IMergent Reports Third Quarter 2010 Financial Results
PHOENIX, Nov. 3, 2010 (GLOBE NEWSWIRE) -- iMergent, Inc. (AMEX:IIG), a leading provider of eCommerce software, site development, web hosting and search engine optimization for businesses and entrepreneurs, today reported financial results for its third quarter ended September 30, 2010.
Third Quarter 2010 Compared to 2009
Net loss for the third quarter of 2010 was $79,000 or $0.01 per diluted common share, compared to net income of $718,000, or $0.06 per diluted common share in the comparable quarter last year. Loss before income tax provision for the third quarter of 2010 was $455,000 compared to income of $1,100,000 in the comparable quarter last year. The income tax benefit for the third quarter of 2010 was $376,000, compared to an income tax provision of $382,000 in the prior year quarter.Revenue for the third quarter of 2010 decreased 18% to $14,284,000, compared to $17,378,000 for the comparable quarter last year. The lower revenue was primarily a result of a decrease in the response to our direct mail advertising as compared to the prior year quarter. This decrease in response rate resulted in a 17% decrease in number of attendees at our preview events. As a result of the decrease in number of preview attendees, we had a 24% reduction in the number of workshops conducted during the third quarter of 2010 as compared to the comparable quarter in 2009, and a 20% decrease in principal cash collected on our receivables portfolio. These decreases were offset by an increase in the percentage of attendees purchasing products to 29% in the third quarter of 2010, compared to 23% in the comparable quarter of 2009. Revenue from our Crexendo Business Solutions Division was $315,000 compared to $44,000 in the comparable period last year. Total operating expenses decreased 8% to $16,191,000 for the third quarter of 2010, compared to $17,591,000 for the comparable quarter in 2009.
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