NEW YORK — Inc. reported a first-quarter decline in revenue and a substantial widening of losses as the company continued the shift in its business focus toward Internet activities.
The loss for the quarter ended March 31 was $5.9 million compared with a $985,338 loss in the comparable year-ago period. Included in the quarter’s loss was a $1.4 million charge connected to the previously announced merger agreement with Internet Shopping Network.
Revenue for the quarter dropped 67 percent to $1.3 million versus $3.8 million in the 1999 comparable period.
The company said the drop was due to a one-time fee of $3 million received in the 1999 period from the sale of the company’s legacy business software product lines.
Internet sales were $1 million for the current quarter, up 21 percent sequentially from $839,999 in the 1999 fourth quarter and 17 times the mark of the year-ago quarter.
Styleclick and USA Networks Interactive, a division of USA Networks Inc., said in January that they would form a new company by merging Styleclick with USA’s Internet Shopping Network, with the new company owning the combined properties under the name Styleclick Inc. Styleclick is an Internet-based merchandising, sales and services provider.