MP3.com Announces First Quarter 2000 Results
- Posts Record First Quarter Revenues of $17.5 Million
Surpasses 10 Million Registered Users Worldwide -
-- MP3.com Investor Relations Web Site: www.mp3.com/investor
-- First quarter 2000 results conference call scheduled for 1:30 p.m. PDT
-- Conference call will be archived at www.mp3.com beginning 6:00 p.m.
PDT through April 27
SAN DIEGO, April 20 /PRNewswire/ -- MP3.com, Inc. (Nasdaq: MPPP), the premier online Music Service Provider
(MSP), today reported net revenues totaling $17.5 million, for the first quarter ended March 31, 2000, compared with $15.3
million for the fourth quarter of 1999, and $666,000 for the first quarter of 1999.
Pro forma net loss for the first quarter of 2000 was $8.4 million, or $0.13 per basic and diluted share, a decrease from the
$10.6 million, or $0.17 per basic and diluted share, reported for the 1999 fourth quarter. Pro forma net loss excludes
acquisition-related costs, non-operating losses associated with the company's minority interest in mp3radio.com, certain cash
and non-cash charges related to employee costs, but includes deferred compensation. When the above non-cash and
non-operating charges are included, the net loss for the first quarter was $18.1 million, or $0.28 per basic and diluted share,
compared with $14.9 million, or $0.23 per basic and diluted share, in the 1999 fourth quarter.
"Once again, we achieved a solid quarter with very strong top-line growth," stated Michael Robertson, chairman and chief
executive officer for MP3.com. "At the same time, we also were able to improve our gross margins which correlate to the
overall strength of our key metrics. During our first quarter, we continued to improve our industry leading technology
infrastructure through strategic partnerships and key investments; developed creative ways to monetize traffic and advertising
opportunities; and, delivered the best selection of music on the Internet to a growing audience of more than 10 million registered
users."
Robertson also highlighted the formation of a dedicated Music Service Provider (MSP) Group charged with expanding the
company's MSP strategy to capitalize on the growing demand for more ubiquitous access to music content and services.
"In keeping with our MSP strategy, we are continually adding exceptional functionality and scalability to our web site," added
Robertson. "We have dedicated significant technical resources to develop our proprietary application program interface or API
to ensure that any and all portable devices, from cell phones and pagers to car stereos and PDAs, have access to one of the
world's largest, fully interactive databases of music."
*********
While Q2Q growth looks good, the revenues look as if they are flatting out. The move toward profits is good but still has to be demonstrated. When this turns profitable, I'll be back in.
Jack |
