November 20, 2007, 12:00 AM

Commerce Planet reports $2.6 million loss in Q3

Web-based e-commerce software and services provider Commerce Planet reported third quarter revenue of $5.4 million, a 29% decrease compared with the prior year.

Web-based e-commerce software and services provider Commerce Planet Inc. reported revenue of $5.4 million for the third quarter ended September 30, 2007, a 29% decrease compared with the prior year quarter revenue of $7.6 million. Third quarter losses were attributed to $2.7 million in write-offs related primarily to poor quality sign-ups for its subscription-based services earlier in the year and the shut-down of OS Imaging, its online printing company.

“Our results for the third quarter reflect the continuation of initiatives begun in the second quarter to increase the quality of our business model and position the company for long-term sustainable growth,” says Tony Roth, CEO. “Our recent acquisition of Iventa Corporation is evidence of the company’s decision to focus more of its resources on developing superior online business marketing, media and e-commerce solutions for our third-party enterprise clients.”

Iventa has developed an enterprise-class e-commerce and subscription management platform called the Dashboard System. Its customers include Sony/BMG, Warner Music, Dominion Enterprises, Guitar Center and MTV.

“We believe the Iventa system, in combination with our existing technologies, sales and marketing and services, completes our ‘provider’ business model and will allow us to offer a range of fully-integrated online business solutions,” Roth says.

For the first nine months of fiscal 2007 the company reported revenue of $29.5 million, up by 58% compared with $18.6 million in the same period of FY 2006. Net income for the same period was $2 million.

Commerce Planet subsidiaries Consumer Loyalty Group LLC, Legacy Media LLC and Interaccurate LLC deliver membership loyalty programs, direct response consumer marketing, affiliate list management, e-mail deployment, live chat software-based services, direct phone sales and customer service, and printing services.

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