News and Finance

nFinanSe reported a net loss of $2.7 million, or 23 cents a share, for the 13 weeks ended April 3, compared with a net loss of $3.4 million, or 36 cents a share, in the same period a year ago.

Revenue for the first quarter of 2010 was $54,692, a filing with the Securities and Exchange Commission said. That included amortization of $30,000 of marketing funds paid to a national retailer.

The company said in its filing that it is required under generally accepted accounting principles to reflect the amortization expense as a contra-revenue item in its financial statements.

For the year-ago period, the company said it had gross revenue of $24,346, but revenue fell to a negative $5,654 after including the marketing expense.

nFinanSe (OTCBB: NFSE) is a financial services company headquartered in Tampa that provides stored value and prepaid cards.

Source