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Online music software creator Liquid Audio reported lower net revenues for the first quarter of $1.7 million, compared with $3 million during the period, ended March 31, last year. The company’s net loss was $11.3 million, compared to a net loss of $10.6 million a year ago. “During the first quarter, we continued to expand our digital music infrastructure, catalog of content and global distribution channels,” said Gerry Kearby, prexy and CEO of Liquid Audio. “We also patented our proprietary watermark technology and released new products to further enhance the Liquid Audio platform.” Earlier this month, Liquid Audio pink-slipped 40% of its staff and consolidated three Redwood City offices into one facility, among other moves to cut costs. The company will take a $3.5-$4 million restructuring charge in the second quarter ending June 30.