Audiohighway.com had a net loss of $5.9 million in 1998, compared to 1997's loss of $3.8 million, according to preliminary results released last week. Sales totaled $139,000 last year, up from $4000. Audiohighway, which offers downloadable audio content through the Internet, began operating its Web site in November 1997. The company went public last December, offering 2.2 million units at $6.50 each, and generated gross proceeds of $14.3 million. As of April 7, Audiohighway's stock was selling at $28 per share.
Following its initial offering, Audiohighway raised another $14.1 million, providing the company with cash reserves of $21 million for developing its business.
