Break even pushed from 4th qtr to early 1999? The following is from the Washington Post:
New at the Top: James J. Condon
By Heather Salerno
Monday, March 30, 1998; Page F17
Position: Appointed chief operating officer for Reston-based CyberCash Inc., which makes technology that allows merchants to accept payments over the Internet. Condon, who joined the company last year, will continue serving as chief financial officer. Two weeks ago, CyberCash announced plans to acquire ICVerify Inc., an Oakland, Calif., firm that develops software that processes credit cards, ATM/debit cards and check transactions.
What do you think will be the largest market for CyberCash in the future? "We really believe the line between direct Internet commerce to the user and what I call the walk-around world will blur. ... Merchants are looking for one e-commerce solution from end to end and more people are ordering over the Internet from places like L.L. Bean and Macy's. As those two worlds merge, and it lowers the cost of doing business, we think Internet payments as a whole will really move forward."
It seems as if the excitement surrounding electronic commerce is slowing. Do you think this market still has the potential for rapid growth? "Let's put it this way: Sales in the average [retail] store were basically flat. But the amount of business conducted over the Internet grew by three times. With companies like Dell Computers selling $3 million in PCs per day on their Web site, it's clear Internet commerce is picking up."
Last quarter you posted a $5.1 million loss, but the loss from previous quarters has narrowed. When do you expect CyberCash will be profitable? "We thought we'd break even the fourth quarter of this year, but now with the merger of ICVerify, it will probably be early 1999.... With ICVerify we've gained an enormous market share."
Career highlights: Before coming to CyberCash, Condon was director of performance improvement services for accounting firm KPMG Peat Marwick LLP; corporate vice president of financial planning and administration and vice president of operations for Legent Corp. |
