Vsource Inc. Reports $5.8-Million Net Loss

Vsource Inc. in Ventura reported a net loss for the third quarter of $5.8 million, or 78 cents a share, compared with a loss of $1.2 million, or 9 cents a share, for the same period a year earlier.

Revenue for the third quarter that ended Oct. 31 was $151,500, compared with $2,230 a year earlier. The company said new contracts for the quarter totaled $425,000. No comparable contracts were recorded in the same period last year.

Officials blamed the increased net loss on costs related to research and development, marketing and sales, and general and administrative expenses, including those associated with the company’s fund-raising activities.

Vsource sells Virtual Source Network, which lets companies create an Internet-based procurement system for their business.