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RealTime IT News

Loudeye Raises Guidance

Seattle's Loudeye Technologies Inc. raised its 2002 revenue guidance to about $22 million to $23 million Tuesday, representing a 110 percent increase over 2001. The company also announced preliminary fourth quarter 2001 revenues of about $3.3 million and pro forma adjusted loss per share of about 19 cents to 20 cents a share.

"Driven by improving visibility in our sales pipeline and largely as a result of our recent acquisition strategy, we estimate revenues in 2002 will approximately double in comparison to 2001 levels," said John Baker, chairman and chief executive officer. "We will continue to be focused on operational efficiencies as we grow revenues in 2002 and are targeting to be operating cash flow positive by the end of the year. Further, we believe our current operations are fully-funded to reach profitability."

Loudeye said it will report its actual fourth quarter results on Feb. 19, and will provided additional guidance on 2002 at that time.