RealTime IT News

CyberCash Revenues Rise, Loss Narrows

CyberCash Inc. reported revenues of $1.14 million for the three months ended March 31, up from $155,000 for the first quarter of 1997.

Nonetheless, the provider of secure electronic commerce solutions posted a net loss for the quarter of $5.6 million, down from a loss of $9.2 million for the same period a year ago.

"We are extremely pleased with the many important accomplishments we have already achieved in 1998," said Bill Melton, president and chief executive officer of CyberCash. "In the last several months, we completed the merger with ICVERIFY, introduced our CashRegister 3 Service which simplifies the way merchants do business online and raised $15 million in equity capital."

On the operating side, the company said it is continuing to see increased transaction volume in processing over 2 million transactions for the first quarter, up from 1.5 million transactions the prior quarter. This is an increase in transaction volume from 260,000 transactions in first quarter of 1997.

CyberCash also announced that Novazen Inc., a developer of Internet-based customer care and billing software for the communications and electronic commerce industries, will integrate CyberCash's PayNow electronic payment solutions into its electronic bill presentment and payment software module. This will allow customers to review, analyze and pay bills via the Internet with no additional software required.