ARTISTDIRECT'S NUMBERS UP
To Confuse You
The company reported a net revenue increase of 182% for the second quarter, earning $5.6 million compared with $2 million in the same quarter last year. The company's net loss for the quarter, however, was $14 million, compared to the net loss of $5.5 million in the same quarter in 1999. Thus far this year the company has already lost $25 million. Overall, the company reports a negative gross profit of $527,000 and, excluding non-cash charges related to amortization of stock-based compensation, a second-quarter gross profit of $1.2 million, compared to $382,000 the year prior.
"We are very happy with our financial results for the second quarter," said ARTISTdirect, Inc. CEO and Chairman marc geiger',390,400);">marc geiger',390,400);">Marc Geiger. "These results were achieved in spite of consumers being drawn to free music offered by other Web sites in disregard of copyright law and artist rights. See, if I just turn their attention to the evils of Napster, they won't mention our stock debacle and our total loss…oh, is this thing still on?"
The company's stock closed down 1/16 Wednesday at 3 5/16.
