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WorldGate trims losses and revenues

Mon, 03/03/2003 - 7:00pm
Jeff Baumgartner

WorldGate Communications said it finished 2002 with a loss of $12.1 million, narrowed from a $19.2 million loss in 2001, while revenues dropped $3 million to $13.9 million.

Despite a 4 percent drop in fourth quarter revenue generating units, WorldGate added 99,793 RGUs in 2002, giving it a total of 575,936 by year's end, a 21 percent jump versus all of 2001.

For the quarter, revenues plummeted 42 percent to $2.5 million versus the year-ago period. That figure included a one-time charge of $244,000 for settlement of an outstanding balance associated with a planned deployment of the TVGateway interactive programming guide.

Late last week, WorldGate announced it had hired a financial advisor to evaluate a number of strategic and financing alternatives.

WorldGate did not shed much more light on those prospects, noting only that it has been meeting with unnamed investors and companies in the iTV space that have expressed interest in the company.

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