Fatbrain.com (Nasdaq: FATB) was down 2 7/16 at 7 1/4 Wednesday after the online publisher reported a wider loss for the first quarter ended April 30th.
The company reported a pro forma net loss of $8.5 million, or 65 cents per share, compared with a pro forma loss of $5.2 million, or 46 cents, in the year-earlier quarter. Pro forma results exclude the operations of the company’s MightyWords subsidiary, which is being spun off. Revenue rose to $14.0 million from $6.1 million.
Including MightyWords, Fatbrain lost $13 million, or $1 per share. Barnesandnoble.com and other investors are putting $36 million into the subsidiary; Fatbrain.com will retain a 23 percent stake.
Pro forma revenue for fiscal 2001 — excluding MightyWords sales — is likely to be $70 to $72 million, Fatbrain said. In fiscal 2002, the company expects to be profitable, with revenue totaling $125 to $130 million.