Audible Increases Revenues, Customers
by Staff -- Publishers Weekly, 2/11/2002
Audible Inc.'s efforts to add subscribers and subscription revenues paid dividends in 2001, with sales from content and services jumping 196%, to $7.5 million, accounting for 82% of total revenues of $9.1 million for the year. The number of customers rose 142% in the year, to 123,000, with about half now subscribing to a service. Higher sales and cost controls helped to reduce the company's net loss to $26.7 million, from $32.3 million.
The downsizing implemented in early 2001 cut the company's burn rate to $2 million in the fourth quarter, compared to $5.6 million in the third quarter. Audible has a total of $7.6 million in cash and cash equivalents and expects to close an equity investment of $3.5 million from Special Situations Funds by mid-February. Company chairman Don Katz said the company expects to become cash-flow positive this year.
