Audible posts profit, sales surge; shares rally
Mon May 9, 2005 04:54 PM ET
SAN FRANCISCO, May 9 (Reuters) - Audible Inc. (ADBL.O: Quote, Profile, Research) on Monday swung to a quarterly profit as the seller of online audio books and other digital audio content saw sales surge 91 percent, sending shares nearly 15 percent higher.
Audible also raised its revenue forecast for 2005.
The company said it had first-quarter net income of $889,391, or 3 cents per share, compared with a year-ago net loss of $10.4 million, or 56 cents per share, which included $9.87 million in charges related to the conversion of convertible preferred stock.
Revenue rose to $12.9 million from $6.77 million.
Analysts had expected break-even per-share results on revenue of $12.0 million, according to Reuters Estimates.
The Wayne, New Jersey-based company said the number of its AudibleListener members more than doubled to a record 55,400.
Chairman and Chief Executive Donald Katz said that, after a very successful 2004 holiday season, the company saw momentum increase in the first quarter.
Audible also said it now expects 2005 revenue of $62 million to $65 million, up from its previous forecast of $59 million to $62 million.
The company held steady on its forecast for net income before income taxes of $3.6 million to $4.0 million, excluding the previously announced $2 million in launch-related expenses and any charges for restricted stock awards. It did not give a per-share profit forecast.
Shares of Audible rose to $16.40 on Inet. In regular trade on Nasdaq, the stock rose 57 cents, or 4.2 percent, to close at $14.28.
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