By: (AP) Financial Web site TheStreet.com Inc. recorded its first profit as a public company in the fourth quarter, on a 25% increase in revenue.
The New York-based company, which went public in 1999, Wednesday posted fourth-quarter net income of $154,000, or 1 cent a share. That compares with the previous year's loss of $1.2 million, or 5 cents a share, in the same period.
Thomson First Call's analyst estimate was a loss of about 3 cents a share for the latest quarter.
Revenue grew about 23% to $7.4 million from approximately $6 million.
During the fourth quarter, the company launched an in-house trading desk, funded with $2.8 million from its Independent Research Group LLC unit.
Cash burn for the period was $90,000, while cash, restricted cash and short-term investments at Dec. 31 totaled $26.6 million, compared with $26.8 million a year earlier.
For all of 2003, the company posted a net loss of $4 million, or 17 cents a share. That's sharply narrower than a loss in 2002 of $8.7 million, or 37 cent a share, which included a gain of $210,000, or 1 cent a share, on disposal of discontinued operations.
Revenue rose 25% to $26.1 million from $20.8 million.
Shares of TheStreet.com closed Wednesday at $4.80, down 16 cents, or 3.2%, on the Nasdaq Stock Market.
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