Online music retailer N2K Inc. reported a net loss for the year ending Dec. 31 of $28.73 million, or $5.88 per share, compared to a net loss of $18.9 million, or $6.85 per share, for the prior year.
Revenues for the year were $11.26 million compared with $1.66 million for the
prior year.
Revenues for the fourth quarter ended Dec. 31, 1997, were $4.75 million,
compared to revenues of $679,000 for the fourth quarter of 1996. The company
reported a net loss of $13.19 million or $1.26 per share for the quarter,
compared to a net loss of $6.45 million a year earlier.
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During the fourth quarter, page views on N2K's Music Boulevard site increased to
49.1 million from 39.6 million in the third quarter of 1997 and 10.4 million
in the fourth quarter of 1996, the company said.
Larry Rosen, chairman and CEO of N2K said, "1997 was an exciting year for N2K
with our successful initial public offering in October. The increase in
revenues and page views reflects the initial launch of the integration of our
service with our distribution network partners." He did not directly address financial issues.
The company recently added a Japanese distributor, Shinseido, adding 175,000
Japanese titles to its database and announced a plan for a European
fulfillment center that will offer an additional 150,000 locally released
titles. These agreements will make Music Boulevard's 550,000 title online
store the largest collection of recorded music available on the Internet, the
company said.
N2K's stock closed at $24.62 Thursday.
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