Earnings: PlanetOut Q4 Revs Fall 15 Percent; Losses Soar On Digital Weakness; No Word On Sale
PlanetOut (NSDQ: LGBT), which said in January that it was exploring strategic alternatives and that all financial info would be filed through the SEC, has released some very bare-bones Q4 figures at 6:30 PM (ET) on a Friday: The gay and lesbian-oriented media company reported revenues of $13.2 million, down 15 percent from $15.6 million in the year-ago period. Net losses spiked to $8 million ($2.06 per share) from $1.7 million ($.50 per share), although this quarter included a $4.8 million impairment charge. Even on an adjusted basis, however, the company’s loss is still much deeper than a year ago. The digital side saw the most deterioration, with revenues falling from $8.8 million to $6.6 million. Other than that, there’s no discussion, so no mention of the company’s search for strategic alternatives. There won’t be a call either, per its previously stated policy.
The future is not very promising here. A purchase price would have to be very low for this to make any sense for anyone — just too much risk.
This is a terrible company to buy. My girlfriend worked there and the people managing it don't know what they are doing and are listening to the wrong people. There is a lot more to this story just stay away.
Couldn't agree more wth last posting. I also know someone who worked there and it was mind boggling how poorly run this company became once it went public.
Also the best people left awhile ago and obviously their CEO is clueless as to how to turn this company around.