The net loss was 2 cents per share lower than a consensus of Wall Street analysts had anticipated, according to First Call. Revenue grew more than 300 percent from $1.1 million in the year-ago quarter. CyberCash reported a net loss of 52 cents per share for the same year-ago period.
"In the first quarter, we continued to make strong progress in each of our core business areas which will significantly influence the long-term growth of our business," said CyberCash chief executive Jim Condon in a prepared statement, referring to the company's merchant signups and transaction volume. "CyberCash is adding merchants at a rate of more than 700 a month for its CashRegister service, while average monthly transaction volume has climbed to 3.1 million, an all-time high."
During the quarter, CyberCash announced marketing and development alliances with several companies, including Microsoft, Compaq Computer, and Earthlink. The company also recently began its CashRegister OnDemand service, a Web-based payment solution targeting first-time online and physical world merchants seeking an entry into e-commerce on the Internet.
CyberCash also said that it held cash operating expenses less than $11 million for the fourth straight quarter, and received a total capital infusion of $15 million.
"Contrary to our own expectations, there has been very little drop off in post-holiday e-commerce shopping," said Condon. "Our transaction volume continues at levels equal to those during the holiday season."
Shares of CyberCash closed 3.57 percent or 0.63 points higher at 18.13 on Friday ahead of its earnings announcement. The stock has traded as high as 24.88 and as low as 5.88 during the past 52 weeks.