RealTime IT News

iMall Revenues Slip, Loss Rises

E-tailer iMall Inc. posted a net loss for the quarter ended March 31 of $1.22 million on revenues of $3.47 million.

In the same period a year earlier, the Studio City, CA-based company posted a net loss of $682,206 on revenues of $4.07 million.

"During the first quarter, iMall continued to concentrate on developing and strengthening the electronic commerce segments of its business," said Richard Rosenblatt, chairman and chief executive officer. "We are very excited about our recent agreements with Animalhouse.com, Cardservice International and Verio Web Hosting Inc. and believe they are a testament to the strength of our technology and product offerings. We expect to start seeing the impact of these agreements on electronic commerce revenues in upcoming quarters.

He said the company plans an online advertising campaign in addition to its partnerships to build brand awareness.

iMall provides e-commerce apps and operates a shopping mall on the Web with more than 1,600 hosted storefronts, segmented into divisions such as Electronics, Computers, Home and Family and Arts.