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Over a 95% drop in stock price in the last 12 months?

1/2008 $2.55
1/2009 $0.11

Hit the 1 yr. button at the bottom of chart...
http://www.nasdaq.com/aspx/dynamic_charting.aspx?symbol=SORC&selected=SORC

Also...
http://www.sourceinterlink.com/investor//

There are, I believe, 52 million SORC shares in circulation, so you have the disparity between the company's gross annual revenue, which is around $500 million for just its magazine division, and its stock capitalization, which, at 11 cents a share, is just under $6 million.

John Atkinson
Editor, Stereophile

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Over a 95% drop in stock price in the last 12 months?

1/2008 $2.55
1/2009 $0.11

Hit the 1 yr. button at the bottom of chart...
http://www.nasdaq.com/aspx/dynamic_charting.aspx?symbol=SORC&selected=SORC

Also...
http://www.sourceinterlink.com/investor//

There are, I believe, 52 million SORC shares in circulation, so you have the disparity between the company's gross annual revenue, which is around $500 million for just its magazine division, and its stock capitalization, which, at 11 cents a share, is just under $6 million.

John Atkinson
Editor, Stereophile

So, for 5.3 million, you could buy the whole shebang?

Then, could you dump all the things that lost money and just keep the good stuff?

Maybe I'll take up a collection!

I briefly had time to look at their quarter ending 9/30/08 it appeared at a glance that the magazine division is the only one making a profit. But if you look at the organization 5 year chart it isn't a pretty sight. They've been going downhill since at least the year 2006. But $.11 cents a share. Jeez, that is not cool. Steve and John I'm sure are safe but you guys might take this as a great opportunity to get rid of "Sam's Space". That guy is a blow-hard if I ever saw one. Don't think I didn't read your little gay MBA footnote that had no relevance to the piece of over priced over rated snake oil crap you were pushing on us unsuspecting readers.....

You guys never learn to stick to the science. It's going to be your downfall. The invisible hand of supply and demand and the 1st amendment are not interchangeable. I'm just sticking around to watch this house-of-cards fall. You guys better start making some changes. The days of pushing your pathetic personal irrelevant opinions on things you know nothing about are just about over. But not to fear, if the Fair Doctrine Act is brought back you always have me to provide a mandatory alternate view.

-- Team America: World Police!

Wow! Lamont is on the rag!!!

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Wow! Lamont is on the rag!!!

I'm wearing the Fair Doctrine Act sanitary napkin as we sit here.

I think you would feel a lot better, Lamont, if you wouldn't be so timid about stating your opinion.

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I think you would feel a lot better, Lamont, if you wouldn't be so timid about stating your opinion.

I was being timid. I lied about the distribution division making a profit. They lost $(893,000) for the nine month period ending Sep-08. The only division that made a profit was the DVD/CD division even with a provision for customer bankruptcy of $9.3 million. Doesn't matter, the entire company had a $(243,030,000) loss for the same operating period. Thus, the $.11 per share at the close of business today. I'm not quite sure but at a glance the organization at the moment is not a going concern. Not even close.

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Wow! Lamont is on the rag!!!

I'm wearing the Fair Doctrine Act sanitary napkin as we sit here.

No recreation without sanitation.

The $(270M) impairment charge pretty well accounts for the loss you cite and makes net profit for that period misleading as it relates to the company's ongoing health. Talk about goodwill hunting.

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The days of pushing your pathetic personal irrelevant opinions on things you know nothing about are just about over.

It always puzzles me when those who disagree with me insist I "know nothing" about the subject being discussed. Why is that, Mr. Sanford? Do you not accept that no one side in an argument has a monopoly on the facts? That there can be well-informed people on both sides?

Incidentally, the distribution arm of Source Interlink has had a rough few months with the Circuit City bankruptcy, CC being one its largest customers.

John Atkinson
Editor, Stereophile

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You guys never learn to stick to the science. It's going to be your downfall..... The days of pushing your pathetic personal irrelevant opinions on things you know nothing about are just about over.

But Lamont, for someone to make a comment like that one has to understand science. Have you had any science classes??

Tom is an honest man. You have no idea if you have not read the magazine since the time it had staples in it. When Tom cam back after his hiatus, he stated clearly his intentions and what he was doing when he came back..and the magazine had the guts to print it. Fair enough - in my book.

