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PlanetOut announced today that it has begun searching for potential buyers after reporting losses for seven consecutive financial quarters.

The San Francisco-based company, which trades at LGBT on the Nasdaq stock exchange, is emerging from a tumultuous 2007 that included a top management shuffle, a cash infusion that paid off the company's long-term debt and the sale of its troubled RSVP Vacations unit to competitor Atlantis Events.

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. The stock began 2007 at $4.50 and is now trading at 13 percent of that value.

Assisting PlanetOut in finding a buyer will be Allen & Company, the same consulting firm that helped the gay media company locate $26.2 million in equity financing in 2007, including a substantial investment from an entity controlled by Microsoft founder Bill Gates. Before the cash infusion, the company had warned that additional financing was critical to meeting the company's debt obligations.

In an effort to cut costs, PlanetOut announced in July of last year that it was closing its offices in London and Buenos Aires, chopping off 5 percent of the company's workforce. One week before the stockholder meeting, PlanetOut CFO Daniel Miller's resignation was announced, effective Sept. 30. Bob Cohen, publisher of PlanetOut-owned magazine titles Out and the Advocate was also let go last month.

PlanetOut's digital media brands include Gay.com, PlanetOut.com, Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com, as well as localized versions of the Gay.com site in English, French, German, Italian, Portuguese and Spanish.

PlanetOut print media brands, published by LPI, include The Advocate, Out, The Out Traveler and HIVPlus, as well as SpecPub, Inc. titles. SpecPub, which publishes adult titles like Men and Freshmen magazines, has been slated to be sold.

Transaction services brands include e-commerce Web sites Kleptomaniac.com and BuyGay.com and book publisher Alyson Publications, among others.

Ref :gaynewswatch.com