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"We are
proud of our accomplishments in 2001 to significantly reduce the cost structure of our online operations while investing in the growth opportunity represented by our record label
co-venture."
——Ted Field, ArtistDirect Chairman/CEO
ARTISTDIRECT LOSSES DOWN,
BUT SO ARE REVENUES
Company Jettisons Talent Agency, Inks 10 New Artists to Label Co-Venture, Loses $25.6 Million
The hemorrhaging at ArtistDirect hasn’t stopped, but it has let up a bit.

The online music company and talent agency turned record label announced financial results for its fourth quarter and full year ended December 31, 2001. Net revenue for the fourth quarter and full year were $2.6 million and $10.4 million, respectively, compared with $5.6 million and $18.7 million for the same periods a year ago, reflecting discontinuation of talent agency. EBITDA loss for the fourth quarter and full year were $5.5 million and $25.6 million, respectively, compared with $13.4 million and $45.8 million for the same periods a year ago.

As of December 31, 2001, cash and short-term investments totaled $46.5 million, or $13.45 per share, and stockholders' equity was $51.4 million, or $14.85 per share.

Said Chairman/CEO Ted Field: "We are proud of our accomplishments in 2001 to significantly reduce the cost structure of our online operations while investing in the growth opportunity represented by our record label co-venture. We believe that 2002 will fully demonstrate the results of our efforts and I am very excited about the prospects for ArtistDirect Records. With 10 great artists on our roster, an outstanding team in place, and our first album expected to debut in late March, we look forward to a busy and productive year."

Net revenue for the fourth quarter of 2001 decreased 54% to $2.6 million, compared with $5.6 million in the fourth quarter of 2000, reflecting the discontinuation of its talent agency business. Net loss attributable to common shareholders for the quarter was $22.6 million, compared with a net loss of $17.2 million for the fourth quarter of 2000. Loss per share was $6.45 for the fourth quarter of 2001, compared to loss per share of $4.56 for the fourth quarter of 2000.

For the fiscal year ended December 31, 2001, net revenue decreased 44% to $10.4 million, compared with $18.7 million for 2000. Net loss attributable to common shareholders for 2001 was $70.6 million, compared with a net loss of $85.2 million for 2000. Loss per share was $19.49 for 2001, compared with loss per share of $26.83 for 2000.

Revenue from e-commerce in the fourth quarter decreased 56% to $1.9 million from $4.3 million for the prior year period. For the full year 2001, e-commerce revenue was $7.5 million, a decrease of 38% from revenue of $12.2 million in 2000.

Media revenue for the fourth quarter of 2001 was $700,000, a decrease of 49% from $1.3 million for the same period in 2000. For the full year 2001, media revenue was $2.9 million, a decrease of 54% from $6.3 million in 2000.

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