MediaBay Inc. reported a net loss of $1.2 million for the first quarter, an improvement over a net loss of $1.5 million last year.
The audio book direct marketer reported sales of $5.7 million for the quarter ended March 31, down from $10.7 million last year.
“The most important milestones to date in 2004 were two new financings and the related extensions of debt and conversions of debt to equity, said Jeffery Dittus, CEO of the Cedar Knolls, NJ company in a statement. “The completed transactions have already dramatically improved our balance sheet and increased our equity, giving us flexibility and needed working capital to begin new marketing programs.”
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