In a restatement of its 2001 financial results, L90 Inc reported and a net loss of $30.9 million for the quarter ended Dec. 31, down from $5.3 million for the same period in 2000.
Revenue for the quarter was $5.5 million, down from $14.5 million.
For the fiscal year 2001, the online marketing services firm reported a net loss of $52.6 million, down from $20.5 million for 2000.
Revenue was $27.7 million, a drop-off from $48.7 million the year before.
The Los Angeles-based company said it would reduce its revenue by $8.3 million when it restated its operating results following an investigation of its financial records by the Securities and Exchange Commission which grew out of shareholder lawsuits. (DIRECT Newsline, May 6).
Based on the findings of the investigation, initiated by the Audit Committee of the firm’s board of directors in February, cash transactions appeared to represent barter arrangements among groups of transactions in 2000 and 2001 involving multiple vendors and service providers. Other revenue transactions were written off as bad debts or generated concerns about the services provided.
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