PlanetOut’s still struggling! Despite selling RSVP Vacations and splitting its stocks, the gay publishing company – which brings us Out and The Advocate, among others – simply can’t find the cash to stay afloat.
In an effort to keep from going under completely, the company’s reportedly looking for a sugar daddy:
PlanetOut announced today that it has begun searching for potential buyers after reporting losses for seven consecutive financial quarters.
PlanetOut also announced that it will no longer be providing quarterly or annual earnings guidance and will not hold quarterly earnings calls; instead the gay media conglomerate will report its earnings information through its periodic filings with the SEC.
The announcements came today after the close of trading, where the company’s stock finished unchanged at $6.20 per share, having hovered between $6 and $8 since September, when the company announced a 10-for-1 reverse stock split so that share prices would not dip below $1 per share — the limit allowed on the Nasdaq.
Without that reverse split, PlanetOut would be trading at 62 cents per share, a calamitous drop from its $15 per share as recently as January 2005, and $10 a year later.
God speed, gay publishing, God speed…