CyberCash Revenues Soar
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Reston, VA-based CyberCash Inc., a provider of secure Internet commerce solutions, reported revenues of $4.5 million for 1997, up from $127,000 in 1996.
For the year, the company, still in startup mode, reported a net loss applicable to shareholders of $26.50 million, compared to a loss of $26.54 million the previous year.
For the fourth quarter, revenues were $2 million, compared to $50,600 in the year earlier period. Net loss was $ 5.4 million, compared $8.05 million in the comparable period a year ago.
CyberCash announced earlier this week that it had raised $15 million in equity capital (see Int ernetNews.com's previous coverage). The company said its 1997 revenues were derived in substantial part from developing and licensing solutions for strategic alliances with financial institutions around the world.
"I am pleased with our fourth quarter and year-end performance. Our accomplishments clearly illustrate the effectiveness of our strategy for 1997," said Bill Melton, president and CEO of CyberCash. "For 1998, we are committed to a set of initiatives to solidify our position as the leader in secure Internet payment services worldwide and to promote the advancement of electronic commerce around the world."
CyberCash said it is undertaking a large-scale campaign aimed at increasing the number of merchants--and thus the number of transactions--using its payment services.
The company's strategy is to work with merchants, technical partners, Internet service providers, store builders, and major credit card processors to bring its technology to the attention of a wider audience. The number of merchants using CyberCash's services increased over 50% in the fourth quarter compared to the third quarter, the company said.