WebSourced Parent Restates Earnings After Bad Debt Issue
Posted December 30, 2005 7:03 a.m. EST
MORRISVILLE, NC — CGI Holding Corp., the parent of Morrisville-based WebSourced, restated earnings for 2003 and 2004 on Thursday due in part to $1.4 million in bad debt from WebSourced.
The restated earnings from 2003 from $7 million to $5.8 million pushed CGI, which does business as Think Partnership, into a $665,016 loss. CGI had originally reported a $319,567 profit.
The restated income for 2004 from $21.4 million to $17.6 million cut CGI's profit to $1.773 million from more than $2.9 million.
CGI also wrote down more than $500,000 in net income for the first quarter of 2005 and more than $400,000 for the second quarter of the year.
CGI has been "overhauling", it said in a statement in November, the WebSourced operations after WebSourced reported bad debt of $1.4 million for the quarter ending June 30.
Steve "Pat" Martin left as president and chief executive officer of WebSourced on Dec. 7. He had served as CEO of WebSourced, a search engine optimization firm, since its founding in 1999. He has been replaced by George Douaire, chief operating officer of Think Partnership.
WebSourced employs 160 people.