ots Ad hoc-Service: artnet.com AG <DE0006909500>artnet.com implements cost cutting program
Frankfurt am Main (ots Ad hoc-Service) -
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. Break-even now scheduled for Q4 2001
artnet.com AG of Frankfurt and New York today implemented a cost cutting program. Together with rapidly rising revenue, the measures will reduce the annual operating loss for the leading art information and transaction site by $11 million in 2001 compared to 2000. Hans Neuendorf, CEO of artnet.com, also announced that the company is scheduled to break- even in Q4 2001, which is earlier than previously anticipated.
The key cost cutting measure streamlines artnet.com online auctions down to the most successful categories, which will eliminate a major source of net loss. After all necessary investments in the company infrastructure are completed and the cost cutting measurements are fully implemented, including reductions of personnel, no further net losses in this area are expected in future periods.
artnet.com continues to focus its resources on its two strongest product lines and revenue sources, which are the online gallery network and the Fine Art Auctions Database. The revenue projections for these two products are expected to more than double in 2001 to nearly $10 million. In support of this effort the sales team for the online gallery network increased 50 percent in the first nine months of this year.
For further information/ Ansprechpartner:
Grace Schalkwyk Dr. Bernhard Blohm Chief Financial Officer eqinet Communications GmbH gschalkwyk@artnet.com bernhard.blohm@equinet-ag.de Tel: (1) 212-497-9700 Ext. 256 Tel: 49-(0)69-58-997-300 Fax: (1) 212-497-9707 Fax: 49-(0)69-58-997-349
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Original content of: artnet AG, transmitted by news aktuell