reported that net revenue for the recent financial second quarter ending Sept. 30 was US$27.9 million compared with net revenue of $30.5 million for the second quarter of the prior fiscal year.
Net loss for the second quarter of fiscal 2003 was $1.8 million, or $0.09 per basic and diluted share, including non-cash charges related to the amortization of intangible assets and deferred stock-based compensation. This compares with a reported net loss of $1.0 million, or $0.06 per basic and diluted share, for the second quarter of fiscal 2002.
“As we expected, retail has become the lion’s share of Roxio’s revenues, and despite the challenging retail market globally and the fact that we are at the end of our product cycles, our retail business grew 26 percent over the prior year,” said Chris Gorog, Roxio’s president and CEO in a statement announcing the results. “This growth did not, however, offset the dramatic year-over-year drop in our OEM business, caused by flat PC shipments and rapidly declining ASPs.”
Roxio expect revenues in the third fiscal quarter to be approximately $25 million and to incur a net loss of up to $2.4 million, or $0.12 per share, reflecting industry analysts’ expectations of slower than usual back-to-school and holiday seasons. Gorog feels that revenues will rise sequentially in the fourth fiscal quarter based on new product releases.
For fiscal year 2003, they’re forecasting revenues of approximately $117 million and expect to end the fiscal year with approximately $45 million in cash and short-term investments.