On Friday, digital distributor The Orchard reported financial results for the quarter that ended March 31st. It was the first quarter reported since a round of layoffs and cost reductions.
- Revenue increased 16% to $17.8M in the quarter $15.3 million in the first quarter of 2009.
- Gross profit margin was 25% compared to 28% in the first quarter of 2009.
- Operating expenses dropped to $4.9 million helped from $5.7 million in the corresponding period of 2009.
- The net loss for the quarter was $0.4 million down from $1.1 million in 2009.
- As of March 31st The Orchard had approximately 2.1 million tracks available, an increase of 49% from the same date in 2009 and an increase of 19% from December 31, 2009. During the first quarter of 2010, there were approximately 17.5 million paid downloads from The Orchard's catalog, an increase of 7% as compared to the corresponding period of 2009.