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Kintera to report bigger loss, 10 percent cut in workforce

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By Todd Cohen

San Diego-based Kintera, which provides software to nonprofits and government, said Aug. 11 it was cutting its workforce by roughly 10 percent and expected to report a big jump in its net loss for the three months ended June 30.

The firm also said it would report its total revenue grew 75 percent for the three-month period, compared to the same period last year.

Kintera had announced in July that it would report its second-quarter results on Aug. 8.

But on Aug. 8, it announced it had delayed that report pending a restatement of its results for the first quarter of 2005.

And on Aug. 11, it said it would release its second-quarter report the week of Aug. 15.

The company, which began operating in 2001 and completed an initial public offering in December 2003 that netted $36.1 million, in May reported a net loss of $9.9 million, or 33 cents a share, for the first quarter ended March 31, compared to a net loss of $5.9 million, or 21 cents a share, for the same period a year earlier.

It also reported in May that its first-quarter loss had increased its accumulated deficit to $63 million, that it employed 512 people as of March 31, and that revenue for the first quarter totaled $9.5 million, up from $3 million in the same period a year earlier.

Kintera stock was trading at less than $3.20 a share on Aug. 12, compared to a 52-week high of $10.67 a share last October, and just over $12 a share in June 2004.

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