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Monday, December 4, 2000

EDEL STOCK DECLINES

Drop Blamed On Resignation Of Finance Chief, Report Of Wider Losses, David Hasselhoff
Following news that its nine-month operating loss widened and its finance chief was quitting, Edel Music shares posted their biggest decline since the company's 1998 IPO.

The company's shares slumped as much as 4.47 euros, or 38%, to 7.2 euros, giving the company a market value of 157 million euros (or $140 million). The company, which owns the European rights to Walt Disney Co.'s music, reported late Thursday (11/30) that its nine-month operating loss had widened to 9.7 million deutsche marks (or $4.3 million) from a loss of 1.8 million marks for the same period a year ago.

Edel's market worth saw its high-water mark in February 1999, when the company, which trades on the Neuer Markt, was valued at more than 2 billion euros.

 
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