Engage Technologies, Inc. (Nasdaq: ENGA) was up 8 63/64 to 186 63/64 in early trading Wednesday after the company, which is majority-owned by CMGI, Inc., reported an increase in second-quarter revenue and announced a 2-for-1 stock split.
The Andover, Massachusetts-based Engage, an Internet advertising company, said revenue for the quarter ended January 31st rose 377 percent from a year earlier to $12.8 million. The company nevertheless posted a net loss for the quarter of $27.4 million, or 52 cents a share.
Engage president and chief executive officer Paul Schaut said the results “indicate that we are successfully executing our business strategy,” and growth was recorded in each of the company’s business segments. Revenue for the full year will be “in the mid-$200 million range,” the company said.
The stock split will be in the form of a stock dividend, payable April 3rd to shareholders of record March 20.