Liquid Audio Reports 2nd Quarter Results
Liquid Audio, a provider of software and servicesfor the Internet delivery of music, today announced its financial results for the second quarter ending June 30, 2000.
The company attributes its success during this quarter to the expansion of their global music distribution network. They have developed business relationships with affiliates in China and Europe; signed distribution agreements with major record labels in Germany and Japan; and signed a deal with EMI Recorded Music to provide the software for their digital download trial.
Total net revenues for the second quarter were reported at $3.5 million, compared with $3.0 million for the first quarter of 2000 and with $745,000 for the second quarter of 1999. The Company is still reporting a Net loss of $7.7 million for the quarter, or a loss of $0.35 per share.
"Throughout the first half of 2000, we continued to lay the pipeline and build the infrastructure of a B2B e-commerce network for the digital distribution of music on a truly global scale," said Gerry Kearby, president and chief executive officer of Liquid Audio.
Operating expenses have outpaced revenue; however, the company is optimistic about their current business expansion plans.