Audible, Inc. Reports 93% Consumer Content Revenue Increase over First Quarter 2002.Business Editors 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)--May 12, 2003 11% Content Revenue Growth Over Fourth Quarter 2002 with Lower Use of Cash, Expenses, and 46% Decrease In Net Loss Over Fourth Quarter 2002 Audible A protected MP3 file format from the Audible.com audio download service. See Audible.com. , Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ADBL ADBL Agricultural Development Bank Limited (Nepal) ), the leading provider of downloadable spoken word audio that informs and entertains anywhere and at any time with audio editions of books, newspapers, magazines, radio programs and original shows, announced results for the quarter ended March 31, 2003. Senior management will host 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, May 12, 2003 to discuss these results and the company outlook. Details for the teleconference and webcast are provided below. During the first quarter of 2003, Audible.com's(R) consumer content revenue increased 11% over the fourth quarter 2002 to $3,887,585 and increased 93% from the first quarter 2002. Net loss per common share for the quarter was ($0.07). Net cash used during the quarter was $765,000, a 10% decrease from the previous quarter. Audible's cash and cash equivalents totaled $2 million at March 31, 2003. "During the first quarter, Audible continued to achieve steady sequential growth with steadily decreasing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ," observed Donald Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , Chairman and 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. , Audible, Inc. "Our cost of acquiring customers decreased by 10% over the previous quarter. Meanwhile, we advanced our strategy of increasing distribution and awareness of the Audible service - recently named the "best consumer Web service" by CNET (body) CNET - Centre national d'Etudes des Telecommunications. The French national telecommunications research centre at Lannion. - with new or enhanced marketing and product integration efforts with Apple, Gateway, Palm and other partners." Recent highlights include: -- Growth to over 229,000 customers, an increase of 60% from Q1 2002. -- Marketing and promotional partnerships were launched with broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). providers RoadRunner roadrunner or chaparral cock Either of two species of terrestrial cuckoo, especially Geococcyx californianus (family Cuculidae), of Mexican and southwestern U.S. deserts. About 22 in. and Grande Communications About Grande Communications is a United States telecommunications firm, based out of San Marcos, Texas, that uses a deep-fiber optic network for broadband services. In 1999, the company was established when the largest single round of venture capital funding in Texas was raised, . -- Gateway announced that it would begin selling the Audible.com Otis and AudibleListener(TM) content memberships from all Gateway stores, its Web site and call centers. -- Palm Inc. launched the Zire 71 and Tungsten tungsten (tŭng`stən) [Swed.,=heavy stone], metallic chemical element; symbol W; at. no. 74; at. wt. 183.85; m.p. about 3,410°C;; b.p. 5,660°C;; sp. gr. 19.3 at 20°C;; valence +2, +3, +4, +5, or +6. C AudibleReady(R) handhelds. -- Audible received extensive media coverage from The Wall Street Journal, San Jose Mercury News The San Jose Mercury News is the major daily newspaper in San Jose, California and Silicon Valley. The paper is owned by MediaNews Group. Its headquarters and printing plant are located in North San Jose next to the Nimitz Freeway (Interstate 880). , The Sunday Sunday: see Sabbath; week. Times of London, Indianapolis Star, PC World magazine, Tech Edge magazine, Library Journal, and more; was named "Best Consumer Web Service" by CNet.com. A live webcast of the financial results conference call is available on Monday, May 12, 2003 at 5:00 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.com: Audible.com, recently named the "Best Consumer Web Service" by CNet.com (April 2003), and one of the "Best of Today's Web" by PC World (August 2002) features daily audio editions of The Wall Street Journal and The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times -- available on a subscription basis in time for the morning drive to work each day--as well as Forbes, Harvard Business Review Harvard Business Review is a general management magazine published since 1922 by Harvard Business School Publishing, owned by the Harvard Business School. A monthly research-based magazine written for business practitioners, it claims a high ranking business readership and , Scientific American Scientific American U.S. monthly magazine interpreting scientific developments to lay readers. It was founded in 1845 as a newspaper describing new inventions. By 1853 its circulation had reached 30,000 and it was reporting on various sciences, such as astronomy and and Fast Company. The site offers a powerful collection of audiobook best sellers and classics by authors such as Tom Clancy For the member of the Irish folk band The Clancy Brothers, see Tom Clancy (singer) and for the American Celticist, see Thomas Owen Clancy. Thomas Leo Clancy Jr. (born April 12 1947), better known as Tom Clancy , Stephen King <noinclude></noinclude>
