Summary:

IGN Reports First Profitable Quarter: IGN Entertainment (fka Snowball.com) (Nasdaq: IGNX), the online gaming network, is in black, according…

IGN Reports First Profitable Quarter: IGN Entertainment (fka Snowball.com) (Nasdaq: IGNX), the online gaming network, is in black, according to its Q4 results. It had a net income of $204,000, compared to a net loss of $3.2 million for the year ago quarter. Revenues stood at $4.2 million, representing a 51 percent increase from $2.8 million for the same period a year ago.

“The company added 5,000 net new subscribers to its IGN Insider program during the fourth quarter, increasing its subscriber base to 73,000 as of December 31, 2002. As a result, subscription revenue grew by 22 percent over the prior quarter. While new subscriber signups remained strong in the fourth quarter of 2002, this growth was offset by attrition associated with the large number of annual subscriptions up for renewal during the quarter. As of January 31, 2003, total subscribers numbered 75,000.”

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