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