Updated from 4:38 p.m. to include comments from the conference call.
NEW YORK (TheStreet) -- TheStreet Inc., (TST) a financial media company, and the owner of this website, said sales in the first quarter grew on increased subscriptions to the company's premium websites and newsletters as well as advertising. Sales climbed 14% to $14.4 million, the company said in a statement.
For the quarter, TheStreet reported a net loss of $1.1 million compared to a net loss of $1.7 million in the same period a year earlier, and a diluted net loss per share of 4 cents compared to a loss of 5 cents on the same basis a year ago. Operating expenses in the quarter grew 8.1% to $15.6 million. Adjusted EBITDA totaled $18,000, compared to a loss of $34,000 on the same basis a year ago.
"We are pleased by the 14% year-over-year revenue growth for the quarter across our subscription and media platforms," said Chairman, President and Chief Executive Officer Elisabeth DeMarse. "We feel confident about market conditions and continue to reinvest to accelerate customer acquisition."
TheStreet expects to post revenues for 2014 in a range of $57 million to $58 million, said Chief Financial Officer John Ferrara, on an investor conference call. Adjusted EBITDA is likely to be between $2.2 million and $2.7 million for the year, Ferrara added.
Subscription sales in the quarter jumped 12% to $11.4 million on acquisitions and increased newsletters sales. Higher demand from new and repeat advertisers lifted media revenue to $2.9 million, a 26% increase from the same period a year ago. TheStreet generated $2.4 million in operating cash flow compared to $41,000 for the prior year period. The company ended the quarter with cash and cash equivalents of $60.9 million.
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TheStreet fall 4.6% during regular trading on Thursday to close at $2.48. Shares have gained 28% over the past twelve months, and have gained 9.7% in 2014.
--Leon Lazaroff is TheStreet's deputy managing editor.
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