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February 7, 2010

iMergent Q4 revenues decreases to $18.34m

Product and other revenues down 34% on year ago quarter

By CBR Staff Writer

eCommerce software provider iMergent has reported revenues of $18.34m for the fourth calender quarter of 2009, compared to $26.85m for the same period last year.

The company posted an operating loss of $0.31m, compared to an operating loss of $6.93m for the same quarter last year. For the fourth calender quarter ended December 31, 2009, the company posted a net income of $0.61m, or $0.06 per share, compared to a loss of $10.13m, or $0.89 per share for the same quarter a year ago.

Product and other revenues decreased 34% to $13.2m from $20.08m. Commission and other revenues for the fourth calendar quarter of 2009 decreased 24% to $5.14m from $6.8m for comparable quarter in 2008.

For the six month transition period ended December 31, 2009, the company reported revenues of $35.72m compared to $54.12m for the comparable period last year. Operating loss was $0.52m, compared to an operating loss of $10.19m while Net income was $1.3m or $.12 per diluted common share, compared to net loss of $17.63m or $1.55 per diluted common share in the comparable period last year.

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Steven Mihaylo, chief executive officer of iMergent, said: “Calendar year 2009 was very challenging, which had a negative impact on our sales and operations. However, we continue to improve our operating efficiencies through our cost saving initiatives. We believe the results are promising, particularly considering the effect of the economic downturn on our StoresOnline customers.”

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