Earnings: Live Current Media Revs Up 17 Percent In '07; Dips To Loss On New Strategy
This story was written by Joseph Weisenthal.
A little financial background on Live Current Media, which recently acquired online auction manager Auctomatic: The OTCBB-traded domain name company reported revenue of $9.1 million in 2007, up 17 percent over the prior year's $7.8 million. Revenue growth, it said, was mitigated because it stopped selling off its portfolio of domain names, instead focusing on its strategy of using them as commerce sites. The change led to losses of $2 million for the year, down from a profit of $414,000 in 2006. A few other highlights from the year:
-- It did two share placements in the year, totaling $6.2 million, all of this coming from its CEO Geoffrey Hampson and President Jonathan Ehrlich.
-- 90 percent of its revenue came from one e-commerce site, Perfume.com.
-- The company spent $817,000 on paid traffic, up from $339,000 in the previous year. It expects this number to grow, as the company's strategic transition continues.
By Joseph Weisenthal