CGI Holding Corp., the parent company of search engine marketing firm WebSourced, reported today that its revenues for the third quarter of 2003 surged.
Revenues were at $2.08 million, an increase of 84 percent over the prior quarter. Net income from continuing operations for the third quarter was $255,400, or 1 cent per share, compared to $21,100 in the second quarter.
“I am extremely pleased with the growth and profitability which our Websourced subsidiary demonstrated during the third quarter, emerging as the leader in its industry,” said Gerard Jacobs, the CEO of GGI. “Websourced undoubtedly has a very bright future.”
Patrick Martin, the CEO of Websourced in Morrisville, NC, reported that the CGI subsidiary achieved record income before taxes of $539,700 in the third quarter of 2003.
“Websourced has really hit its stride–.” Martin said. “Our reputation for excellence in search engine marketing is spreading–. And our newly launched dating site, Cherish.com, is growing steadily. Business continues to be strong and we are very optimistic about the future.”
CGI, based in Hillside, IL, says its increase in net income was achieved despite a non-cash charge $160,000 for an employee stock bonus and various legal and financing fees of approximately $100,000.
Due to a one-time event of a litigation settlement obligating CGI to pay an aggregate of $1.2 million over the next 12 quarters, the company’s net income per common share for the third quarter of 2003 was a loss of $944,600, or a loss of 4 cents per share.
“The settlement of the lawsuit with Statewide Insurance Co. will now allow CGI Holding Corp. to focus all of our resources upon raising capital and pursuing attractive acquisitions,” said Jacobs. “We are most interested in acquiring companies with proven technologies that can increase efficiencies and streamline costs for traditional businesses while they move into an improving economy.”