THE VALLEY GETS "UGLY"

Valley Media reported a net loss for the year ended March 31 of $29.5 million, or $3.47 per share, compared to a loss of $4.6 million, or 54 cents per share, last year, according to Billboard Bulletin. Revenues were $803.7 million, down from $914.3 million.

"Fiscal 2001 was just plain ugly," said chairman Barney Cohen. "The reasons are numerous but can be best described as a failure to focus on core activities."

During the year, the distributor added $17 million to its reserves to guard against customer bankruptcies and the possibility that payments won't be collected. Severance and downsizing cost Valley $10.3 million. On Thursday (6/21), the company had a hearing to appeal its possible delisting from Nasdaq. Its shares closed on Thursday at 76 cents.