Terra Lycos posts first positive earnings ever
26 February 2004
Terra Lycos has announced improved results for 2003 and its first ever positive cash flow in the fourth quarter of the year.
The Internet company's revenues for last year were 547 million euros, down from 622 million euros in 2002. However, the company reduced its pre-tax loss to 173 million euros, down from 1.7 billion euros the year before.
Terra Lycos' net losses in 2003 were significantly lower than the 2002 levels and the company is now expected to post stable earnings in the forthcoming quarters. Telefonica is expected to acquire Terra Lycos in the near future.
The company's 2003 sales were in-line with estimates. Terra Lycos' portal services contributed significantly to the total revenues, while the contribution of license revenues was lower.
The company announced that it increased the number of paying customers by 61 per cent to five million over the year and reported an increase of 70 per cent for broadband customers in 2003, taking its total subscriber base to 644,000. Subscribers to its communications and portal services grew 94 per cent to 3.4 million.
Kim Faura, executive chairman of Terra Lycos, said the results 'reflect the efficient management carried out over the past three years, focused on profitable business segments and progressing in the continual improvement of processes with the consequent reduction in operating costs.'
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