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- Apr 15, 2002
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Stumbled across this news flash on the Web late tonight. It would seem the odd statement they are closing 'Afternic Cust Segment' means they are finally shutting down Afternic, as I first heard in Dec 2001 from insider information on that happening soon. They somehow managed to last a bit longer than the employee thought they would.
What a screwed-up company with terrible communications skill, they can't even word their press release about Afternic's closing properly so we can easily understand it
I think the talk about Goodwill writeoff refers to Afternic's big decline in value. I know they also wrote-off approx' 1/2 of it several mos ago.
Not surprising is it? It's amazing how after paying thirty five million dollars or so for AN they could run it into the ground like they did. What idiots both Register.com and Afternic seem to be!
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Register.com Inc., the second-largest supplier of Web addresses in the United States, on Tuesday warned that it doesn't expect to meet third-quarter revenue and earnings projections, citing slow sales in July, less demand in August and little improvement in September. "Due to the writeoff of goodwill, the softness in revenues, increased penalty fees related to credit card charge-backs and refunds, and a potential increased bad debt reserve, the company does not expect to remain profitable in the third quarter of 2002," Register.com said in a statement.
Register.com also said it expects its deferred revenue balances to decline as of the end of the third quarter rather than the 5 percent sequential increase previously projected. In addition, the company will close its Afternic customer segment and, as a result, will have to write off goodwill in the third quarter.
What a screwed-up company with terrible communications skill, they can't even word their press release about Afternic's closing properly so we can easily understand it
I think the talk about Goodwill writeoff refers to Afternic's big decline in value. I know they also wrote-off approx' 1/2 of it several mos ago.
Not surprising is it? It's amazing how after paying thirty five million dollars or so for AN they could run it into the ground like they did. What idiots both Register.com and Afternic seem to be!
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Register.com Inc., the second-largest supplier of Web addresses in the United States, on Tuesday warned that it doesn't expect to meet third-quarter revenue and earnings projections, citing slow sales in July, less demand in August and little improvement in September. "Due to the writeoff of goodwill, the softness in revenues, increased penalty fees related to credit card charge-backs and refunds, and a potential increased bad debt reserve, the company does not expect to remain profitable in the third quarter of 2002," Register.com said in a statement.
Register.com also said it expects its deferred revenue balances to decline as of the end of the third quarter rather than the 5 percent sequential increase previously projected. In addition, the company will close its Afternic customer segment and, as a result, will have to write off goodwill in the third quarter.