Carl Wolf, who has been on the MediaBay board since March 1998, has been named co-chairman of the company and will become sole chairman after Norton Herrick, cofounder of MediaBay and current company co-chairman, steps down. Wolf, who has already begun to assume some executive responsibilities, was the founder of Alpine Lace Brands Inc. and is currently general manager of the Lakota Investment Group.
Increased membership, higher sales per member plus a positive response to its new 30 Greatest Mysteries and World's Greatest Old-Time Radio Shows continuity programs combined to increase revenue 14%, to $11.3 million, at MediaBay for the third quarter ended September 30. Sales in MediaBay's Audio Book Club segment rose 14.4% in the quarter, to $8.8 million, while sales in the Radio Spirits segment increased 9.7%, to $2.5 million.
Net income in the quarter was $84,000 compared to a net loss of $16.8 million in last year's third quarter, a figure that included $13.3 million in one-time charges. For the first nine months of the year, MediaBay had net income of $215,000, compared to a loss of $8.2 million in 2001. Sales were up 10.6%, to $43.6 million.
