After reviewing the composition of its revenues and reassessing the viability of some of its clients served during the period, and its ability to collect on the corresponding revenues, Aptimus Inc. announced late last night that it has determined not to recognize a significant portion of its revenues for 4Q00.

According to officials at the company, the exact amounts have not been finalized.

As a result of these changes, and pending the final analysis of treatment of various revenue sources, Q4 revenues are expected to be reported between $2.2 million and $3.5 million.

This also will lead to a corresponding increase in reported operating losses over previously projected levels to an expected range of 31 cents to 41 cents per share.

Aptimus operates FreeShop.com Desteo.com and a number of other direct marketing sites.