Audible, Inc. Reports 21% Consumer Content Revenue Increase Over First Quarter 2002; Consumer Content Revenue Increased 112% Over Second Quarter 2001.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers WAYNE Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. , N.J.--(BUSINESS WIRE)--Aug. 5, 2002 Audible A protected MP3 file format from the Audible.com audio download service. See Audible.com. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADBL ADBL Agricultural Development Bank Limited (Nepal) ), the leading provider of downloadable spoken word audio that informs and entertains anywhere and any time with audio editions of books, newspapers, magazines, radio programs and original shows, announced results for the quarter ended June June: see month. 30, 2002. Audible will hold an investor teleconference at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT Monday Monday: see week. , August 5 to discuss these results and the company outlook. Details for the teleconference are provided below. Highlights include: - Growth to over 161,000 customers, an increase of 85% year over year. - Net cash used during the quarter was $1.7 million. - The announcement by Steve Jobs, CEO of Apple Corp., that the Audible.com Internet audio service will be fully integrated into Apple's iTunes and iPod audio products. This preceded a related announcement of a content and marketing partnership with Mac Publishing, publishers of Macworld magazine, Macworld.com and MacCentral.com. - The Audible.com Internet audio service was named the Web's #1 Entertainment Application by the editors of CNet News.com, and Audible.com was named one of the "Best of Today's Web" by PC World magazine. - Audible and Costco launched a distribution partnership in which select Costco stores began selling a retail package of Audible's downloadable audiobooks. - Audible and Fujifilm announced a comarketing agreement in which Fujifilm will include offers for Audible.com audiobook downloads in select Fujifilm data storage media products. - Audible's Internet audio service will be available on all of the PhatNoise-powered Kenwood Music Keg high-capacity digital car audio systems. - SonicBlue's Rio 900 digital audio player shipped AudibleReady(R), fully compatible with Audible's Internet audio service. - Audible and middleware and application software provider Mediabolic partnered to offer Audible's audio content through the Mediabolic One Digital Entertainment Platform. "Today we report our sixteenth straight quarter of solid consumer content revenue growth," said Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and chairman, Audible, Inc. "This quarter's better-than-expected consumer content growth arrives in advance of our long-awaited platform and marketing channel integration with Apple products, and also before important new device, platform, and retail exposure efforts become evident in the marketplace. We are confident that our strategy of increasing consumer awareness of, and access to, our award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" products will help us move quickly toward our ultimate goal of cash flow positive operations." In related news, Audible, Inc. announced today that the NASDAQ has approved an application to move the company's stock listing from the National Market to the Small Cap Market as of Tuesday Tuesday: see week. , August 6, 2002. The immediate impact of this move will be that the 90 day/$1.00 share price grace period will be automatically extended an additional 90 days, or through October October: see month. 28, 2002. Furthermore, if Audible is in compliance with Small Cap initial listing criteria under Marketplace Rule 4310(c)(2)(A) as of October 28, 2002, Audible will be afforded an additional 180-day grace period to demonstrate compliance with the $1.00 minimum bid price. Consumer content revenue increased 21% in the first quarter over the prior quarter to $2,429,060. Net loss per share for the second quarter was $0.16 versus a net loss of $0.17 per share in the first quarter of 2002. Net cash used during the quarter was $1.7 million versus $2.2 million in the first quarter of 2002. Audible's cash and cash equivalents totaled $6.8 million on June 30, 2002. A live webcast of the financial results conference call is available on Monday, August 5th at 5 p.m. EDT (2:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ). Please click on www.audible.com/ir for online access to the call. About Audible, Inc. Audible(R) (www.audible.com A Web site that offers a library of audio material for downloading and listening on a computer or an Audible-enabled digital music player. Either Audible's own software or iTunes is required to manage the files. (R)) is the Internet's largest, most diverse provider of premium spoken audio services for content download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. or playback Playback could mean:
