CNET reports Q3 earnings

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San Francisco—CNET Networks reported Thursday that revenues for the third quarter totaled $70.5 million, a 22% increase compared with $57.7 million in the third quarter of 2003. The company’s third quarter net income totaled $1.1 million compared with a net loss of $5.8 million for the same period last year. Third quarter operating income equaled $1.8 million versus an operating loss of $4.5 million during the same period in 2003. CNET Networks’ operating income before depreciation and amortization was $7.1 million, compared to $1.0 million during the third quarter of 2003. CNET also announced that it has agreed to acquire the assets of ZOL and Fengniao, which operate the and Web sites, respectively, in cooperation with Chinese subsidiaries and affiliates. The transactions total $16 million in cash payments to be paid over the next two quarters and are effective immediately. ZOL is a provider of personal technology-related content and shopping services in northern China.

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