Stamps.com, a Santa Monica, CA-based firm that provides Internet mailing and shipping services, had first-quarter revenue of $5.3 million, up 158% from $2 million a year ago. The company cut its net cash loss from $28.5 million to $9.1 million during the same time period.
In a statement accompanying its earnings, Stamps.com forecast total annual revenue for 2001 of $23 million, up 60% from fiscal 2000. The company also anticipates cutting its cash burn to between $20-$25 million for the year, and during the quarter reduced expenses by halving its staff, leaving it with 150 employees.
Stamps.com spent $4.3 million on sales and marketing during the quarter, compared with $13.6 million in fourth quarter 2000. Most of its activities have focused on finding higher revenue customers and conducting price sensitivity tests. The company plans to increase its monthly minimum price plan from its current $1.99 level.
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