Audio Book Club Inc., Boca Raton, FL, reported a net loss of $7 million for the year ended Dec. 31, exceeding its loss of $4.9 million for 1997. Gross sales for the year ended Dec. 31, increased 47% to $22.2 million from $15.1 million the year before.
The net loss for the fourth quarter was $3 million, exceeding $2.4 million during the comparable 1997 period. Gross sales for the quarter increased 25% to $6 million from $4.8 million the same time in 1997.
The company attributed its losses to its direct and Internet marketing “growth strategy.”
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