Digital River Records $5.34 Million 1Q Loss
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Minneapolis-based ESD firm Digital River Inc. posted a first-quarter 1999 net loss of $5.34 million or 27 cents per share, compared with a net loss of $1.55 million or 16 cents per share, in the same period a year earlier.
Sales were $11.7 million in the quarter ended March 31, compared with sales of $2.27 million in the first quarter of 1998.
"We continue to be excited by the performance of our core business of providing electronic commerce outsourcing solutions for the sale of software and other digital products over the Internet," said Joel Ronning, chief executive officer. "This business is strong and the market for electronic software delivery continues to grow. Industry research from Jupiter Communications projects that online software sales will double in 1999 over 1998."
There was no word on when profitability may be reached.
Digital River also will soon begin providing outsourced solutions for downloadable music and said its first client for the service is New Orleans-based WWOZ-FM Radio.
Digital River provides more than 5,000 software publishers and online retailers with its proprietary technology for Internet delivery of more than 100,000 digital products, including 30,000 software products and applications.