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Ordinarily I'd blame the CTO, but ... they don't have one! Maybe they just couldn't pay the bill and it got cut off?? Wouldn't surprise me.
1 comment:
I was looking through PlanetOut's recent SEC filings and apparently stockholders will be able to vote on the Regent merger on June 10, 2009.
Here are some highlights from PlanetOut's latest quarterly report:
Current assets:
Cash and cash equivalents 4,943 1,812
Revenue:
Advertising services 1,067 1,269
Subscription services 3,694 2,529
Transaction services 77 46
Total revenue 4,838 3,844
Page 14:
Our total revenue was $3.8 million in the three months ended March 31, 2009, decreasing 21% from total revenue of $4.8 million in the three months ended March 31, 2008. These decreases were primarily due to decreases in our subscription revenues as a result of a reduction in online subscribers to our Gay.com website, offset partially by $0.7 million of advertising revenue included in our total advertising services revenue of $1.3 million in the three months ended March 31, 2009, related to marketing and advertising services provided to Regent as part of the Marketing Agreement with Regent entered into in conjunction with the sale of our Publishing business.
Management expects that revenue will decrease for the remainder of fiscal 2009 in comparison to fiscal 2008, primarily as a result of general economic conditions and anticipated decreases in subscription services revenue due to reductions in our paid subscriber base as a result of continued increased credit card failures on renewals of online subscriptions, increased competition and the completion of advertising services provided to Regent from May 2008 to March 2009.
Page 15:
Subscription Services. We derive subscription services revenue from paid membership subscriptions to our online media properties. Our subscription services revenue was $2.5 million in the three months ended March 31, 2009, a decrease of 32% from the three months ended March 31, 2008. These decreases in subscription services revenue were due primarily to a reduction in the number of online subscribers to our Gay.com website primarily as a result of increases in credit card failures on renewals of online subscriptions and increased cancellation of subscriptions. We believe the increased cancellations are the result of multiple factors, including the failure to introduce new features and functionalities on site until the relaunch of the Gay.com website on September 30, 2008, increased competition and general overall economic conditions.
Page 22:
On January 16, 2009, we reduced our technology staff by approximately 50% to reduce costs and manage expenses.
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Interestingly, goodwill has remained the same. I am no accounting expert, but PlanetOut's goodwill should have gone down drastically because gay.com's reputation is worse than it has ever been. The page 22 statement must be why the site has so many technical problems. And of course none of this mentions the REAL reasons why subscriptions are in the toilet.
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