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2. ENGAGE INC. Hot no longer 5/22/2001
In 1999, the Internet advertising firm was one of the top initial public offerings in Massachusetts, ranking 15th in last year's Globe 100 IPO list, with a 154.37 percent increase in price to $38.16.
Now, the price is hovering around $1, and the company makes this year's Globe 100 list of bears.
Based on year-to-year comparisons, Engage's stock price fell from $38.16 on March 31, 2000, to 72 cents on March 31 this year, for a 98.116 percent drop. That put the Andover-based firm second on the list, behind Aztec Technology Partners Inc.
Mark Horan, director of corporate communications, said in an interview that the company has taken steps to turn things around.
''We took some pretty strong measures to restructure the company and refocus,'' Horan said. ''We have a goal of being profitable in the fall of this year.''
He pointed to company earnings statements, which show $119.8 million in cash as of July 2000, the recent acquisition of MediaBridge Technologies, which expands the company's focus to software products, and a 26 percent reduction in worldwide work force.
''We're now very focused on growing revenue in very specific areas,'' Horan said.
The company has offices from Andover to London to Tokyo, and serves 10,000 marketers, retailers, newspapers, and other firms in more than 40 countries. Engage allows companies to manage their merchandising and advertising and to profile Internet users who view ads online.
DOLORES KONG
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