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Liquid Audio's Losses, Headcount Down
Liquid Audio, makers of fine online digital music services, announced a 15% layoff of staff and narrowing losses for Q3. The Redwood City, CA-based company reported a net loss of $6.1 million (27 cents per share) compared with Q2 losses of $14 million (62 cents per share). Revenue for the quarter was $1.3 million, down from $3.4 million a year ago. In May, the company laid off 40% of it staff. Said CFO Michael Bolcerek: "We are now seeing the benefits of the restructuring that we took last May, with significant sequential reductions in quarterly net loss and cash burn. Now, if you'll excuse me, I have to answer my own phone and it's ringing." Among those who were laid off, ace publicity exec Josh Mills.

Trans World Losses Narrow
Trans World Entertainment posted earnings that showed losses smaller than last year's Q3, though it cut Q4 earnings expectations due to the slow economy. The company, which launched its FYE brand during the quarter, reported a net loss of $11.6 million (28 cents per share) compared to $15.6 million (32 cents per share) a year ago. Said Chairman/CEO Robert J. Higgins: "Although the events of Sept. 11 and the challenging economic environment have impacted our financial results, it is important to note the significant milestones we have achieved toward enhancing Trans World's leadership position and ensuring the company's long-term growth and profitability. Now, if you'll excuse me, I have to call my pal Bolcerek over at Liquid Audio."

Knicks Knock Cablevision Earnings
Cablevision, owner of the New York Knicks, Rangers and cable television holdings, reported a wider Q2 loss, blaming Larry Johnson's $29 million early retirement payout. Why do you care about this? Because Cablevision's MSG unit also includes Madison Square Garden and Radio City Music Hall. Plus, the Knicks always disappoint Trakin, why not Cablevision stockholders too? The company reported Q3 losses of $77.1 million versus last year's same quarter of $40.1 million. Don't you wish you would get a $29 million payment to retire early? Is it too late to go back to law school?

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