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After market close Wednesday, the online retailer of computer-related products reported a first quarter net loss of $22.6 million, or 60 cents per share, not including merger-related costs. First Call's survey of five analysts predicted a loss of 65 cents per share.

Including $2.5 million in expenses related to the recent acquisition of Onsale, lost $25.1 million, or 67 cents per share.

First quarter revenue of $147.8 million was up marginally from $146.1 million in the fourth quarter, and up 34 percent year-over-year. Gross merchandise sales increased to $156.7 million, up 4.8 percent from $149.5 million in the fourth quarter.

Average order size rose to $202 from $169 in the fourth quarter. About 6 percent of visitors placed orders. Repeat orders generated 66 percent of revenue, compared to 71 percent in the fourth.

The company's gross margin of 6.2 percent was up from 4.2 percent in the fourth quarter. spent $39 to get each new customer in the fourth quarter, a 52 percent decrease in customer acquisition costs. Expenses fell 30 percent, the company said.

"We are now realizing the benefits of the Egghead/Onsale merger," CEO Jerry Kaplan said. "Our focus for the first quarter was to increase gross margins while moving other business metrics in the right direction."

Cash and short term investments totaled $63.6 million at the end of the first quarter.

"We believe our cash is adequate to finance our ongoing business plans," Kaplan said. "As our losses decline, we project our cash consumption rate to decrease in each of the next four quarters, and we believe our cash reserves are sufficient to carry the company through a full year of operations, and possibly longer."

Shares of closed Wednesday's regular trading at 5 25/32, up 17/32 for the session.

Competitors of include (Nasdaq: COOL) and (Nasdaq: BYND).

• tops 4Q estimates
• Egghead soars on traffic report>