CMGI to Reschedule Announcement of Its Fourth Quarter and Fiscal Year Financial Results.Business/Technology Editors ANDOVER Andover (ăn`dōvər), town (1990 pop. 29,151), Essex co., NE Mass.; inc. 1646. Chiefly a textile producer in the 19th cent., Andover now makes toiletries, electronic and computer equipment, chemicals, medical instruments, rubber products, , Mass.--(BUSINESS WIRE)--Sept. 19, 2002 Additional Time Needed for Divested Companies' Year End Audit Work Before Results Are Consolidated with CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) CMGI, Inc. (Nasdaq: CMGI) today announced that it will reschedule re·sched·ule tr.v. re·sched·uled, re·sched·ul·ing, re·sched·ules To schedule again or anew: rescheduled the meeting for the following week; rescheduled the debts of many developing nations. its fourth quarter and fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. earnings announcement. Engage, which was divested by CMGI on September 9, 2002, and NaviSite, which was sold by CMGI to ClearBlue Technologies on September 11, 2002, have both just informed CMGI that they require additional time to complete their audits for the quarter and fiscal year ended July 31, 2002. CMGI is required to include the audited financial results of Engage and NaviSite in its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the fourth quarter and fiscal year ended July 31, 2002, as CMGI was still the majority owner at that time. Tom Oberdorf, Chief Financial Officer of CMGI stated: "The efforts expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. in connection with the divestitures, combined with the timing as it relates to fiscal year-end, have delayed the typical audit processes at Engage and NaviSite and are the sole reasons for rescheduling the announcement. Once we know their completion dates, we will immediately set a new date for our earnings announcement and conference call." CMGI had previously expected to report results for the fourth quarter and fiscal year ended July 31, 2002 on September 24, 2002, but now expects to do so in mid-October. About CMGI and @Ventures CMGI, Inc. (Nasdaq: CMGI) is comprised of CMGI operating businesses and investments made through its venture capital affiliate, @Ventures. CMGI companies span a range of vertical market segments including e-business, supply chain management and enterprise software and services. CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. @Ventures has offices there, as well as at 1070 Arastradero Road, Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , CA 94304. For additional information, see www.cmgi.com and www.ventures.com. |
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