Miva reports Q1 revenues drop 24% year-over-year to $44.4 million

MIVA Inc., e-commerce platform provider and a performance marketing network, reported revenue of $44.4 million for the first quarter ended March 31, down 24% from $58.2 million in the year-earlier period, but up 3% from $43 million in 2005’s fourth quarter. MIVA has also recently expanded its product line with MIVA Merchant Fast Track, an online selling platform designed for start-up merchants.

The company posted a Q1 net loss of $3.8 million, compared with $3.2 million in net earnings in 2005’s first quarter, and a net loss of $4.7 million in the fourth quarter of 2005.

“Our turnaround is performing to plan, and we expect to build on our progress as we initiate significant steps to drive margin expansion by reducing our cash operating expenses,” said Peter Corrao, CEO.

Miva is estimating revenues will total between $44 million and $45 million in the second quarter.

MIVA Merchant Fast Track, offered through the company’s Small Business Division, is designed to let start-up retailers quickly design and build an online store, manage a product catalog, set up payment and shipping methods, manage orders, and manage marketing through e-mail campaigns, paid-search and other means, MIVA said. "MIVA Merchant Fast Track has a clean, simplified admin panel that makes it much easier to manage an online store," said Leslie Nord, Owner of Webs Your Way, a web design firm specializing in e-commerce. "Fast Track gives us the ability to change the look and feel of our store with the click of a mouse."