CDNOW Inc., Fort Washington, PA, reports its revenues for the fourth quarter ended Dec. 31, rose 154% to $53.1 million compared with the same period a year earlier. The 1998 fourth-quarter revenues were $20.9 million.
The net loss for the fourth quarter was $25.7 million, excluding special items. This amount does not include $8.2 million for amortization of goodwill and other intangibles related to the March 1999 merger of CDNOW and N2K and the June 1998 acquisition of superSonic Boom Inc.
Also excluded are $391,000 for merger-related expenses incurred in connection with the company’s July 1999 definitive agreement to merge with Columbia House, which is owned equally by Time Warner Inc. and Sony Corporation of America.
CDNOW’s expenses as a percentage of revenues improved during the quarter. Operating expenses, excluding special items, totaled $35.8 million, representing 67% of revenues, compared with 85% of revenues in the fourth quarter of 1998.
The company also announced that Michael Krupit was named chief operating officer. He had been chief development officer.
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