The sale of Byron Preiss Multimedia Corp. to Frontline Communications has been called off. According to Frontline president Stephen Cole-Hatchard, negotiations were ended after Frontline's management determined that the acquisition did not meet its strategic objectives. Under the preliminary agreement, Frontline was to acquire BPMC's five operating companies for between $6 million and $7 million in stock (News, Nov. 23). BPMC chairman Byron Preiss said the company is in negotiations with another firm about a possible consolidation.
Third quarter results for BPMC, meanwhile, showed a 148% increase in sales, to $1.4 million, while its net loss was trimmed to $762,822 from $807,134. For the nine-month period ended September 30, revenues increased 137%, to $5.4 million, and the net loss was cut to $1.9 million from $5.2 million. The company attributed the improved results to the inclusion of revenues from its education multimedia subsidiaries as well as $1.7 million in revenues from its book publishing operations.
After the end of the third quarter, BPMC reported that it was delisted from the NASDAQ market on October 27 for failure to meet NASDAQ financial requirements.
