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.
CyberCash said it became the only Internet payment company handling
payments in a multiplicity of currencies, including the yen, the pound, and
“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
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.