Online publisher Salon Media Group on Tuesday reported that its fourth-quarter net loss narrowed and its full-year sales improved, based on increased subscription sales and lower costs. Its net loss for the period was $1.3 million, or 9 cents per share, on revenue of $0.9 million for the three months ended March 31, 2003. That compares to a net loss of $1.4 million, or 10 cents per share, on sales of $1 million for the same period a year earlier. Still, the company said its advertising sales dropped by 13 percent in 2003 to $1.7 million, based on concern that Salon might go out of business.
Salon reported revenues of about $4 million for the full year, compared with $3.6 million in sales in the previous year. It also reduced its net loss by 30 percent. "We?re continuing to execute a financial turnaround at Salon, increasing revenues in fiscal 2003 by 11 percent after two previous years of sales declines," Salon CEO Michael O?Donnell said in a statement. Salon said it has about 62,400 active paying members for its Salon Premium service and about 4,300 subscribers to its community discussion sites, the Well and TableTalk.