National Information Consortium, Inc. (Nasdaq: EGOV) fell 5 1/4 to 12 3/8 Friday after the company, which provides e-commerce and other Internet services to governments, reported a wider first-quarter loss and said losses will continue in coming quarters.
While revenue rose to $18.9 million from $11.5 million in the 1999 first quarter, the company’s net loss widened to $4.7 million, or 9 cents a share, from $3.3 million, or 8 cents, due to higher stock compensation and other non-cash charges, as well as investment in new technology.
A charge relating to an Indiana contract amounted to 2 cents a share, the company said.
Chief Financial Officer Kevin Childress said earnings before income taxes, depreciation and amortization are likely to “continue to be modestly negative for at least the next two quarters” as the company continues to invest in “corporate infrastructure and growth strategies.”
NIC is based in Overland Park, Kansas.