ARTISTdirect, Inc. released its financial results for its first quarter ended March 31, 2002. Net revenue for the period was $1.3 million, compared with $3.1 million in the first quarter of 2001, reflecting in both periods the company's former talent agency business as a discontinued operation. EBITDA loss for the quarter was $2.6 million compared with $8.7 million in the year ago period, and improved from the $5.5 million EBITDA loss in the fourth quarter of 2001.
As of March 31, 2002, unrestricted cash and short-term investments totaled $30.8 million, or $8.91 per share, and stockholders' equity was $38.2 million, or $11.05 per share (using common shares outstanding at that date).
Ted Field, ARTISTdirect Chairman and CEO, commented, "The efforts of more than a year to realign our cost structure are evident in our results for the first quarter, with our EBITDA loss of $2.6 million reflecting an annualized run rate of $10 million to $11 million. With this work now largely accomplished, we are focused on developing the revenue side of business.
"At ARTISTdirect Records, the first quarter brought our first release, `Fast' by the artist Custom, which has been well-received both critically and commercially. At March 31, 2002, the label had 10 artists currently slated to produce nine releases this year, and I am very excited by the potential among these talented performers."
