Audible Hits the Black
by Staff -- Publishers Weekly, 5/17/2004
A 68% increase in revenue, to $6.8 million, helped Audible Inc. record its first-ever profitable quarter. For the period ended March 31, Audible had net income of $57,772, compared to a net loss of $1.8 million in last year's first period. The company's performance "exceeded our expectations," said CEO Don Katz. The sales gain was attributed to the addition of 33,000 customers (to 344,000) in the quarter, plus an increase in available content and more distribution channels.
The company is projecting that sales for the full year will be in the $28 million to $30 million range, compared to $19.3 million in 2003. Net income is estimated to be between $1 million and $1.4 million.
