Digital media company Media 100 today issued its first quarter results. Earnings were down and losses were up, according to the company. Media 100 expects to have at least one more tough quarter, as well.
Media 100 reports that its net sales for the first quarter totaled US$13.8 million, a year-to-year decrease of $4.1 million. The company reported a net loss for the quarter of $4 million, or $0.32 per share.
Media 100 president and CEO John Molinari repeated a tale that’s been told often by other high-tech CEOs in the past couple of months. Molinari said that weak revenues during the historically soft first quarter have been exacerbated this year by a slowing economy. Molinari expressed optimism for Media 100’s opportunities in the coming months, though.
“Going forward, we are positive about the prospects for our business. We expect renewed sales momentum from our streaming software products, as recently announced products, CineStream and Cleaner Live, come on line to drive growth. CineStream, Cleaner Live, as well as iFinish 4, our interactive streaming media production system, are being well received by the press, channel partners and customers,” said Molinari.
Molinari also said that the company’s strategic partnerships with companies like Canon, Adobe, Apple, Avid, Microsoft and Real are also playing a more prominent role.
It looks like layoffs are in the cards, as well. Media 100 hopes to see revenues increase modestly in Q2, compared with their Q1 results. But the company warned that they’ll still be in the red in Q2, partly thanks to $900,000 in restructuring charges the company anticipates making through a “reduction-in-force to be completed by the end of the second quarter.”
Molinari also said Media 100 plans to show off new products and make some announcements at next month’s NAB 2001 trade show in Las Vegas, Nev.