Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Q1 sales at Live Current Media Inc., formerly Communicate.com Inc., climbed 10% to $1.9 million from $1.7 million for the same period last year. Live Current owns and operates Perfume.Com.
Q1 sales at Live Current Media Inc., formerly Communicate.com Inc., climbed 10% to $1.9 million from $1.7 million for the same period last year. Live Current owns and operates Perfume.Com, No. 469 in the Internet Retailer Top 500 Guide.
Live Current says sales growth was mainly driven by Perfume.com, where Q1 revenue increased 29%. Perfume.com recently expanded its delivery services to Canada, Europe and Mexico.
Live Current Media reported a net loss of $2.2 million compared to a net loss of $47,387 for Q1 of 2007. Gross profit for the first quarter of 2008 decreased 7% to $362,243 compared to $387,433 for the first quarter of 2007. Live Current says the larger loss was a result of new hires and other growth-related expenses.
Live Current Media, which changed its name this year from Communicate.com, is building a network of e-commerce and social destination sites to match the hundreds of domain names it owns. To help, it has acquired Auctomatic, an e-commerce technology start-up. Live Current says it will use Auctomatic`s technology for Perfume.com and other e-commerce destinations.
"Live Current now has a management and technology team that is highly capable of driving significant long-term top- and bottom-line growth and shareholder value,” says Geoffrey Hampson, chairman and CEO of Live Current Media. “The advent of international shipping for Perfume.com extends the reach of the e-commerce opportunity into previously untapped markets. We have only started to scratch the surface of these opportunities and will aggressively pursue high return revenue models as we increase the content and commerce offerings while growing reach and traffic."
Alison Twiner, director of online marketing at Live Current Media, is speaking at the Internet Retailer Conference & Exhibition, June 9-12 in Chicago, in a session entitled From Entrepreneur to an Enterprise.