ADBL: Up 40% today on volume of 1,279,500 after yesterday's news:
WAYNE, N.J.--(BUSINESS WIRE)--Feb. 7, 2001--Audible, Inc. (NASDAQ:ADBL - news), the leading provider of Internet-delivered spoken audio (www.audible.com(TM)) for PC-based listening or mobile playback on AudibleReady(TM) portable digital audio players, today announced important strategic developments and results for the fourth quarter and full year ended December 31, 2000.
Content and services revenues increased 49% in the fourth quarter 2000 over the third quarter to $1,027,359, 422% greater than the fourth quarter of 1999. For the full year 2000, content and services revenues increased 427% to $2,519,345, as compared with $477,675 for the full year 1999.
Audible's cash, cash equivalents and short-term investments in U. S. government obligations totaled $16.2 million on December 31, 2000. Net cash used in Q4 2000 was reduced to $4.2 million from $4.7 million for Q3 2000.
Amazon.com Cash Commitment
In another important development announced today, Audible, Inc. has reconfigured it's exclusive strategic and marketing alliance with Amazon.com in which Audible serves as the exclusive provider of digital spoken word products for download or streaming to Amazon's 30 million customers. The original agreement, struck on January 31, 2000, required Audible to pay Amazon.com a minimum of $10 million in 2002. This amount has been reduced to a future minimum cash commitment of $2.5 million through 2002. |
