ARTISTDIRECT SPORTIN’ 4Q GROWTH
For the fourth quarter ending Dec. 31, 2000, ARTISTdirect announced net revenue of $6 million. That's up 57% from $3.8 million for the same period the last year. Net loss for the quarter was $17 million, compared with a net loss of $23.6 million for the fourth quarter of 1999. Pro forma loss per share was $0.46 for the fourth quarter of 2000, compared to pro forma loss per share of $1.08 the previous year.
Fiscal net revenue increased 111% to $21.7 million, up from $10.3 million for 1999. Net losses also increased, to $59.3 million from a 1999 net loss of $57.8 million. Pro forma loss per share was $1.73 for 2000, pro forma loss per share was $2.98 the previous year.
Cash and short-term investments totaled $87.8 million, or $2.32 per share, and stockholders' equity was $97.8 million, or $2.59 per share.
"ARTISTdirect maintains a strong cash position, and we have taken aggressive action in reducing our operating costs in an effort to achieve profitability," said ARTISTdirect Chairman/CEO Marc Geiger. "We believe that ARTISTdirect has the necessary resources—both in terms of capital and in core capabilities—to endure the current market volatility as well as the uncertainty in the online music space."
ARTISTdirect's Board of Directors authorized the repurchase of up to 2 million shares (approximately 5.3% of the company's 37.7 million outstanding shares of common stock) through a "Dutch Auction" (hitsdailydouble.com, 2/13). The tender offer, at an expected offering range of between $1.25 and $1.50 per share, is now expected to commence the week of Feb. 26.
