US Interactive Announces Results For First Public Quarter



US Interactive Inc., an Internet professional services firm that focuses on building E-commerce sites for businesses, announced third-quarter earnings for the period ended Sept. 30. In addition, the company announced it has just completed an E-commerce site for American International Group, a global insurance carrier, called aigdirect.com.

US Interactive's revenue for the quarter was $9.9 million, up 117% from the third quarter of 1998. However, the Philadelphia company reported a net loss for the quarter of $4.1 million, which included a nonrecurring charge for amortization of deferred stock compensation and good will. Excluding one-time charges, net income was a loss of $1.5 million. This was US Interactive's first full quarter as a publicly traded company.

Separately, US Interactive announced the launch of aigdirect.com, a business-to-consumer E-commerce site developed for AIG, an international insurance company and underwriter of commercial and industrial insurance in the United States. The site will let customers obtain pricing quotes on automobile, life, and homeowner's insurance. In addition, the site includes a resource center with tips, advice, and articles about various insurance issues; a calculator for financial questions; and the ability to purchase some insurance products online. Users can also file claim forms and engage with customer service representatives online. The value or length or the contract was not revealed.

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