CMGI (CMGI) is one of the old Internet incubators, and it is trading higher in after-hours trading. The company closed up $0.04 at $1.37 in regular trading, but shares were up at $1.44 in after-hours trading.
The incubator reported a 6.5% drop in revenues year over year to $283.6 million, but posted more than a 100% gain to operating income of $5.1 million . Its non-GAAP operating income was $10.2 million and its net income after items was $10.3 million (up almost 400% from last year).
The decline in revenue was primarily attributable to anticipated lower revenue from a single client, in connection with a change in their supply chain model. As of October 31, 2006, CMGI had working capital of approximately $282.5 million compared with $282.2 million at July 31, 2006.
CMGI is one of the old day trader stocks and low-price stocks that many flock to when there is news. Its 52-week trading range is $0.98 to $1.84. There are no real estimates on the company anymore. There has been no change in its old mirror incubator company Internet Capital Group (ICGE).
Jon C. Ogg
December 4, 2006
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