Wednesday, Internet Capital Group Inc. (ICGE), a venture capital firm specializing in investments in mid and late venture, reported a wider loss for its fourth quarter, hurt by impairment charges.
The Wayne, Pennsylvania-based company reported a net loss for the fourth quarter of $26.6 million or $0.71 per share, wider than net loss of $3.0 million or $0.08 per share reported in the comparable period last year.
Net loss for the fourth quarter included a $16.9 million impairment charges, while loss of the year-ago quarter included a $6.8 million gain.
ICG's consolidated revenue for the quarter increased to $20.5 million from $14.1 million in last year quarter.
Total operating expenses rose to $33.63 million from $19.07 million in the same quarter last year.
For the full year, net loss narrowed to $22.9 million or $0.60 per share from $30.6 million or $0.81 per share last year.
Consolidated revenue for fiscal 2008 was $71.2 million, up from $52.9 million for fiscal 2007.
As of December 31, 2008, ICG has repurchased around 1.9 million shares for $9.3 million pursuant to its $25.0 million stock buyback program.
ICGE is currently trading at $4.24, down $0.01 or 0.24%.
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