[Brian Mosely]

See link above...the report is quite long.

[Howlin]

Pity.

[eureka!]

Schadenfreude without guilt....

[lonestar]

I bet their books are scorched!

[Terriergal]

what a shame. (ahem)

[GRRRRR]

Nice Catch...Brian, Now, I wonder just how a site like FR can do what we do on just our OWN DIMES?>>> No other support than our own pockets. Salon sells advertising to their limp wristed liberal site and can't make a $$$. I wonder how many $$$ we could get IF we decided to do it...??? (I know we can't and won't...JRob..!)

GRRRRRRRollin' FOR BUSH and the USA!!!

[martin_fierro]

SALON: 'MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN'

Well, Duh.

<|:)~

[Brookhaven]

Almost 80 million dollars in the hole?

Great day in the morning, how could they have spent that much, or who would be giving them enough credit to allow them to get that far into debt.

[TLBSHOW]

no more porn, the liberals must be sad!

[Steve_Seattle]

"accumulated debt of $76 million"

I wonder what their expenses were to accumulate such a huge debt in so short a time. Isn't it just an on-line magazine?

[twntaipan]

Breaks my heart---NOT

[tdadams]

Man, I'm really going to miss Salon.con - er, I mean Salon.com.

[NotJustAnotherPrettyFace]

Syrupy violin music heard playing in the background.........

[Steve_Seattle]

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.

[Rollee]

Hot diggity dog!!

[Timesink]

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).

[jpl]

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.

[operation clinton cleanup]

SALON: 'MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN'

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

[Timesink]

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)

[steve-b]

SALON.COM had an accumulated deficit of $76.6 million...

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

[Stand Watch Listen]