What was written? You will have to know which issue and what he wrote. I'll not repeat it here, as it will be from memory and that could be, er, not exactly correct to the spirit of the text, so I'll leave it as a mystery.

If chicken were to fly he would be General in the Air Force and the French would give him the Legion.

I'm not buying it, Mr. Atkinson. I suppose all their magazines do the same as you. Also, I suppose the bankruptcy line item on the income statement is for Circuit City? That would limit SORC problem only to a few magazines, such as Stereophile? I wouldn't know myself, since people like myself wouldn't step foot in a Circuit City Store whose sales crushed your advertisers'. What a pity. What's next, Best Buy? Please continue, this is getting interesting. Sort of like Bruce Springsteen making that profitable deal with Wal-Mart and then, and only then, stating he made a mistake. Yeah, right.

MAGAZINES
Automotive
5.0 Mustang & Super Fords

Automobile
Car Audio and Electronics
Car Craft
Chevy High Performance
Circle Track
Corvette Fever
Custom Classic Trucks
European Car
Eurotuner
GM High-Tech Performance
High Performance Pontiac
Honda Tuning
Hot Rod
Import Tuner

Kit Car
Lowrider Arte
Lowrider
Lowrider Bike
Modified
Modified Luxury & Exotics
Mopar Muscle
Motor Trend
Motor Trend
Muscle Mustangs & Fast Fords
Mustang & Fords
Mustang Monthly

Popular Hot Rodding
Project Car Magazine
Rod and Custom Magazine

Sport Compact Car
Stock Car Racing
Street Rodder
Super Chevy
Super Street
Truck Trend
Turbo & High-Tech Performance
Vette
Truck
4Wheel Drive & Sport Utility
4Wheel & Off-Road
Classic Trucks
Diesel Power
Four Wheeler
JP Magazine
Mini Truckin'
Off-Road
Sport Truck
Truckin'
Motorcycle
ATV Rider
Baggers
Dirt Rider
Hot Bike
Motorcycle Cruiser
Motorcyclist
Sport Rider
Street Chopper
Super Street Bike
Action Sports
Bike
Canoe & Kayak

Powder
Skateboarder
Slam
Snowboarder
Surfer
Surfing

Marine
Power & Motoryacht
Voyaging

Sail

Home Tech
Home Theater
Shutterbug
Stereophile

Equine
Arabian Horse World

EQUUS
Dressage Today
Horse & Rider
Practical Horseman
Soaps
Soap Opera Digest
Soap Opera Weekly

I have been involved in the printing/publishing industry for over 30 years. If this is a list of Source/Interlinks' various publications (I'll assume for now that it is), than the combined total cost of editorial, creative, support, production, and third party maintenance, distribution, and fulfilment must be absolutely staggering. Based on the prevailing economic wind shift, this looks like a list that fairly begs to be consolidated/culled/spun off. Only my opinion - no criticism intended. But looking at that list.. I'm blown away.

They also maintain a website for almost every magazine.

http://www.sourceinterlink.com/divisions/sim/

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I'm not buying it, Mr. Atkinson. I suppose all their magazines do the same as you.

Why would you suppose that? The automotive titles are vulnerable to the woes of Detroit, for example, whereas Stereophile is not. The home theater and recreational vehicle magazines are more vulnerable to the drying up of home-equity credit than we are. On the orther hand, the sports and outdoors magazines are less vulnerable than Stereophile to the depressed market conditions. For you to lump all the magazines together is just too simplistic.

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Also, I suppose the bankruptcy line item on the income statement is for Circuit City?

That's my understanding.

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That would limit SORC problem only to a few magazines, such as Stereophile?

Huh? Stereophile is not in trouble, far from it. Why would you say that it is?

See, for example, Art Dudley's December 2008 "As We See It": www.stereophile.com/asweseeit/1208awsi. Stereophile has a relatively stable circulation (more than all other US and UK audio print magazines combined) and has dominant market share in advertising pages published in all US audio and video magazines. I am not saying these are not difficult time, economically, but Stereophile is out-performing print publications in general.

John Atkinson
Editor, Stereophile