Mamma.com posts second quarter profit
13 August 2004
Internet search engine provider Mamma.com has announced that it has swung to a second-quarter profit, following a loss for the same period last year.
The firm said its net income was $108,387, or one cent a share, for the three months to June. The company posted a net loss of $442,924, or seven cents a share, for Q2 2003.
The San Francisco-based search engine reported that revenue rose to $3.96 million, up from $2.11 million, over the quarter, an 88 per cent increase.
Shares in the web firm rose by five per cent to $6.40 in after-hours trading
Guy Faure, Mamma.com president and CEO, stated: "We are especially pleased with the growth of our Ad network which realized a revenue increase of 62 per cent from the same quarter last year. The completion of our acquisition of Digital Arrow further enhances our revenue stream and enables us to complete our one-stop-shop offer to on-line advertisers.
"Finally we completed a gross $16million financing this quarter which brings our cash position to more that $27 million. This will enable us to execute on our aggressive acquisition strategy where we are looking to grow the Company by acquiring companies that will be highly synergetic with our existing offerings and that at the same time will significantly increase our revenues and be accretive to earnings."
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