K-Tel Profit Attributed to Sale of Finland Subsidiary

Share this content:
K-Tel International, Minneapolis, posted net income of $2.9 million on revenues of $18.1 million for the fiscal quarter ended Sept. 30. While the company said the income figure marked an improvement over a loss of $3.1 million during the comparable period last year, the gains were partly attributed to the sale of its subsidiary in Finland for $4.3 million.

Its revenues for the quarter declined 3.7 percent to $18.1 million during the period, but the company said its domestic music division boosted sales 18 percent to $9.4 million. That sales boost was attributed to two music compilations that performed well: "Club Mix 2000" and "Greatest Sports Rock & Jams Vol. IV."

Meanwhile, the company said it intended to bolster its Internet retailing operations. It hired 24/7 Media to sell banner ads on K-Tel's Online Music and Entertainment Store and on its online radio station. The companies will share the revenue from those sales.

K-Tel partnered with catalog retailer Damark International on a co-branded custom CD site that allows K-Tel Online access to Damark's base of more than 1 million shopping club members.

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above