Salon has a history of significant losses and expects to incur operating losses in the near future. For the year ended March 31, 2003, Salon had net losses attributable to common stockholders of $5.7 million and had an accumulated deficit of $82.3 million. If and when Salon does achieve profitability, Salon may not be able to sustain or increase profitability on a quarterly or annual basis in the future. If revenues grow more slowly than Salon anticipates or operating expenses exceed expectations, financial results will most likely be severely harmed and the ability of Salon to continue its operations will be seriously jeopardized.
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