Free
Message: OT: ADBL UP 11% on reported loss

OT: ADBL UP 11% on reported loss

posted on Nov 04, 2005 07:44AM
Audible Posts 3rd-Qtr. Loss of $189,000

WAYNE, N.J. (AP) - Audible Inc., which sells audio versions of books and other publications that users download from its Web site, reported Thursday a third-quarter loss, reversing a prior-year profit, as expenses outstripped higher revenue, but shares jumped in after-hours trading as results met Wall Street expectations.

Audible, which is the exclusive provider of spoken-word content for Apple Computer Inc.`s iTunes Music Store, reported a net loss of $189,000, or a penny per share, compared with a year-ago profit of $483,884, or 2 cents per share.

Revenue surged 81 percent to $16.8 million from $9.3 million a year ago, driven by new customers. Total new customers ballooned 75 percent to 79,800 over the prior-year quarter.

Wall Street had forecast a loss of a penny per share, the average of 12 analysts surveyed by Thomson Financial, on revenue of $16.8 million.

Audible backed its full-year forecast for income before taxes and charges of $1.6 million to $2 million, on revenue between $62 million to $65 million. Analysts are expecting full-year revenue of $64.2 million.

Shares rose 81 cents, or 8 percent, to $10.93 in aftermarket activity, after closing down 72 cents, or 7 percent, at $10.12 on the Nasdaq.

Share
New Message
Please login to post a reply