The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Q2 revenue drops 27% to $4.7 million at eDiets.com. The company raised $500,000 in capital and successfully forestalled its delisting from the NASDAQ exchange.
For the fiscal second quarter ended June 30, eDiets.com Inc. reports:
- Web sales of $4.7 million, a 27% drop from $6.5 million a year ago.
- A net loss of $2.6 million, trimming last year’s net loss of $3.1 million by 16%.
For the first six months of fiscal 2009, eDiets.com, No. 322 in the Internet Retailer Top 500 Guide to Retail Web Sites, reports:
- Revenue of $10 million, down 35% from $15.3 million in last year’s first half.
- Net loss narrowed by 34% to $5.5 million from $8.3 million.
EDiets.com received $500,000 in a private placement stock sale to members of its management team and board of directors, the company says. The company had earlier been notified by NASDAQ that it faced delisting because its market value does not meet the minimum $35 million to qualify for continued listing on the exchange, but it was granted listing through Dec. 29 following an Aug. 6 appeal.
By year-end the company must meet NASDAQ’s requirements, either by demonstrating a market value of $35 million or by having stockholder equity of $2.5 million, or face removal from NASDAQ.