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SALON: 'MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN'
Yahoo ^ | 6/26/02

Posted on 06/26/2002 8:25:59 AM PDT by Brian Mosely

'MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN': As of March 31, 2002, SALON.COM had an accumulated deficit of $76.6 million...


TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events
KEYWORDS: deathwatch; elitists; goodmoneyafterbad; liberalbias; mediabias; salon; salondeathwatch; sanfrancisco
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To: GRRRRR
It's a clear example of the difference between free enterprise and socialism. The folks at Salon think they're entitle to a "fair" wage simply because they breathe no matter the quality of their product. So they just keep taking and taking but no one's buying.
21 posted on 06/26/2002 8:56:59 AM PDT by aardvark1
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To: Brian Mosely
Man, I'm really going to miss Salon.con - er, I mean Salon.com.
22 posted on 06/26/2002 8:59:06 AM PDT by tdadams
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To: Brian Mosely
Syrupy violin music heard playing in the background.........
23 posted on 06/26/2002 8:59:44 AM PDT by NotJustAnotherPrettyFace
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To: Brian Mosely
I think we need a congressional investigation to determine where the money went, who benefited from it, whether investors were screwed, what management knew and when they knew it, etc.
24 posted on 06/26/2002 9:00:08 AM PDT by Steve_Seattle
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To: lavrenti
"I think of all the Salon freelancers who took stock options in lieu of pay."

Bet some of them will lean more towards conservativism in the future. You noted that Salon stock had stabilized (.10); have you seen their financials? Talk about dismal!

25 posted on 06/26/2002 9:03:11 AM PDT by fuzzthatwuz
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To: Helms
Yes it is a German word essentially meaning taking pleasure in the misery of others. I experience it every time I see the lying left, whether a politician or presstitute, take a hit. As to your other comments, times have indeed changed...
26 posted on 06/26/2002 9:03:45 AM PDT by eureka!
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To: martin_fierro
As of 11:22 there has been zero trading of SALNC...

Is this the Final Death Watch?

27 posted on 06/26/2002 10:02:24 AM PDT by Drango
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To: Drango
My bad...4,000 shares has been traded. On a normal day volume is 33,863.
28 posted on 06/26/2002 10:06:02 AM PDT by Drango
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To: Timesink; hole_n_one; SunStar; WIMom; cactmh; concerned about politics; ...
Deathwatch ping
29 posted on 06/26/2002 10:12:47 AM PDT by Drango
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To: Brian Mosely
Hot diggity dog!!
30 posted on 06/26/2002 11:09:15 AM PDT by Rollee
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Comment #31 Removed by Moderator

To: lonestar
Should have gotten Arthur Anderson to keep their books. Maybe slick can give them a loan.
32 posted on 06/26/2002 12:36:45 PM PDT by RetiredArmy
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Wednesday June 26, 1:29 pm Eastern Time

Reuters Market News
Salon auditors have doubts company can stay in business

PALO ALTO, Calif., June 26 (Reuters) - Salon Media Group Inc (Nasdaq:SALN - News), the struggling online magazine, has received a notice from its auditors expressing substantial doubts about its ability to continue as a going concern.

In a filing with the Securities and Exchange Commission, the company said the auditor's opinion was based on its history of losses.

The company, which was formed in 1995 and has won numerous journalism awards, has never made a profit and recently has suffered steep declines in advertising revenue.

In the filing it said its net revenues in fiscal 2002 fell 50 percent from the prior year, to $3.6 million, while its advertising revenues dropped 68 percent to $1.9 million. This was partly offset by the addition of new subscription revenues, which contributed $1.2 million in the fiscal year.

Salon recorded a net loss attributable to common stockholders of $11.3 million, or 83 cents a share, for the fiscal year ended March 31, 2002. That compared with a loss of $19.2 million, or $1.48 a share, in the fiscal year ended in March, 2001.

Salon also recorded a loss of $33.4 million, or $3.63 a share, for the fiscal year ended March 31, 2000.

The company said in the filing that it believes it will incur negative cash flows from operations for fiscal 2002, and may not be able to meet its projected positive cash flows from operations for the fourth quarter of fiscal 2003. The company cited the "rapid and unexpected deterioration" of the general business climate.

The media company's auditors are PricewaterhouseCoopers (PWC.UL).

33 posted on 06/26/2002 12:36:46 PM PDT by Timesink
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To: Brookhaven
I asked the same questions about my ex-wife...
34 posted on 06/26/2002 12:38:28 PM PDT by CaptRon
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To: Brian Mosely
I'll bet that some wealthy, anonymous radical will float them a few more million dollars out of pity, just like the last time they were on the edge of bankruptcy.
35 posted on 06/26/2002 12:40:18 PM PDT by jpl
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To: Brian Mosely
SALON: 'MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN'

My only CONCERN is they CONTINUE GOING. Talk about beating a dead horse!

36 posted on 06/26/2002 12:42:43 PM PDT by operation clinton cleanup
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To: *Salon Deathwatch; Brian Mosely; Howlin; skateman; eureka!; Gladwin; lonestar; Terriergal; ...

see above for more concise news story

To find all articles tagged or indexed using Salon Deathwatch, click below:
  click here >>> Salon Deathwatch <<< click here  
(To view all FR Bump Lists, click here)

37 posted on 06/26/2002 12:44:26 PM PDT by Timesink
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To: Brian Mosely
SALON.COM had an accumulated deficit of $76.6 million...

How on God's green earth does some webzine blow through $76,600,000?

38 posted on 06/26/2002 12:46:50 PM PDT by steve-b
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To: Brian Mosely

39 posted on 06/26/2002 12:47:50 PM PDT by Stand Watch Listen
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To: Brian Mosely

40 posted on 06/26/2002 12:49:42 PM PDT by Petronski
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