Answerthink Reports For Q1 2001

Answerthink, a New York-based company that — among other things — helps traditional businesses establish Web presences and automates their business processes, announced its financial results for the first quarter ending March 31.

Net revenues for the first quarter of 2001 were $72 million, compared to $76.3 million reported for the first quarter of 2000 and up 4 percent from $69 million in the fourth quarter of 2000. The company’s revenues fell within the range of analysts’ estimates of between $68.5 million and $73 million. Its pro forma diluted earnings were six cents per share, “at the low end of analyst predictions,” according to Ted Fernandez, chairman and CEO of Answerthink, in a conference call Tuesday.

“We had major new clients added across all areas and reduced our investments in areas including technology where they were not warranted,” said Fernandez, who also cited the layoff of 90 billable positions in April. “We feel strongly that we are a stronger organization than we were six months ago.”