NEW YORK — Shares of Alloy Inc. plunged by more than half in heavy Nasdaq trading Friday, establishing an all-time low, as the teen multimedia network significantly reduced earnings guidance for the fourth quarter and 2003.

Citing selling and marketing expenses that were higher than expected because of the promotional retail environment, Alloy said that, despite improved revenues and gross margins, its earnings before taxes and amortization (EBTA) are expected to land at $11 million to $12 million for the quarter ending March 17, $4 million lower than earlier estimates. Last year, Alloy reported EBTA of $7 million.

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