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LV firm’s stock falls 24 percent

Wednesday, May 8, 2002 | 11:04 a.m.

Las Vegas e-commerce company PurchasePro on Tuesday reported a loss of $8.8 million, or 11 cents per share, for the quarter ending March 31. The results were an improvement from the loss of $33.5 million, or 49 cents per share, in the year-ago quarter.

Revenue fell 83 percent to $2.8 million. However, the company noted, revenue rose 17 percent from the fourth quarter of 2001, while net loss shrank significantly from the loss of $71.3 million posted during that quarter.

But the company backed away from its earlier projection that PurchasePro would start turning a cash flow profit this spring.

"We can no longer say with confidence when PurchasePro will be cash flow and EBITDA (earnings before interest, taxes, depreciation and amortization) positive, although we are confident that both will occur by year-end 2002 given our pipeline of new business activity," said Chief Executive Richard Clemmer.

Investors weren't impressed. PurchasePro stock this morning fell 9 cents to 29 cents -- a decline of nearly 24 percent. It was an all-time low for the stock, which once traded above $80 per share.

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