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May 10, 2007
Life Not Gay At PlanetOut. Will Run Out of Cash In 2007
PlanetOut (LGBT) fell in a sink whole. Given how well other online media companies are doing, we have ti think that the company is just poorly run and perhaps should not be a public company. PlanetOut runs web sites, magazines and travel services for the gay and lesbian market, reported a worse first quarter that it had warned. Revenue for the quarter was $16.8M, which is fine but the company’s adjusted EBITDA of -$3.6M was worse than feared due to continued weakness across its lines of business.
CEO Karen Magee said will take 12-24 months to turn the company around, and noted that the company’s balance sheet is “very weak.” She said the company will require a investor very soon. Smartly, PlanetOut has has hired Allen & Co. as a strategic adviser.
Posted by Paul at May 10, 2007 09:00 PM
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