EB2B Commerce Inc., a firm that offers transaction management services to business-to-business marketers, suffered a 1% revenue decrease during the third quarter, but it dramatically reduced its net loss.
In addition, the New York-based company said it is in discussions with secured creditors to cure a “default condition” on its January 2002 and July 2002 senior secured convertible notes. These total $3.2 million. It is also seeking additional financing.
The firm reported third-quarter revenue of $823,000, compared with $828,000 during the same period last year. Its net loss fell to $$238,000 compared with $$2.1 million during the same quarter in 2002.
The company attributed a 32% revenue drop from the second quarter to the third to “the timing of completed large projects and revenue recognition based on completion.” Revenue for the second quarter totaled $1.2 million.
Meanwhile, the firm reported that its core transaction-services business had increased its revenue by 12%—to $622,000—during the third quarter, which ended on Sept. 30.
Overall corporate revenue for the first ninth months totaled $3 million, a 12% increase over the prior year. The firm posted a net loss of $21,000 compared with $5.3 million in 2002.
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