NEW YORK (
, the New York-based financial media services provider, reported a net loss of $1.7 million for the first quarter compared to a loss of $4.4 million a year ago, the company said in a statement. Revenue for the period was $12.6 million, a 2% decrease from a year earlier.
TheStreet posted a diluted net loss per share of 5 cents for the quarter ended March 31 compared to a loss of 14 cents per share for the same period a year ago. Excluding payments related to company restructuring and other items, TheStreet generated more than $800,000 in operating cash flow in the quarter.
Subscription sales grew 13% to $10.4 million in the quarter as TheStreet acquired TheDeal in September. Media revenue was $2.2 million, a decrease of 40%. The number of paid subscribers to the company's premium services grew 3.5% to 76,090.
"We are seeing the benefits of right-sizing the cost structure initiated in 2012," Elisabeth DeMarse, chairman and chief executive officer, said in a statement. "In 2013, we continued to execute our turnaround strategy, positioning the business for growth, optimizing the free site and modernizing our technology infrastructure."
TheStreet ended the quarter with $60.3 million in cash and cash equivalents, the company said.
-- Written by Leon Lazaroff in New York.