(RTTNews) - Audible, Inc.
(ADBL), a provider of audio, information, and educational programming on the Internet, on Friday reported earnings compared to loss in the year ago period, benefiting from improved revenues. Additionally, the company said the acquisition of the company by Amazon.com is expected to close by the second quarter of 2008.
The Newark, New Jersey-based company posted net income of $3.95 million, or $0.16 per share for the quarter, compared to net loss of $0.93 million, or $0.04 per share in the prior year period. Net income for the most recent quarter included a non-operating benefit of $3.1 million from the sale of net operating loss tax credits in the state of New Jersey.
For the quarter, Audible reported consolidated revenue of $31.14 million, up 35% from $23.15 million recorded in the fourth quarter of 2006 and 13% over the $27.6 million reported in the third quarter of 2007. On average, nine analysts surveyed by First Call/Thomson Financial expected the company to report revenues of $29.08 million for the quarter. The company disclosed that there were 457,000 total AudibleListener members at the end of 2007, compared to 381,000 total members reported at the end of 2006. This included 324,000 Gold/Platinum members, and represents a gain of 85,000 members in one of the minimum monthly delivery subscription plans since last year.
For fiscal 2007, Audible reported net income of $2.43 million or $0.10 per share compared to a net loss of $8.68 million or $0.36 per share in the previous year. Revenue for the full year jumped 34% to $109.97 million from $82.03 million reported last year. Analysts anticipated revenues of $107.95 million for the year.
ADBL closed Thursday's regular trading at $11.45, down $0.01 on a volume of 180K shares.
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