ARTISTdirect Earnings Dip

ARTISTdirect posted reduced net loss in the third quarter but saw increased negative EBITDA due to higher cash operating losses. Net loss was $17.1 million, vs. loss of $26 million in the same period last year. Negative earnings before interest, taxes, depreciation, and amortization were $13.4 million, vs. $5.2 million. Net revenues rose 102% to $5.6 million.

The online company says it is "evaluating its strategic plan in order to improve operational efficiency," and that the changes will result in a 30%-40% drop in negative EBITDA for full-year 2001. Shares in ARTISTdirect, which hit a 52-week low of 50 cents on Oct. 26, closed yesterday down 3 cents at 78 cents.

In other financial news:

? Trans World Entertainment posted a third-quarter net loss of $15.6 million, or 32 cents per share, vs. a profit of $3.8 million, or 7 cents per share, in the same period last year. Comparable-store sales fell 4%; total sales fell to $265.6 million from $276 million. The results were issued yesterday after the close of market; Trans World shares ended the day up 2 cents at $8.88.

? Liquid Audio posted third-quarter net loss of $8.9 million, or 40 cents per share, vs. loss of $5.8 million, or 27 cents per share, in the same period last year. Net revenues rose to $3.4 million from $1.8 million. Cash and short-term investments totaled $133.6 million as of Sept. 30. The results were released yesterday after the market closed; Liquid Audio shares were down 47 cents at $4.72 cents.