As of March 31, 2002, Salon’s available cash resources were sufficient to meet working capital needs for approximately three to four months depending on revenues generated during the period. Salon’s auditors have included a
paragraph in their report indicating that substantial doubt exists as to its ability to continue as a going concern because it has recurring operating losses and negative cash flows, and an accumulated deficit.
A year ago, its ad revenue was $7.5 million; in the fiscal year ending this March, that fell to $1.9 million and total revenue was $3.6 million. Loss: $11 million. Stock: 8 cents today. Market cap: $1.28 million (v. more than $5 million a year ago). Not looking good.
You say rotten tomato, I say rotten tomahtoh
: A trivial curiosity: What is the proper pronounciation of EBITDA (earnings before interest, taxes, depreciation, and ammortization)? Back when I worked at Time Inc. when it became Time Warner and because of its crushing debt it pushed this measure of performance (as opposed to the old-fashioned PROFIT!), it was pronounced with a short “i” sound at the start (as in “hit) and the accent on that syllable: IH-bih-dah. A friend and colleage who used to work at Goldman (they oughta know) and a financial reporter on TV this morning put the accent on the second syllable and started with a long “e”: ee-BID-dah. We’re going to be hearing a lot abot this as companies that use EBITDA — instead of PROFIT! — are slammed on Wall Street, so I just want to know.
One nation, under Howard Stern…
: Howard Stern sides with the court on the pledge of allegiance ruling. He also says it’s a nonissue; when he was a kid, he never paid attention to the pledge. Right on both counts.
: Just saw a new commercial for Mr. Deeds. They’re not promoting Adam Sandler (small mercies). They’re promoting Winona Ryder. She’s in the news. Shoplifting must be hot; just look at what’s happening on Wall Street.