Kintera Inc., a San Diego-based maker of software that helps nonprofits manage fund raising, reported a net loss of $9.9 million on revenue of $9.5 million for the first quarter ended March 31.
The net loss included a non-cash charge of about $3 million related to the vesting of restricted stock issued for an acquisition last year.
For the first quarter of 2004, Kintera reported a net loss of $4.8 million on revenue of $3 million.
Kintera founder and Chief Executive Officer Harry Gruber said the company invested in product development and marketing as part of its overall business strategy.
Kintera, which generates its revenues from upfront and monthly maintenance fees, said it processed $82.3 million in donations in the first quarter, or six times as much as the $13.3 million processed for the like quarter in 2004.
Traded on Nasdaq as KNTA, the stock closed at $3.34 on May 10, down $1.41. It has ranged from $3 to $12.13 over the past 52 weeks.
Mike Allen
