Audio Book Club Inc. reported gross profit of $5.3 million on gross sales of $12.8 million for its first quarter ended March 31, 1999, compared to gross profit of $931,000 on gross sales of $4.8 million for the first quarter of 1998. Gross sales increased 169%, gross profit increased 470%.
Net sales, after returns, discounts and allowances, increased $6.4 million, or 181%, to $9.9 million, compared to $3.5 million for the first quarter of 1998.
Pro forma net income for the first quarter of 1999 was $1.8 million, excluding the effects of amortization of intangible assets, financing costs and interest expenses relating to the company’s recent merger and acquisitions versus a loss of $1.1 million on a comparable basis for the first quarter of 1998.
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