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Preiss Multimedia Fights Toward Profitability
-- 8/31/98
Although Byron Preiss Multimedia Company reported hefty gains in sales for the first half of 1998 and made a dramatic reduction in its net loss, the company has a way to go before it's on solid financial footing. In the first six months of 1998, revenues at BPMC increased 134%, to $4 million, while its net loss was cut to $1.1 million from $4.5 million. The company, however, is facing something of a cash crunch caused in part by litigation with an investor.
BPMC president Byron Preiss said he is hopeful that an amicable solution can be reached with Bushinghall Ltd. and that the company will be able to raise sufficient capital to continue operations. At present, BPMC has enough funding to operate through the first quarter of 1999.

The company is also facing the possibility of delisting from NASDAQ's SmallCap Market unless it can maintain a closing bid greater than or equal to $1 for 10 consecutive days. BPMC has until October 20 to comply with the requirement, and Preiss is optimistic BPMC will remain on NASDAQ.

Despite its various problems, the company's continuing operations posted gains in the first half of 1998. Revenues from its educational software operations were just under $3 million, led by the inclusion of Dolphin Inc. Its book unit generated sales of $1 million, led by $565,643 earned under its co-publishing deal with Putnam Berkley. Although Preiss said he could not speculate on when BPMC may be in the black, he noted that the company is moving toward profitability with each quarter.
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