ModaCAD Inc. Revenues, Loss Both Rise
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Los Angeles-based ModaCAD Inc. posted a net loss of $1.9 million for the quarter ended March 31, compared to a loss of $182,593 in the year-ago period.
Net sales showed a 62% improvement to $964,253 as compared with $595,890 in last year's comparable period. The company said it has a cash position in excess of $11 million, stockholders' equity of more than $19 million and a 8-to-1 current ratio.
The company said it incurred $1,486,000 of research and development costs during the first quarter of 1998.
The net sales increase was largely driven by the company's e-commerce business and reflects the recognition of revenues from retailers and manufacturers who have agreed to participate in ModaCAD's virtual reality shopping experience, the company said.
Joyce Freedman, chief executive officer of ModaCAD said, "We are pleased to report our first quarter performance and are gratified to note the positive effect of our e-commerce strategy on the growth of our business. We also want to report that we are moving forward with our fiscal 1998 action plan by pursuing a number of key strategic alliances that have been targeted to further the development and distribution of our e-commerce product offerings. The shift in focus of our sales force has also been effective as evidenced by the number and caliber of new customer relationships in process."
ModaCAD's core rendering and digital content management technologies enable computers to create photo-realistic, synthetic 3D images and scenes on a computer screen from computer generated data, in real-time.