E-centives, a provider of online direct marketing technology and services, cut its annual net loss from $45.6 million to $17.4 million in 2002. The Bethesda, MD-based firm generated $7.2 million in revenue during 2002, up from $5.1 million a year earlier. The year ended Dec. 31.
In addition to the revenue gain, the company significantly reduced expenses across the board. Product development costs fell from $7.9 million in 2001 to just over $4 million; sales and marketing expenses dropped from $10 million to $3.9 million, and restructuring charges, which ate up $9.9 million in 2001, were pared to $1.1 million.
“2002 was a pivotal year for our business, as we repositioned our core business, introduced new platforms and product offerings, and exited unprofitable businesses which no longer fit with the strategic growth direction of the company,” Kamran Amjadi, E-centives CEO said in a statement.
E-centives acquired ConsumerReview.com, a consumer products review site, in December 2002.
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