Photochannel Networks Inc. (TSX-V:PN) reported a larger net loss for its first quarter ending December 31, 2007, despite a surge in quarterly revenue.
Net loss for the Vancouver-based online photo-finishing service provider increased to $1 million from $37,191 in the same period a year earlier.
A jump in research and development and administrative expenses ate into the company's quarterly revenue of $4.3 million, which jumped from the $1.5 million recorded in the first quarter a year earlier.
A large chunk of the company's expenses was related to last year's Pixology acquisition.
Photochannel said that for the balance of the year it expects larger revenue and transaction volumes with continued client growth to include Wal-Mart Argentina, Wal-Mart Canada, Costco USA and Sam's Club USA.
Photochannel's share price range during the past week: between $3.50 and $3.70; 52-week high: $4.99; 52-week low: $2.65.