More NewsMiva Glad to See 2005 End

Miva Glad to See 2005 End

In its earnings call with investors and analysts yesterday, Miva Chairman and CEO Craig Pisaris-Henderson said the company has put its troubles behind and will begin to see the results of last year's overhaul of company, products and network partners

In its earnings call with investors and analysts yesterday, Miva Chairman and CEO Craig Pisaris-Henderson said the company has put its troubles behind and will begin to see the results of last year’s overhaul of company, products and network partners.

Results for the year were disappointing, with revenue at $194.6 million, up 15 percent over 2004; and a GAAP net loss of $130.2 million, or $4.23 per share, compared to earnings of $17.0 million, or $0.60 a share, in 2004.

In 2005, the company rebranded, settled a patent spat with Yahoo! for $8 million, and repeatedly saw lower profits that it blamed on a decision to clean up its network.

Its latest efforts, outlined in a manifesto it calls the “Miva Principle,” center around giving publishers the tools they need, from a non-competitive provider (as opposed to a competitor/provider like Yahoo! or Google). Last year, it acquired a perpetual license from search technology provider FAST, which has led to three new products: algorithmic search in France, Germany and the UK; Miva Match keyword matching tools; and an automated contextual ad platform launched in beta last month.

“Change is never easy, but we believe we successfully managed through our fair share of challenges. We are battle-tested and committed to the work that still lies ahead. I believe we have the right people, solutions and strategy to realize new opportunities in the years to come,” Pisaris-Henderson said.

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