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Razorfish Announces Third Quarter 2002 Financial Results; Company Reports Revenues of $9.4 Million and Pro Forma Net Income Per Share of $0.01 in Line with Management Guidance

NEW YORK--(BUSINESS WIRE)--Oct. 24, 2002--Razorfish, Inc. (NASDAQ:RAZF), a provider of web-based business applications, today announced results for the third quarter ended September 30, 2002. The results announced today include GAAP earnings as well as a description of adjusted pro forma data (see note a).

For the quarter ended September 30, 2002, revenues before reimbursements for direct costs were $9.4 million, compared to $10.5 million in revenues before reimbursements for direct costs for the second quarter 2002. Net loss was ($0.2) million or ($0.04) per share, compared to second quarter 2002 net income of $0.3 million or $0.07 per share. Pro forma net income for the third quarter 2002 was $0.01 per share, in line with previous management guidance. This compares to pro forma net income of $0.11 per share in the second quarter 2002.

"The sluggish economy and tight business spending contributed to a challenging quarter from a sales perspective," said Jean-Philippe Maheu, chief executive officer. "Despite this, we are managing our operations aggressively, and are pleased to have achieved our fourth consecutive quarter of pro forma profitability. By continuing to deliver quality web-based solutions to a solid base of blue-chip clients, we feel we are well positioned to emerge stronger when IT spending improves."

Recent Highlights

Client Successes:

-- Razorfish acquired several new clients during the third
quarter, including MasterCard International, Key Energy, City
of Cupertino, Covad Communications, and a leading investment
management firm.

-- The Company continued to win additional business or service
ongoing projects from existing clients in the third quarter,
some of which include Cisco Systems, Genentech, Ford Motor
Company, Disney, Avaya, GlaxoSmithKline, VeriSign, Manulife
Financial, Verizon Communications, Los Angeles Department of
Water & Power, and Microsoft.

Operational Performance:

-- Gross margins (before reimbursements for direct costs) of
approximately 41% for Q3, a decrease of 4% from second quarter
2002 gross margins

-- Ordinary operating margins (before reimbursements for direct
costs) of approximately 1% for Q3, which compares to 8% for
the previous quarter

-- Operating cost structure of $9.3 million, down from $9.7
million in the previous quarter

Balance Sheet Management:

-- Days sales outstanding (DSO) remained consistent with 40 days
for the previous quarter

-- Positive stockholders` equity of $2.7 million for the third
quarter 2002, which is down $0.1 million compared to the
second quarter 2002

-- Total liabilities were reduced by $3.6 million compared to the
previous quarter

Guidance:


Razorfish anticipates revenues before reimbursements for direct costs to be flat to moderately down for the fourth quarter 2002 compared to the third quarter 2002. Pro forma net earnings are expected to be break even for the fourth quarter 2002.

Conference Call:


Razorfish management will host an investor conference call on October 24, 2002 at 5:00 PM EDT to further discuss its financial results. To access the conference call over the Internet, please log on to www.vcall.com and type in "RAZF" as the ticker symbol, or at www.razorfish.com under "Investor Relations." It is advised that you log on at least fifteen minutes prior to the call to register, download, and install any necessary audio software. A replay of the Webcast will be archived for 90 days at www.vcall.com or at www.razorfish.com under "Investor Relations."

About Razorfish:


Razorfish is an IT consulting firm that designs and builds web applications for e-commerce, customer and partner relationship management, employee self-service, and enterprise measurement. Following a user-centered design approach, our applications are designed to help increase customer adoption and productivity with the goal of maximizing business results and returns on IT investments. Our multi-disciplinary teams combine business strategists, information architects and designers, as well as technology architects and software engineers. Razorfish is headquartered in New York and has offices in Boston, Los Angeles, San Francisco, and Silicon Valley. Recent Razorfish clients include Cisco Systems, Western Union, VeriSign, Microsoft, Avaya, Ford Motor Company, and GlaxoSmithKline. For more information visit: www.razorfish.com.

Forward-Looking Statement Disclaimer


Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995

This release contains, in addition to historical information, forward-looking statements, including, but not limited to, Razorfish`s strategies and goals with respect to its structure and service offerings. We use words like "anticipates", "believes", "plans", "intends", "expects", "future" and similar expressions to identify forward-looking statements. Forward-looking statements are subject by their nature to risks and uncertainties, and actual results could differ materially from those set forth in the forward-looking statements. Typical risks and uncertainties include, but are not limited to, those related to the number and size of projects completed in a given period, the risk that we will not have sufficient capital to maintain and/or expand our operations, changes in demand for business and technology consulting services, international and domestic economic conditions, changes in competition, retention of our professionals and other factors described from time to time in Razorfish`s reports filed with the Securities Exchange Commission. In addition, we draw your attention to risk factors identified by Razorfish`s 2001 Form 10-K/A filed with the Securities Exchange Commission on April 24, 2002. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Razorfish is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by the securities laws.

Razorfish, Inc.

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Quelle: nasdaq.com

[DerLeipziger]

ja klar elvis lebt auch...

geh deinen mist woanders verscherbeln.

wohl nen zweistelligen einstandskurs?

sorry, den siehst du nie wieder...

[SuperShare]

Hallo Der Leipziger!

Warum solch ein Ton?
Nur weil Du so hohe Verluste gemacht hast?
Wenn Du Dich an Deinen Thread
"Razorfish-Talk für alle Langzeitinvestoren!"
gehalten hättest, könnte es Dir vielleicht bald
besser gehen...

Naja, was soll´s! Schieb nicht so einen Frust!

MfG

SuperShare

[nasdy]

@der Leipziger du musst noch den Reverse Split von 30:1 beachten, ein zweistelliger Kurs wäre also 300$

[nnah]

#5

vertan - wenn du re-split sagst musst du auch re-split rechnen. Nicht mal sondern durch 30 - dann kommst du hin.

mfg