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ots Ad hoc-Service: artnet.com AG <DE0006909500>artnet.com implements cost cutting program

Frankfurt am Main (ots Ad hoc-Service) -

Ad hoc-announcement edited and sent by DGAP. The sender is solely
responsible for the contents of this announcement.
. 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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