iXL sees a silver lining as 3Q revenue plummets

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iXL’s revenue for the three months ended September 30, fell to $21.1 million compared with $87.3 million for 3Q, 2000. The company reported a net loss of $20.4 million ($51.6m), or $0.21 per share ($0.68).

“The general weakness in the market was amplified by the events of September 11,” said CEO Christopher M. Formant. “Our productivity was adversely affected, and we lost a significant block of billable time. Consequently, the stabilizing trends we were beginning to see in our revenue base in the second quarter could not take hold in the latter part of the third quarter.

"However, we have retained key existing clients and added important new clients, and we worked to drive increased efficiency in our business and eliminate costs across the board during the third quarter.

“Also, we are eagerly anticipating our pending merger with Scient. It remains the strong belief of both companies that we will be EBITDA positive in the first full quarter following full merger integration,” Formant added.

iXL

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