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Indians pitch 1Q results
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May 14, 1999: 2:06 p.m. ET
One day after putting up 'For Sale' sign, baseball club posts $3.7M loss
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NEW YORK (CNNfn) - One day after announcing the team was up for sale, the Cleveland Indians Baseball Co. reported a first quarter loss Friday.
The Cleveland Indians (CLEV), the team with the best record in Major League Baseball this season, posted a net loss of $3.7 million, or 58 cents per share, compared to a $10.1 million loss in the year-earlier period. The team doesn't have a per-share figure for the 1998 period because it didn't make its initial offering until last June.
Revenue totaled $3.1 million for the quarter ended March 1999, compared with $3 million in the comparable period a year ago.
The company said the improvement in revenue was primarily due to an increase in merchandise sales at the Indians Team Shop in Winter Haven, Fla. The company took control of retail operations at the site where the team conducts spring training from the city of Winter Haven at the beginning of the year.
The company announced Thursday that it had it has hired Goldman Sachs and McDonald Investments to find potential buyers for the team.
"The ballclub is off to a great start," said Richard E. Jacobs, president and chief executive officer, in a statement. "We are in first place in our division with a 24-9 record as of May 13, and we expect the momentum to continue for another great season."
The company was up 1/4 at 16-1/2 in midday trading on Friday.
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