MIVA Reports $6.5 Million Second Quarter 2008 Loss

MIVA, who yesterday rejected an acquisition bid from online video search engine blinkx, has posted a $6.5 million loss for the second quarter of 2008. MIVA CEO and President Peter Corrao tried to keep things in perspective for shareholders and Wall Street:

“The most recent quarter has been a transitional one for our business. We are encouraged by the results of the growth initiatives that we've been working towards, such as the continued roll-out of our ALOT toolbar and homepage brand and the continued growth of destination sites like Spill.com. In addition, our new MIVA Media technology platform remains on schedule for a US release in the fourth quarter of this year.”

While significant, the loss is at least less severe than last year's $16 million loss for the same quarter.