The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Third quarter revenue at Warp 9, provider of e-commerce platforms and services to retail companies, fell 16% to $485,088 from $580,477 a year earlier, the company reports. For the first nine months, revenue fell 14% to $1.6 million.
Third quarter revenue at Warp 9 Inc., provider of e-commerce platforms and services to retail companies, fell 16% to $485,088 from $580,477 a year earlier, the company reports.
The company attributes the decline in revenue to lower recurring monthly fees and professional services booked in the quarter as a result of the slowing economic environment.
Net income for the quarter, which ended March 31, increased to $140,096 from $119,605 a year earlier. The increase stemmed from a tax loss carryforward adjustment, the company says. Operating income fell 43% to $105,827 from $184,306.
For the first nine months of Warp 9‘s fiscal year, revenue fell to $1.6 million from $1.8 million a year earlier. Net income for the first nine months fell 22.4% to $192,006 from $247,462 a year earlier. Operating income fell 31% to $334,393 from $488,634.
The company reports cash on hand at the end of Q3 as $724,510 compared to $779,583 a year earlier. Cash flow from operating activities was $149,651 for the first three quarters compared to $563,241 for the same period a year earlier.
"Like most retail-oriented businesses, the contracting economy continues to impact our customers, as reflected in their spending cutbacks on professional services and delays in making outright purchasing decisions,” says president and CEO Harinder Dhillon. “However, we continue to believe that our approach in marketing our e-commerce platform as a software-as-a-service model is the right strategy in an economic and retail environment that is clearly struggling and may continue to struggle for some time. We believe this provides us a significant advantage over our competitors as clients and prospects continue to seek lower capital expenditures and higher relative value in their e-commerce solutions. Moreover, our fiscal discipline over the last couple of years has left the company with a strong cash position and little debt, allowing us to continually make the necessary investment in sales and marketing required to win customers and grow our core business."