ANDOVER, Mass. – CMGi Inc., an Internet venture firm that owns Internet-search service AltaVista Co., recently said it is restating its fiscal 2001 loss to correct “inadvertent” errors in calculations, Bloomberg News reported. The corrections will widen the company’s loss in the fourth quarter ended July 31 by $110.8 million, to $1.33 billion from $1.22 billion, the company said. CMGi’s loss for the fiscal year will be restated by $110.3 million, to $5.49 billion from $5.38 billion. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… CMGi said it miscalculated non-cash expenses for impairment and amortization of intangible assets and securities. Those items represent the decline in value of assets held. CMGi has written off billions of dollars from the value of companies it’s invested in as Internet stocks have collapsed. “It was just a mathematical miscalculation,” Chief Financial Officer George McMillan said in an interview. The company’s auditor is KPMG International. McMillan said CMGi doesn’t plan to switch accountants. CMGi shares have fallen 80 percent over the past year. The company has started shutting down some of its money-losing businesses, including Internet-access service NaviPath and online advertising company Engage. The company has sold other units including Webcasting service Activate.
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CMGi restates fiscal 2001 loss
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