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Open Market Posts Loss as Revenues Grow

E-commerce software marketer Open Market Inc. posted a second quarter net loss of $1.9 million or $0.05 per share, compared to a net loss of $11.1 million or $0.34 per share for the same period last year.

Net revenues were $18.6 million, compared to net revenues of $16.5 million for the second quarter of 1998.

Internet commerce-related revenues for the quarter were $15.6 million, an increase of 32 percent, compared to revenue of $11.8 million for the second quarter of 1998.

For the six months ended June 30, total revenues were $34.1 million compared to $31.7 million for the same period a year earlier. Net loss for the six months was $5.2 million or $0.14 per share, compared to a net loss of $17 million or $0.53 per share, a year ago.

"This is the best quarter in our company's history," said Gary Eichhorn, president and CEO of Open Market. "This is a record quarter for Internet commerce-related revenue. We are also very encouraged by the growth we continue to see in our core Internet commerce business. We are expanding our channels and seeing sales cycles begin to shorten."

Open Market moved to focus its resources on Internet commerce in June. The company said it has more than 10,000 merchants live and more than 25,000 merchant licenses sold. The company also introduced an enhanced version of its ShopSite Internet storefront building software product, ShopSite 4, as well as a new version of ShopSite TX for the Linux platform.

During the second quarter, Open Market also signed 22 new Internet service providers to re-sell its ShopSite products.