WorldGate narrows loss, needs more money for 'Ojo'
Despite recent progress toward the commercialization of its "Ojo" videophone, WorldGate Communications still posted a Q1 net loss of $2.7 million (10 cents per share), but narrowed it from a net loss of $4.6 million (19 cents per share) in the previous quarter.
WorldGate, which has exited the interactive television business to focus on videophones, ended the period with cash and cash equivalents of $3.4 million, roughly what it had at the end of the fourth quarter of 2003.
The company noted that it believes it will require more cash to commercially launch Ojo. But even without another infusion of cash, WorldGate said it has enough funding to continue operations into the fourth quarter of 2004.
At the earliest, revenues from Ojo won't be realized until the third quarter of this year, WorldGate said.