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April 30, 1997updated 05 Sep 2016 1:03pm

CYBERCASH NEEDS FINANCIAL PARTNERS TO SUCCEED

By CBR Staff Writer

After turning in much heavier losses than Wall Street had predicted, CyberCash Inc yesterday reiterated the importance of forging alliances with major financial institutions, rather than just software companies and other partners. And in the first quarter it managed to do just that, with Dresdner Bank, a German commercial bank, and with Sachsen Landesbank, a German consumer bank. But nevertheless, the Reston, Virginia internet payment systems company turned in first quarter net losses of $9.2m, up from $4.6m last time, on revenues that rose to $155,395, from $21,619 previously. Losses per share were $0.86, some $0.14 off of First Call’s target. Cash at the end of March stood at $26.4m, down $7.3m since the previous quarter, and with a burn rate like that an profits not due until the fourth quarter of next year according to First Call, CyberCash will have to look for a further cash injection with the next 12 months it would seem. á

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