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Net loss is calculated before accretion related to redeemable preferred stock.
Commenting on the results, President and CEO Michael Brochu said, We are very pleased with our first quarter performance. Our results are indicative of both the continued strength and acceleration of our leadership position and increasing momentum in the eCRM marketplace. We continue to stand out as an eBusiness vendor of choice for both established industry leaders as well as highly-regarded Internet startups. Brochu continued, Consistent with our strategy, we are one of the first eCRM providers to offer a broader product suite, encompassing marketing, sales and support functionality. During this quarter Primus closed a record 34 transactions, including new contracts with Ericsson, Hewlett-Packard, NoWonder, edge2net and PowerQuest, and repeat business with Acxiom, Carrier, EMC, GTE and Network Appliance.