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WorldGate Hangs In

By Matt Stump -- Multichannel News, 8/2/2002 8:03:00 AM

WorldGate Communications Inc. reported a net loss of $6.5 million in the second quarter ending June 30 on revenue of $3.9 million.

Some $3 million of the net loss was attributed to impairment of goodwill, the company said.

Revenue jumped 23 percent sequentially from the first quarter, but it was down from $4.8 million in the year-ago quarter. WorldGate blamed bankruptcy filings and cable consolidation for curtailing new service rollouts by operators.

The company has 581,000 subscribers, up marginally from the first quarter's 568,000.

WorldGate said it had cash, cash equivalents and short-term investments of $7.6 million at the end of the quarter. The company -- which expects full-year revenue to fall between $16 million and $19 million -- said it has enough cash to fund operations for three to four quarters.

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