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| About Us | Press Releases | March 28, 2001 |
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artnet increases sales by 45%, - profit on a cash basis expected for 2002 New York/Frankfurt, March 28, 2002 artnet AG has increased sales in 2001 by 44,4% to EUR 5,66 mio in the face of a difficult economic environment and a sales shortfall of EUR 600,000 caused by the terror attack on September 11th, which made the artnet office inaccessible for over two weeks. Successful restructuring efforts significantly reduced the loss for the year to EUR 4,99 mio from EUR 19,31 mio. artnet's cash loss was reduced to EUR 2,48 mio from EUR 13,56 mio. During the second part of the year artnet has seen cash receipts exceeding cash-based expenses. Sales growth of the Fine Art Auction Database almost doubled to EUR 1,78 mio (EUR 0,95 mio) at 3500 subscribers and the company strengthened its position as the leading database provider for professional users in the art market. The online Gallery Network, which provides websites to galleries suffered from a weakening market for art but was nevertheless able to increase sales by 36% to EUR 3,8 mio (EUR 2,8 mio) with a client base of 1250 galleries. Costs were significantly reduced to EUR 10,5 mio from EUR 15,5 mio mainly by reducing the number of employees to 40 from 81. Current monthly costs are running at less than EUR 0,5 mio indicating that a profit on a cash basis is very likely for 2002. Management expects a double digit growth rate again for 2002 achieved with the introduction of new products and services. Contact: Hans Neuendorf Chief Executive Officer 61 Broadway, 23rd Floor New York, NY 10006 Tel: 001-212-497-9700 x638 Fax: (1) 212-497-9707 |
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©2009 artnet - The art world online. All rights reserved. artnet is a registered trademark of artnet Worldwide Corporation, New York, NY. | |
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