Direct marketing network, FreeShop.com Inc. reported revenue of $5.1 million, an increase of 672% over the comparable period in 1999. The quarter ended March 31.
The company also reported a pro-forma net operating loss of $3.6 million. It finished the quarter with $43 million in cash and cash equivalents, which the company believes is significantly more capital than it needs to execute its current vision.
The company said it now expects to achieve profitability in the second half of 2001, a year ahead of consensus analysts’ expectations.
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