News
A21 1st Quarter 2008 Results
A21, the owner of the stock photo business Superstock and the framed art supplier business, ArtSelect, announced another disappointing quarter this week, showing a widening net loss on decreasing revenue. A21 lost $1.4MM for the first three months of 2008 on revenue of $5.1MM. The company lost $1MM in the first quarter of 2007 on revenue of $6.1MM. In contrast with previous releases about its results, the company has not provided details for 1Q08 which would show how the images and the wall art divisions fared as unique business segments.
Previous reports indicate that the company’s revenue is derived about half and half between Superstock and ArtSelect. The closing of ArtSelect’s offices in the mid-west and merging of all operations to the Jacksonville headquarters appears to have helped reduce selling, general and administrative costs. But marketing initiatives the company began last year seem to have had little impact on sales.
A21 attributes its poor performance to “challenging market conditions.” According to John Ferguson, CEO, "We remain focused on positioning a21 in order to best leverage its strengths. Despite the challenging market conditions, we have continued to reduce costs and improve organizational efficiency. We believe that we can leverage our marketing initiatives into improved performance as we look for market conditions to stabilize in the near-term." The company’s stock price closed today at under $0.02.
Web-site: Superstock.com
- a21Group.com
Posted in: A21 Group, News, Stock Photo Companies
