11/26/08

SourceForge heats up first quarter web sales by 13%

SourceForge, parent of toy, game and novelty product retailer ThinkGeek, reported e-commerce revenue of $6.7 million for the first quarter of fiscal 2009, up by 13% compared with the same quarter of FY 2008.

Mark Brohan , Research Director

SourceForge Inc., parent of toy, game and novelty product retailer ThinkGeek Inc., reported e-commerce revenue of $6.7 million for the first quarter of fiscal 2009, up by about 13% from $5.9 million in the same quarter of FY 2008.

Total revenue for the first quarter of fiscal 2009, ended Oct. 31, 2008, increased by about 17%, or $1.8 million, from $10.3 million in Q1 of fiscal 2008 to $12.1 million. Net loss for Q1 2009 was $400,000, compared with a net loss of $1.1 million in the prior year period.

ThinkGeek, No. 268 in the Internet Retailer Top 500 Guide, shipped 96,000 orders in Q1 of fiscal 2009, a 19% increase from about 80,600 in the prior year quarter. Average order size decreased to $69 in the first quarter of 2009 from $72 in Q1 2008.

“We are pleased that we delivered a solid quarter of revenue growth and met our guidance for the first quarter, while continuing to make progress on our strategic initiatives,” says Bob Neumeister, interim CEO at SourceForge. “Our online media business recorded its highest ever revenue quarter - clear evidence that we are executing on our strategy - and our e-commerce business delivered year-over-year double-digit growth.”

For the quarter, media revenue totaled $5.4 million, a 23% increase from Q1 2008 revenue of $4.4 million and 14% growth over fourth quarter fiscal 2008 revenue of $4.8 million.

SourceForge also develops open standard e-commerce and information technology communities and online information technology news and resources.

Topics:

business finance, revenue, SourceForge, Inc., ThinkGeek

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