MediaBay Moves into the Black
by Staff -- Publishers Weekly, 9/9/2002
Higher sales and reduced costs resulted in an operating profit of $1.2 million at MediaBay in the second quarter ended June 30, compared to an operating loss of $1.5 million in last year's second quarter. Total revenues in the period rose 10%, to just under $12 million.
The company's audiobook club unit led the sales gain, with revenues up 14.1%, to $9.2 million. Sales in the Radio Spirits division fell 3.1%, to $2.8 million.
For the first half of 2002, sales rose 4.9%, to $21.5 million, and the company had an operating profit of $1.2 million, compared to an operating loss of $3.3 million in the first half of 2001. MediaBay chairman Michael Herrick said that he "expects to see continued growth in the second half of 2002 and beyond."
During the quarter, MediaBay acquired the exclusive rights to the Freeny patent. Herrick said MediaBay intends to "vigorously defend the use of the patent and pursue the collection of royalty payments from infringers."