Stephen Edwin King (born September 21, 1947) is an American author of over 200 stories including over 50 bestselling horror and , John Grisham “Grisham” redirects here. For other uses, see Grisham (disambiguation). John Ray Grisham (born February 8, 1955) is a former politician, retired attorney, American novelist and author best known for his works of modern legal drama. , Mary Higgins Clark Mary Theresa Eleanor Higgins Clark Conheeney, best known as Mary Higgins Clark, (b December 24, 1927 in the Bronx, New York) is an American author of suspense novels. , James Patterson
Hawking, Stephen William Hawking , William Shakespeare, Emily Dickinson and Jane Austen. There are also speeches, lectures, and on-demand radio programs including Marketplace, All Things Considered All Things Considered (ATC) is a news radio program in the United States, broadcast on the National Public Radio network. It was the first news program on the network, and is broadcast live worldwide through several outlets. , Car Talk, Fresh Air and This American Life This American Life (TAL) is a weekly hour-long radio program produced by Chicago Public Radio. It is distributed by Public Radio International and is also available as a free weekly podcast. , and original shows such as RobinWilliams@audible.com. All of the programs at audible.com are available for computer-based playback Playback could mean:
About Audible, Inc.: Audible(R) (www.audible.com(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. and playback on personal computers, CD or AudibleReady(R) computer-based mobile devices. Audible has more than 34,000 hours of audio programs and 135 content partners that include leading audiobook publishers, broadcasters, entertainers, magazine and newspaper publishers and business information providers. Audible.com is Amazon.com's (www.amazon.com) 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 Inc., Compaq Computer Corporation (company) Compaq Computer Corporation - The largest US manufacturer and vendor of IBM PC compatible personal computers and servers. Compaq was started in 1982 by three ex-Texas Instruments employees. 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 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, , RealNetworks, 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, AudibleManager and AudibleReady are registered trademarks of Audible, Inc.; Otis and AudibleListener are trademarks of Audible, Inc. and all are part of the family of Audible, Inc. trademarks. Other product or service names mentioned herein are the trademarks of their respective owners. This press release contains information about Audible, Inc. 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. about the company. 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
--------------------------
March 31, December 31,
------------ ------------
2003 2002
------------ ------------
(unaudited) (unaudited)
Revenue, net:
Consumer content $ 3,887,585 $ 3,497,801
Services 28,096 47,874
Hardware 177,215 196,908
Other 16,126 49,106
------------ ------------
Total revenue, net 4,109,022 3,791,689
------------ ------------
Operating expenses:
Cost of content and services revenue 984,803 1,374,005
Cost of hardware revenue 548,304 664,346
Production expenses 939,923 935,706
Development 609,432 492,563
Sales and marketing 1,884,613 3,202,800
General and administrative 945,620 796,994
------------ ------------
Total operating expenses 5,912,695 7,466,414
------------ ------------
Loss from operations (1,803,673) (3,674,725)
Other income, net 5,915 8,759
------------ ------------
Loss before state income tax benefit (1,797,758) (3,665,966)
State income tax benefit 0 313,580
------------ ------------
Net loss (1,797,758) (3,352,386)
Accrued dividends on redeemable convertible
preferred stock (363,649) (350,778)
------------ ------------
Net loss applicable to common shareholders ($2,161,407) ($3,703,164)
============ ============
Basic and diluted net loss per common share $ (0.07)$ (0.12)
============ ============
Weighted average common shares outstanding 30,988,644 30,969,079
============ ============
AUDIBLE INC.
