RealTime IT News

Cyberian Posts Better Than Expected Q2 Earnings

Internet retailer Cyberian Outpost today reported that its revenue increased 47% from the previous quarter to $17 million for the second quarter ended August 31, 1998.

Outpost, which launched its IPO in July, reported a diluted net loss of $0.29 per share, compared with a net loss of $0.10 per share for the same time last year. Its gross margin for Q2 was 9.9%, a 10% improvement from the first quarter, the firm stated.

In the last six months, the company reported revenue of $28.6 million, and a net loss of $9.8 million, or $0.54 per share.

"With net proceeds of $67 million from our July 1998 IPO, we can continue to aggressively expand our global customer base and encourage repeat buying," said Darryl Peck, president and CEO of Cyberian Outpost. "During the first half of this fiscal year we doubled our customer base, attracting domestic and international consumers to our online 'superstore' through linking programs with targeted Web sites and strategic alliances with major Internet portals."

The company has alliances with USA Today Online, Time Inc. New Media's Pathfinder Network and StarMedia.

Shares of Cyberian Outpost (NASDAQ: COOL) were 9 1/4 in early morning trading, down 7/8. The company has seen its shares follow the current stock market trend, and drop from its IPO price of $18 in July.