Amazon (ăm`əzŏn), in Greek mythology, one of a tribe of warlike women who lived in Asia Minor. .com's (www.amazon.com (Amazon.com, Seattle, WA, www.amazon.com) The largest online shopping site and one of the most widely known e-commerce sites on the Web. Founded by Jeff Bezos in 1995, it had 11 employees by year's end. Within four years, it had more than 1,600 employees and four million customers. ) exclusive provider of spoken word products for downloading downloading - download or streaming via the Web. Additionally, the Company is strategically aligned with Random House, Inc., to pioneer the first-ever imprint im·print tr.v. im·print·ed, im·print·ing, im·prints 1. To produce (a mark or pattern) on a surface by pressure. 2. To produce a mark on (a surface) by pressure. 3. to produce spoken word content specifically suited for digital distribution, Random House Audible. Among the Company's key business partners are Apple Corp., Card Access Inc., Casio
Quarterly sales $2499M, profits $210M (Aug 1994). http://compaq.com/. , Handspring hand·spring n. A gymnastic feat in which the body is flipped completely forward or backward from an upright position, landing first on the hands and then on the feet. , Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and Company, Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, , Royal Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Electronics, RealNetworks (RealNetworks, Inc., Seattle, WA, www.realnetworks.com) The company behind the RealMedia and the RealPlayer technologies. Originally Progressive Networks, product names have a Real prefix (RealPlayer, RealOne, RealArcade, RealAudio, etc.). See RealMedia. , Inc., SONICblue Incorporated's Rio Audio Group, Sony Electronics Sony Electronics Inc., headquartered in San Diego, Calif., is the largest component of Sony Corporation of America, the U.S. holding company for Sony's U.S.-based electronics and entertainment businesses. , Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. and VoiceAge Corp. Audible, www.audible.com and AudibleReady are registered trademarks of Audible, Inc.; AudibleListener is a trademark of Audible, Inc. and all are part of the family of Audible, Inc. trademarks. All other marks are property of their respective companies. This press release contains information that is not historical fact and may be deemed to contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, Audible's limited operating history, history of losses, uncertain market for its services, and its inability to license or produce compelling audio content and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings.
AUDIBLE INC.
COMPARATIVE STATEMENT OF OPERATIONS
Three months ended
June 30, March 31,
------------- --------------
2002 2002
------------- --------------
(unaudited) (unaudited)
Revenue, net:
Consumer content $2,429,060 $2,010,971
Services $60,932 $174,694
Hardware 236,687 345,947
Other 16,126 16,126
------------- --------------
Total revenue, net 2,742,805 2,547,738
------------- --------------
Operating expenses:
Cost of content and services
revenue 1,152,526 967,928
Cost of hardware revenue 784,624 663,928
Production expenses 888,611 1,028,818
Development 554,363 521,523
Sales and marketing 3,208,520 3,039,994
General and administrative 893,136 951,393
------------- --------------
Total operating expenses 7,481,780 7,173,584
------------- --------------
Loss from operations (4,738,975) (4,625,846)
Other income, net (29,459) (29,806)
------------- --------------
Net loss (4,709,516) (4,596,040)
Accrued dividends on
redeemable preferred stock 333,802 326,945
------------- --------------
Net loss available to common
shareholders ($5,043,318) ($4,922,985)
============= ==============
Basic and diluted net loss
available to common
shareholders per common
share $ (0.16) $ (0.17)
============= ==============
Weighted average shares
outstanding 30,951,144 29,140,383
============= ==============
AUDIBLE INC.
