artnet AG — Earnings Release 2001

Aug 27, 2001

News Details

Ad-hoc | 27 August 2001 07:30

artnet.com AG english

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– artnet.com Reduces Net Loss by Half Announcement in accordance with paragraph 15 of German Securities Law (WpHG) New York/Frankfurt, August 27, 2001 – artnet.com, the leading web site for art information and art market communication, announces an increase in sales as monthly costs decrease for the first half ended June 30th, 2001. Revenue reached $ 2,916,283 for the 6 months, an increase of 37% over the first half 2000 level of $2,127,764. Operating expenses were $6,956,929 in the six months, down from $8,087,139 in the first half of 2000. Operating expenses for the period include a one time charge for hardware, software and website development expenses as well as a further reserve for accounts receivable. The net loss amounts to $4,024,558 compared to $8,449,905 in the first half of 2000. With the write-offs and reserves effected in this half, artnet.coms restructuring costs are substantially reflected, and the company can now look to the future without significant further adjustments. Note: The full text of the first quarter report is available on the web site of www.neuermarkt.com and www. artnet.com. Contact person for artnet.com: Hans Neuendorf Chief Executive Officer 61 Broadway, 23rd Floor New York, NY 10006 hneuendorf@artnet.com Tel: 001-212-497-9700×638 Fax: 001-212-497-5001 end of ad-hoc-announcement (c)DGAP 27.08.2001 ——————————————————————————– WKN: 690950; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 270730 Aug 01