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Microsoft Pri0

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Matt Day.

March 23, 2006 at 2:18 PM

Loudeye now bloodshot

Seattle-based Loudeye, which manages digital content services, said in a release today that its auditors questioned whether it could continue as a going concern.

In the company’s annual report, it said it has accumulated a deficit of $242.6 million, and incurred net losses from inception. As of the end of the year, it had negative working capital of $1.9 million.

To achieve future profitability, the company said it will have to generate additional revenue or reduce expenditures, but gave no assurances that it could do that. It had unrestricted cash of about $9 million at the end of 2005 and in February raised $7.6 million. The company warned: “These existing cash reserves may not be sufficient to fund operating and other expenses for the next 12 months, or until we reach profitability.”

Loudeye’s stock closed today at 48 cents a share.

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