CONDENSED STATEMENT OF OPERATIONS
Three months ended Six months ended
June 30, June 30,
------------------------- -----------------------
2002 2001 2002 2001
------------ ------------ ---------- ------------
(unaudited) (unaudited)
Revenue, net:
Consumer content $2,429,060 $1,143,484 $4,440,031 $2,025,396
Services 60,932 226,109 235,626 514,809
Bulk content - 300,000 - 450,000
Hardware 236,687 235,369 582,634 836,779
Other 16,126 73,758 32,252 281,820
------------ ------------ ----------- ------------
Total revenue, net 2,742,805 1,978,720 5,290,543 4,108,804
------------ ------------ ----------- ------------
Operating Expenses:
Cost of content and
services revenue 1,152,526 1,292,914 2,120,454 2,597,109
Cost of hardware
revenue 784,624 778,514 1,448,552 1,741,504
Production expenses 888,611 1,683,982 1,917,429 3,342,032
Development 554,363 1,236,047 1,075,886 2,115,521
Sales and marketing 3,208,520 3,901,856 6,248,514 7,597,985
General and
administrative 893,136 1,366,526 1,844,529 2,706,315
------------ ------------ ----------- ------------
Total operating
expenses 7,481,780 10,259,839 14,655,364 20,100,466
------------ ------------ ----------- ------------
Loss from operations (4,738,975) (8,281,119) (9,364,821) (15,991,662)
Other income, net (29,459) (183,120) (59,265) (418,741)
------------ ------------ ----------- ------------
Net loss (4,709,516) (8,097,999) (9,305,556) (15,572,921)
Accrued dividends on
redeemable
preferred stock 333,802 299,208 660,747 470,166
------------ ------------ ----------- ------------
Net loss applicable
to common
shareholders ($5,043,318) ($8,397,207)($9,966,303)($16,043,087)
============ ============ =========== ============
Basic and diluted
net loss per common
share $ (0.16) $ (0.31) $ (0.33) $ (0.60)
============ ============ =========== ============
Weighted average
shares outstanding 30,951,144 26,919,837 30,050,765 26,957,639
============ ============ =========== ============
AUDIBLE INC.
CONDENSED BALANCE SHEETS
June 30, December 31,
Assets 2002 2001
------------- --------------
(unaudited)
Current Assets
Cash, cash equivalents, and
short-term investments
including interest
receivable $ 6,787,636 $ 7,627,802
Accounts receivable, net of
allowance for doubtful
accounts 193,290 153,122
Royalty advances 107,486 56,682
Prepaid expenses and other
current assets 603,110 661,192
Inventory 384,804 449,220
Notes receivable due from
stockholders, current 15,000 10,000
-------------- --------------
Total current assets 8,091,326 8,958,018
Property and equipment, net 1,263,490 1,990,670
Notes receivable due from
stockholders, non current 30,000 35,000
Other assets 15,805 15,805
-------------- --------------
Total Assets $ 9,400,621 $ 10,999,493
============== ==============
Liabilities and
Stockholders' Equity
Current Liabilities
Accounts payable $ 2,308,114 $ 1,519,586
Accrued expenses and
compensation 2,253,791 2,345,288
Royalty obligations, current 771,700 896,950
Advances, current 429,992 517,813
Accrued dividends on
redeemable convertible
preferred stock 115,943 730,612
-------------- --------------
Total current liabilities 5,879,540 6,010,249
Deferred cash compensation 90,550 93,550
Royalty obligations, non
current 125,500 48,550
Advances, non current 48,614 77,780
Redeemable convertible
preferred stock: Series A 11,594,318 10,318,902
Stockholders' Equity
Common stock 316,279 275,470
Additional paid-in capital 97,396,679 93,728,564
Deferred compensation and
services (3,557,712) (5,884,267)
Notes due from stockholders
for common stock (289,545) (294,456)
Convertible preferred stock:
Series B 1,137,500 -
Treasury stock at cost (179,990) (179,990)
Accumulated deficit (103,161,112) (93,194,809)
-------------- --------------
Total Stockholders' Equity (8,337,901) (5,549,488)
-------------- --------------
Total Liabilities and
Stockholders' Equity $ 9,400,621 $ 10,999,543
============== ==============
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