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Business News Labels & Publishers
The Orchard, revenues up, but loss overall
By CMU Editorial | Published on Monday 29 March 2010
Independent digital aggregator The Orchard announced last week that its revenues rose 9% in 2009, though they made an overall loss of $17.8 million. That said, one of those tedious “impairments of goodwill” accounted for over $14 million of the loss, which is one of those accounting technicalities only 47 people in the world understand, but means the overall loss wasn’t as bad as it possibly sounds.
Commenting on the financials, Orchard boss Bradley Navin said this: “Despite a challenging macroeconomic environment, The Orchard recorded its highest quarterly revenue ever, while reducing operating expenses for four consecutive quarters, excluding the one-time adjustments for goodwill and reduction in force in the third quarter. We expect the company to continue on this path and remain excited about the future”.
As previously reported, one of the The Orchard’s main shareholders, Dimensional Associates, is in the process of taking complete ownership of the digital firm.
