November 30, 2001
artnet Sales Stable despite Terror Attack on nearby World Trade Center
Loss Reduced 83% - Positive EBIT 2002 within Reach.
New York/Frankfurt November 30, 2001 - artnet was able to maintain last years sales although the companys main office, located in the immediate vicinity of the World Trade Center, was not accessible for three weeks following the September 11th attack. The leading Internet site for art reports overall sales for the first nine months 2001 of Euro 4,5 (previous year adjusted 2,8) million, an increase of 60%. For the third quarter, seasonally the weakest period, sales remained 30% below plan as a result of the interruption of business. Since the beginning of October sales growth is back on track.
Cost reductions have been implemented successfully as announced. Operating expenses have been reduced in the third quarter to Euro 1,54 (3,94) million, a reduction of over 60%. The number of employees was reduced to 42 at 9/30/01 from 106 at 9/30/00. The result of operations (EBIT) was improved by 83% to minus Euro 0,49 from minus Euro 2,94 million. Positive quarterly results in 2002 are within grasp. The company benefits from increased demand, particularly during this recession, as the art world takes advantage of the cost savings of artnet 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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