Shares of Boca Raton, FL-based Audio Book Club Inc. surged last week as the world’s largest seller of books on tape said it increased its membership to 340,000 through Internet advertising.
The company’s shares rose $3.37, or 54%, to $9.625.
The company had issued a press release that said it’s signing up more than 4,500 members a month through its Web site, which receives 11 million visits a month, compared with 300 new members and 1 million visits in January.
Audio Book Club has agreements for advertising on Web sites with companies such as America Online Inc., Excite Inc., Netscape Communications Corp., and Yahoo Inc., according to Bloomberg News.
The company also said it signed three more advertising agreements with other sites to continue expanding its membership.
Audio Book Club had 1997 sales of $10.1 million. It conducted an initial public offering at $10 a share in October.
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