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Open Market Posts Loss

E-commerce software provider Open Market, Inc. announced net revenues of $16.5 million for the second quarter ended June 30, 1998, along with a net loss of $16.0 million or $0.49 per share.

This marks a slight increase from second quarter 1997 revenues of $15.5 million. Net losses more than doubled, however, from $7.5 million or $0.24 per share for the same period of 1997.

Excluding the charge for in-process research and development in connection with the acquisition of ICentral, the company said its net loss for the quarter ended June 30, 1998 was $5.2 million, or $0.16 per share.

Highlights from the second quarter included an equity investment from Intel, the acquisition of ICentral, makers of the ShopSite family of electronic commerce software for small-to-medium businesses, and partnerships with Engage and Coopers & Lybrand.

"The second quarter was distinguished by a number of new blue-chip customers and partners," said Gary Eichhorn, president and CEO of Open Market, in an earnings statement. "Two of the world's largest telecommunications firms, Bell Canada and Cable & Wireless, and the world's leading wholesale distributor of technology products and services, Ingram Micro, have purchased Transact, our flagship Internet commerce software."

Open Market (NASDAQ:OMKT) was up +11/16 to 16 3/16 today in afternoon trading.