NEW YORK (TheStreet) -- TheStreet  (TST) reported a 17% increase in revenue in its first-quarter 2015 financial results released after the market close Thursday.

In the three months ended March 31, the digital financial media company reported revenue of $16.9 million, up 17% from $14.4 million in the same period one year earlier. Subscription services revenue rose 23% year-over-year to $14.1 million, thanks in large part to revenue from BoardEx and modest growth in subscription newsletters and The Deal.

Media revenue declined 5% to $2.8 million, but the company expected this decrease due to its reduction of available inventory for advertising as it focuses on enhancing the user experience on its free sites.

"First quarter 2015 performance reflects our strategy of transforming TheStreet, Inc. into a subscription business leader with strategic media focus," said Elisabeth DeMarse, Chairman, President and Chief Executive Officer. "Through last year's acquisition of BoardEx, we successfully doubled the size of our institutional business."

"For the remainder of 2015, we will continue on our path to profitability by focusing on strengthening our synergies among our subscription businesses and improving our user experience on the free sites," DeMarse continued. "We are well positioned for immediate and long-range future growth and ready to take advantage of market opportunities."

Net loss for the quarter narrowed slightly to $1 million from $1.1 million in the year-ago period. Basic and diluted net loss per share attributable to shareholders was 3 cents, compared to 4 cents in the same quarter last year.

TheStreet generated $845,000 in operating cash flow in the first quarter for a cash balance of $33.7 million on March 31, 2015, compared to $32.5 million on December 31, 2014.

Bookings for total subscription services were $14.6 million for the quarter, up 14% from the year-ago period. This includes the impact of BoardEx. Bookings for the trailing four quarters were $51.4 million, up 11% from $46.2 million in the prior period.

For subscription newsletters, total paid subscriptions were 83,600 at the end of the quarter, up 1% year-over-year. Average revenue per user in the first quarter increased by less than 1%.