Oxford, MS 5/19/2011 (PennyPayDay) -- Quepasa.com, the popular online social network and game platform for the Latino community operated by Quepasa Corporation (AMEX:QPSA), recently reported, in a press release, results for its first fiscal quarter of 2011 ended March 31, 2011.Revenues for the quarter totaled $2.2 million, a sequential increase of 21% from the prior quarter's revenues of $1.9 million, and up nearly 600% from $322 thousand in the first quarter of 2010. These revenues were primarily related party DSM.
Net loss for the first quarter 2011 was $1.5 million or 10 cents per basic and diluted share. This was a sequential improvement from a net loss of $1.8 million or 13 cents per basic and diluted share in the prior quarter, and a significant improvement from the net loss of $2.7 million or 21 cents per basic and diluted share in the first quarter of 2010.
Cash and cash equivalents decreased to $12.3 million at March 31, 2011, from $13.5 million at December 31, 2010, but increased from $0.6 million at March 31, 2010. The sequential decline is primarily the result of cash usage associated with the acquisition of XtFt and its initial operations developing games, while the year-over-year increase is predominantly the result of the proceeds received from our December 2010 stock offering.
"We are very pleased with the business development execution shown in the first quarter of 2011," said John C. Abbott, CEO of Quepasa. "We have taken steps to expand monetization opportunities through strategic partnerships in payment processing. We have expanded the number of resellers promoting Quepasa DSM, our social advertising and contest platform. Additionally, through our acquisition of Brazilian social game development studio XtFt, we have launched our first social gaming title, Wonderful City - Rio, on Quepasa.com as well as on Google's Orkut, and will soon be offering it on Facebook."
"On the corporate side, Quepasa shares began trading on the NYSE Amex in January, and we strengthened our Board with the appointment of Lars Batista, who brings significant experience in both social gaming and the broader Brazilian technology market," said Abbott. "During the remainder of 2011, we look forward to building our social game audience on Quepasa, Orkut and Facebook in connection with Wonderful City - Rio and other titles, scaling our DSM technology platform, and driving ongoing improvements to user retention on Quepasa.com by optimizing our core user experience and continuing to enhance it with relevant applications, games and contests."
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