Audible Inc., a web-only retailer whose e-commerce site Audible.com specializes in spoken audio entertainment, information and educational programming, reports Q1 net revenue of $25.3 million, up 28% over the first quarter of 2006.
The company, No. 125 in the Internet Retailer Top 500 Guide, also reports sales for the first quarter ended March 31 increased 9% compared to the fourth quarter of 2006.
Adjusted earnings before interest, taxes, depreciation and amortization of $900,000 increased by $2.4 million over the negative EBITDA reported in the first quarter of 2006. Audible’s net loss for the first quarter of 2007 was $1.2 million, a decrease from the net loss of $3 million reported in the first quarter of 2006.
Audible management attributes some of the company’s gains to the addition of nearly 72,000 new members in its AudibleListener subscription program during the quarter. “The first quarter saw continued improvement on the bottom line, as well as a striking change in the mix of our new member additions,” says chairman and CEO Donald Katz. “The mix of new members in the first quarter included an increased percentage of higher-revenue monthly AudibleListeners who responded to our introductory membership offer,” he adds.
About 71,870 new members joined in Q1 2007, a 2% increase from the 70,400 reported in the previous quarter, but down from 79,000 new members in Q1 2006.
Content from Audible.com is downloaded and played back on personal computers, CDs or computer-based and wireless mobile devices. Audible has 130,000 hours of audio programs from more than 420 content partners including audio book publishers, broadcasters, entertainers, magazine and newspaper publishers, and business information providers.
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