Salon.com (Nasdaq: SALN) missed its own revenue target in the fourth quarter and sees higher losses than analysts had forecast.
After market close Wednesday, the online media company said it expects to report fiscal fourth quarter revenue ranging between $2.5 million and $2.9 million, down from $3 million in the third quarter. Salon.com sees a fourth quarter pro forma loss ranging between 35 cents and 42 cents per share, compared to a per-share loss of 49 cents in the third.
First Call's survey of three analysts predicted a loss of 33 cents per share for the quarter ended Mar. 31.
"While we grew our revenues substantially this year and built a customer base of over 325 advertising sponsors, we fell short of our revenue goals," said Michael O'Donnell, president and CEO. "We experienced traditional seasonality in the March quarter coupled with the resignation of the company's senior vice president of sales, Bruce Roberts."
The company is looking for a senior executive to replace Roberts, O'Donnell said.
Salon.com lined up more than $2 million in sponsorship and advertising contracts in the fourth quarter. The company now has more than 325 advertisers.
Final results for the March quarter will be released in May, the company said.
Shares of Salon rose 5/16 to 4 1/16 in Wednesday's regular trading prior to the announcement.>