Greenfield Online swings to 1Q loss on charges, costs

WILTON, Conn.—Greenfield Online Inc., which provides marketing companies with Internet surveys, said Thursday it swung to a loss in its first quarter mainly due to two charges and a rise in operating expenses.

For the quarter ended March 31, the company reported a loss of $113,000, or less than a penny per share, compared with a profit of $2 million, or 7 cents per share in the prior year quarter.

Excluding the effect of an audit committee investigation expense and a charge taken for a proposed class action settlement, the company said it earned 10 cents per share.

Analysts polled by Thomson Financial expected profit of 9 cents per share.

The company was hurt by a nearly 46 percent rise in operating expenses, mainly from far higher selling, general and administrative costs.

Revenue rose 13 percent to $30.9 million from $27.5 million in the first quarter of 2007. Analysts predicted revenue of $31.9 million.

The company said its comparison shopping business was strong in the quarter while its internet survey business "got off to a slower than expected start."

Greenfield Online shares rose $1.38, or 12.4 percent, to $12.49 in electronic after-hours trading. During regular trading, shares climbed 47 cents, or 4.4 percent, to close at $11.11.