Onstream Media Q3 net loss increases
Aug 26, 2013 (MarketLine via COMTEX) --
Onstream Media Corporation, an online service provider of live and on-demand internet video, corporate audio and web communications and content management applications, has reported that net loss for the third quarter ended June 30, 2013 was $520,243, or $0.03 loss per share, compared to a net loss of $244,062, or $0.02 loss per share, for the same quarter ended June 30, 2012.
Total revenue for the third quarter ended June 30, 2013 was $4.47 million, compared to $4.81 million for the same quarter ended June 30, 2012.
Net loss for the nine months ended June 30, 2013 was $3.40 million, or $0.20 loss per share, compared to a net loss of $1.62 million, or $0.13 loss per share, for the same period ended June 30, 2012.
Total revenue for the nine months ended June 30, 2013 was $13.14 million, compared to $13.98 million for the same period ended June 30, 2012.
Randy Selman, president and CEO of Onstream Media, stated, "Although we did experience an overall revenue decline in the third quarter, as compared to the same quarter of the prior fiscal year, this was the result of an unexpected reduction in webcasting revenues and the loss of a single DMSP and hosting customer whose revenues were resulting in very little margin. In fact, our consolidated gross margin for the quarter was greater than the consolidated gross margin for the same quarter of the previous year."
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