RealNetworks closing in on new CEO

RealNetworks said that it is closing in on a new CEO and hopes to name its new leader in the current quarter.

Speaking on a conference call with analysts, interim CEO Mike Lunsford said:

We're progressing very rapidly on the CEO search and the board has narrowed down to the final list of very qualified and accomplished candidates. We hope to make an announcement on this selection sometime in the third quarter.

Former CEO Robert Kimball stepped down in March. Separately, RealNetworks reported a second quarter loss of $6.8 million, or 5 cents a share, on revenue of $83.8 million. The results missed Wall Street estimates by a wide margin. Analysts were expecting a loss of 3 cents a share on revenue of $86.2 million. The company also said it would issue a dividend of $1 a share and a 1 for 4 reverse stock split.

RealNetworks has $327.9 million in cash and a market cap of just $472 million. Lunsford said a review of operations determined that RealNetworks could continue to invest even if it spun off cash to shareholders.