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MIVA reports $5.1M net loss first quarter
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MIVA Inc., a Fort Myers-based online marketer, reported a net loss of $5.1 million or negative $0.16 a share in the first quarter of 2008. In last year’s first quarter, MIVA lost $11.5 million or negative $0.36 per share.
Revenues in 2008’s first quarter fell 4.6 percent to $33 million; 2007’s fourth quarter revenues were $34.6 million.
The company owns and operates consumer Web sites and tool bars through its MIVA Direct division; that division’s revenue decreased 4.7 percent to $12.1 million in the first quarter from 2007’s fourth quarter.
MIVA’s Media division, which oversees a pay-per-click advertising network, posted a forth quarter revenue of $12.1 million in the U.S., down 2.4 percent from the fourth quarter of 2007; in the European Union, the Media division’s revenue was down 7.3 percent since the fourth quarter of 2007, to $8.8 million.
“Our Media business ... generally performed to plan with a slightly lower revenue base and traffic acquisition costs,” said Peter Corrao, CEO, in a company statement.
As of March 31, the company had 213 full-time employees, down from the 230 full-time employees as of Dec. 31, and from the 346 full-time employees as of March 31, 2007.
The company is forecasting annual 2008 revenues between $140 million and $150 million and earnings before interest, income taxes, depreciation and amortization between break-even and negative $3.0 million, with the decrease caused by MIVA Direct.
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