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TheStreet Open House

Salon Media Group, Inc. Reports Third Quarter Results

Salon Media Group, Inc. - link to public filings: http://www.sec.gov/cgi-bin/browse-edgar?company=Salon+Media+Group%2C+Inc.&match=contains&action=getcompany

 
SALON MEDIA GROUP, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share data) (unaudited)
 
Three Months Ended December 31, Nine Months Ended December 31,
2012 2011 2012 2011
 
Revenue, net $ 1,032   $ 943   $ 2,721   $ 2,716  
 
Operating expenses:

Production and content

833 872 2,514 2,207
Sales and marketing 349 403 1,151 1,086
Technology 340 253 967 719
General and administrative 244 361 902 1,098
Separation expenses -   -   218   -  
Total operating expenses 1,766   1,889   5,752   5,110  
 
Loss from operations (734 ) (946 ) (3,031 ) (2,394 )
Interest income (expense) (72 ) (66 ) (200 ) (198 )
Loss from continuing operations (806 ) (1,012 ) (3,231 ) (2,592 )
Income from discontinued operations -   15   233   51  
Net loss $ (806 ) $ (997 ) $ (2,998 ) $ (2,541 )
 
Basic and diluted net loss per share
Loss from continuing operations $ (0.25 ) $ (0.31 ) (0.98 ) (0.79 )
Income from discontinued operations 0.00   0.01   0.07   0.02  
Net loss $ (0.25 ) $ (0.30 ) (0.91 ) (0.77 )
 
Weighted average shares used in computing basic and diluted net loss per share 3,283 3,283 3,283 3,283
 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 
SALON MEDIA GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts)
   
December 31, 2012 March 31, 2012
(Unaudited) (1)
 
Assets
Current assets:
Cash and cash equivalents $ 205 $ 130

Accounts receivable, net of allowance of $62 and $62

722 783
Prepaid expenses and other current assets 205   194  
Total current assets 1,132 1,107
Property and equipment, net 59 92
Goodwill - 200
Other assets, principally deposits 205   158  
Total assets $ 1,396   $ 1,557  
Liabilities and Stockholders' Deficit
Current liabilities:
Short-term borrowings $ 1,000 $ 1,000
Related party advances 11,475 8,105
Convertible notes payable 3,339 3,106
Accounts payable and accrued liabilities 1,160 1,847
Deferred revenues 37   165  
Total current liabilities 17,011 14,223
 
Deferred rent 26   123  
Total liabilities 17,037   14,346  
Commitments and contingencies (See Note 6)
 
Stockholders' deficit:

Preferred stock, $0.001 par value, 5,000,000 shares authorized, 9,404 shares issued and outstanding at December 31, 2012 and March 31, 2012 (liquidation value of $26,744 at December 31, 2012)

- -

Common stock, $0.001 par value, 30,000,000 shares authorized, 3,282,576 shares issued and outstanding at December 31, 2012 and March 31, 2012

3 3
Additional paid-in capital 99,883 99,737
Accumulated deficit (115,527 ) (112,529 )
 
Total stockholders' deficit (15,641 ) (12,789 )
Total liabilities and stockholders' deficit $ 1,396   $ 1,557  
 
(1) Derived from the Company's audited consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.





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