CONDENSED STATEMENT OF OPERATIONS
Three months ended
March 31,
-------------------------
2003 2002
------------ ------------
(unaudited)
Revenue, net:
Consumer content $ 3,887,585 $ 2,010,971
Services 28,096 174,694
Hardware 177,215 345,947
Other 16,126 16,126
------------ ------------
Total revenue, net 4,109,022 2,547,738
------------ ------------
Operating Expenses:
Cost of content and services revenue 984,803 967,928
Cost of hardware revenue 548,304 663,928
Production expenses 939,923 1,028,818
Development 609,432 521,523
Sales and marketing 1,884,613 3,039,994
General and administrative 945,620 951,393
------------ ------------
Total operating expenses 5,912,695 7,173,584
------------ ------------
Loss from operations (1,803,673) (4,625,846)
Other income, net 5,915 29,806
------------ ------------
Net loss (1,797,758) (4,596,040)
Accrued dividends on redeemable convertible
preferred stock (363,649) (326,945)
------------ ------------
Net loss applicable to common shareholders ($2,161,407) ($4,922,985)
============ ============
Basic and diluted net loss per common share $ (0.07)$ (0.17)
============ ============
Weighted average common shares outstanding 30,988,644 29,140,383
============ ============
AUDIBLE INC.
CONDENSED BALANCE SHEETS
March 31, December 31,
Assets 2003 2002
------------ ------------
(unaudited)
Current Assets
Cash and cash equivalents $ 2,056,861 $ 2,822,080
Accounts receivable, net of allowance 240,830 189,263
Royalty advances 186,166 58,425
Prepaid expenses and other current assets 611,337 736,823
Inventory 217,505 77,262
------------ ------------
Total current assets 3,312,699 3,883,853
Property and equipment, net 443,477 633,400
Other assets 90,805 90,805
------------ ------------
Total Assets $ 3,846,981 $ 4,608,058
============ ============
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable $ 1,206,351 $ 1,077,509
Accrued expenses and compensation 3,287,197 3,231,893
Royalty obligations, current 565,000 598,500
Advances, current 447,193 476,053
Accrued dividends on redeemable convertible
preferred stock 488,906 125,257
------------ ------------
Total current liabilities 5,994,647 5,509,212
Deferred cash compensation 58,750 90,550
Royalty obligations, non current 97,500 25,000
Advances, non current 4,865 19,448
Redeemable convertible preferred stock:
Series A 12,289,976 12,289,976
Stockholders' Deficit
Convertible preferred stock: Series B 1,137,500 1,137,500
Common stock 316,779 316,779
Additional paid-in capital 98,201,098 98,033,060
Deferred compensation and services (101,210) (591,155)
Notes due from stockholders for common stock (58,750) (289,545)
Treasury stock at cost (184,740) (184,740)
Accumulated deficit (113,909,434)(111,748,027)
------------ ------------
Total Stockholders' Deficit (14,598,757) (13,326,128)
------------ ------------
Total Liabilities and Stockholders' Deficit $ 3,846,981 $ 4,608,058
============ ============
AUDIBLE INC.
CONDENSED STATEMENTS OF CASH FLOWS
Three months ended
March 31,
-------------------------
2003 2002
------------ ------------
(unaudited)
Cash flows from operating activities:
Net loss $ (1,797,758)$ (4,596,040)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 212,541 432,837
Services rendered for common stock and
warrants 584,705 1,529,772
Non-cash compensation charge 73,278 73,278
Non-cash forgiveness of notes due from
stockholders for common stock 198,995 -
Changes in assets and liabilities:
Interest receivable on short term
investments - (602)
Accounts receivable, net (51,567) 15,432
Royalty advances (127,741) 26,043
Prepaid expenses and other current
assets 125,486 70,828
Inventory (140,243) 277,801
Accounts payable 128,842 (6,604)
Accrued expenses and compensation 55,304 203,114
Royalty obligations 39,000 (148,750)
Advances (43,443) (174,833)
------------ ------------
Net cash used in operating
activities (742,601) (2,297,724)
------------ ------------
Cash flows from investing activities:
Purchases of property and equipment (22,618) (7,195)
------------ ------------
Net cash used in investing
activities (22,618) (7,195)
------------ ------------
Cash flows from financing activities:
Proceeds from sale of common stock, net - 3,159,250
Proceeds from exercise of common stock
options - 5,556
------------ ------------
Net cash provided by financing
activities - 3,164,806
------------ ------------
(Decrease) increase in cash and
cash equivalents (765,219) 859,887
Cash and cash equivalents at beginning of
period 2,822,080 7,627,802
------------ ------------
Cash and cash equivalents at end of period $ 2,056,861 $ 8,487,689
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