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Commtouch Doubles Revenues During Second Quarter 2004; The Company Reports Second Quarter Results and Issues Business Updates.

Article Excerpt
MOUNTAIN VIEW, Calif. -- Commtouch(R) (Nasdaq:CTCHC), the innovator of anti-spam solutions featuring Recurrent Pattern Detection (RPD)(TM) technology, today announced its second quarter results for 2004.

Revenues for the quarter were $358 thousand compared to $160 thousand for the prior quarter (first quarter 2004) and $70 thousand in the comparable quarter last year. Deferred revenues as at June 30, 2004 were $923 thousand, as compared to deferred revenues of $673 thousand as at March 31, 2004.

Total loss for the quarter was $1,194 thousand compared to $1,612 thousand in the prior quarter and $1,037 thousand in the comparable quarter last year. This quarter, the company had non-cash financial income of approximately $613 thousand relating to the November 2003 convertible loan and related warrants and fair value adjustment thereof, out of which $583 thousand was attributable to the change of terms of the November 2003 agreement pursuant to the terms of the May 2004 financing round.

Revenues for the six months ended June 30, 2004 and June 30, 2003 were $518 thousand and $176 thousand, respectively. Total loss for the six months ended June 30, 2004 was $2,806 thousand, compared to $2,181 thousand in the comparable period last year.

Cash at June 30, 2004 was approximately $4,143 thousand compared to $4,584 thousand as of...