Thursday, May 18, 2006

Napster reports fiscal 2006 earnings

Napster reported its fiscal 2006 and fourth quarter earnings, announcing revenue for the company's fourth quarter was up 54% compared to the same quarter a year ago. Fourth quarter revenue totaled US$26.8 million.Net revenue for fiscal 2006, which ended March 31, totaled $94.7 million.

That is more than a 100% increase compared to fiscal 2005 net revenue of $46.7 million. The company's total paid subscriber base as of March 31 was some 606,000, which includes some 59,000 university subscribers.

Though Napster's revenue numbers look good, it's important to note that the company is still showing a net loss for the fiscal year. Total net loss for the year, before income taxes, was $59 million. That's an improvement compared to fiscal 2005, which had a net loss of $67 million, before income taxes, but the company still has some work to do.

Read more from the Napster press release.

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