago today, Human Nature took root on the farm (1 Comment)
Robin Leach's Las Vegas Celebrity Watch
Photo Gallery: Donny Osmond’s triumphant return to the Flamingo
The Kats Report
'DWTS' champ Donny Osmond still deft afoot in return to Flamingo (8 Comments)
Politics: The Early Line
Meeting of GOP governors draws challengers, not Gibbons (5 Comments)
Politics: Ralston's Flash
Oscar loves forcing developers to sign labor peace agreements, Culinary loves the city's downtown plans and all is forgiven (10 Comments)
Calendar »
- 29 Sun
- 30 Mon
- 1 Tue
- 2 Wed
- 3 Thu
-
Tahoe Takeover at The Bank
The Bank | 10 p.m. to 11:59 p.m.
-
Playboy Club model search
Playboy Club | 10 p.m. to 11:59 p.m.
-
Queen of Queens at Revolution Lounge
Beatles Revolution Lounge | 10 p.m. to 11:59 p.m.
-
Zowie Bowie's Vintage Vegas Show at Monte Carlo
Lance Burton Theater
The Sun
Locally owned and independent for more than 50 years.
Technorati









