Sales Rise, Losses Fall at Audible
Staff -- Publishers Weekly, 5/14/2001
Total sales at Audible Inc. rose 195%, to $2.1 million, for the first quarter ended March 31, 2001, and the company's net loss was trimmed from $8.5 million in last year's first period to $7.5 million. Revenues in Audible's content and services group, which the company has identified as its core business unit, jumped 319%, to $1.3 million, in the period.
During the quarter, Audible initiated a content partnership with Britannica.com and launched its first digital audiobook lending program for public libraries with the Kalamazoo Public Library alliance. The company finished the quarter with more than 69,000 customers and nearly 15,000 members in its AudibleListener monthly membership program. More than 2,000 hours of new audio titles were added to Audible's collection in the period, and with a new $10-million investment from Microsoft, Audible had $20.8 million in cash and cash equivalents at the quarter's end.
