By Todd Cohen
Kintera, the San Diego-based provider of software to nonprofits, reported its net loss for the three months ended June 30 grew to $10.1 million, or 33 cents a share, from $4.2 million, or 17 cents a share, for the same period a year ago.
Revenue for the period grew to $10.4 million from $5.9 million in the same period last year, while operating expenses grew to $18.3 million from $9.4 million.
The company, which began operating in 2001 and completed an initial public offering in December 2003 that netted $36.1 million, said it was reducing its workforce by 10 percent and shifting its pricing strategy from a focus mainly on building market share to one more focused on higher margins and tighter cost controls.
Kintera, which reported in May that it employed 512 people as of March 31, said its accumulated deficit grew to $74.8 million in the second quarter, up from $63 million on March 31.
The company said it had experienced significant net losses and negative cash flows from operations in each fiscal period since it began operating.
It also restated its net loss for the first quarter to $11.7 million, or 39 cents a share, up $1.7 million and 6 cents a share, from totals it reported in May.
After the second-quarter results were announced, Kintera stock was trading below $3 a share, compared to a 52-week high of $10.67 last October, and just over $12 in June 2004.
The company also has announced the debut of a suite of web-based products designed to help nonprofits find prospects, manage relationships with them, and increase major planned and annual giving.