Summary:

Salon Media’s Revenues Jump to $1 Million, Riding Subscription Sales: Salon Media Group’s revenues for its latest quarter jumped to $1 milli…

Salon Media’s Revenues Jump to $1 Million, Riding Subscription Sales: Salon Media Group’s revenues for its latest quarter jumped to $1 million from last year’s $600,000 level. Net losses came in at $1.5 million, or 11 cents a share — narrower than the $5.6 million, or 42 cents, reported in the year-ago quarter.

The company’s premium subscription revenues totaled $500,000 for the quarter, up from $300,000 last year. There are now more than 41,000 paid users–12,100 new subscribers signed in this quarter, on top of 12,700 new subscriptions during previous quarter–for its flagship Salon Premium service and 4,300 who subscribe to the Well/Table Talk areas.

“Salon’s Subscription Services, led by Salon Premium, has continued to grow nicely for us,” said CEO Michael O’Donnell, in a statement. “That is where the momentum on the Internet is — with premium services. Renewals from past subscribers continue to be exceptional at approximately 68 percent for one-year subscriptions. Salon also launched a new subscription plan during the quarter, offering a version of Salon Premium for $18.50 per year.”

The company’s balance sheet shows cash of $266,000, with current assets of $880,000. It is working on a new capital round.

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