Exhibit 99.1 Q1 2006 Press Release

Contact:

David Joseph

VP, Corporate Communications & Strategy

Audible, Inc.

+1 (973) 837-2824

djoseph@audible.com

AUDIBLE ANNOUNCES FIRST QUARTER 2006 FINANCIAL RESULTS

- Company Reports Record Net Revenue of $19.7 Million -

- Reports GAAP Diluted EPS of ($0.12) and Non-GAAP Diluted EPS of ($0.08) -

WAYNE, N.J., May 9, 2006 — Audible, Inc. (NASDAQ: ADBL; www.audible.com), the leading provider of spoken entertainment and information on the Internet, today announced financial results for the first quarter ended March 31, 2006.

Audible reported record consolidated net revenue for the first quarter 2006 of $19.7 million, up 53% year over year; GAAP loss from operations of $3.7 million and non-GAAP loss from operations of $2.6 million, versus a non-GAAP loss from operations of $3.3 million in Q4-05.

GAAP net loss in Q1-06 was $3.0 million, or $0.12 net loss per diluted share. Non-GAAP net loss was $1.9 million, or $0.08 non-GAAP net loss per diluted share.

The total number of customers acquired during the quarter was 98,700, representing growth of 38% year over year. Total AudibleListener^® members acquired during the quarter was 78,500, representing growth of 46% year over year. At the end of Q1-06, the total number of AudibeListener members was 278,800, representing growth of 50% year over year.

“The first quarter was marked by strong revenue and new membership growth, and lower customer acquisition costs and churn rates,” noted Donald Katz, Chairman and CEO, Audible, Inc. “We are extremely encouraged by the early customer response to our new membership plans in terms of consumption levels, customer retention rates, and much higher levels of customer satisfaction. We continue to feel confidant about a business plan that shows continued growth and improving profitability for the rest of the year.”

Key Financial and Operating Metrics:

Consolidated Net Revenue: Consolidated net revenue totaled $19.7 million in Q1-06, a 53% increase over the $12.9 million reported in Q1-05.

Total Deferred Revenue: Deferred revenue was $8.6 million at the end of Q1-06, a 31% increase over the $6.6 million reported at the end of Q4-05 and a 236% increase over the $2.6 million reported at the end of Q1-05.

Total New Customers: Total new customers, which includes new AudibleListener^® members and other new customers, totaled 98,700 in Q1-06, a 38% increase over 71,500 in Q1-05.

New AudibleListener^® Members:* New AudibleListener^® members totaled 78,500 in Q1-06, a 46% increase over 53,900 in Q1-05.

This is the first quarter that Audible’s financial results include stock-based compensation expenses from the adoption of the new accounting standard, FAS 123(R), which Audible adopted on January 1, 2006. In addition, Audible has begun to disclose non-GAAP financial measures that, in each case, exclude the stock-based compensation expense and any related income tax expenses or benefits.

GAAP Loss from Operations: GAAP loss from operations totaled $3.7 million in Q1-06, as compared to GAAP loss from operations of $3.7 million in Q4-05 and GAAP income from operations of $0.6 million in Q1-05.

Non-GAAP Loss from Operations: Non-GAAP loss from operations totaled $2.6 million in Q1-06, as compared to Non-GAAP loss from operations of $3.3 million in Q4-05 and Non-GAAP income from operations of $0.6 million in Q1-05.

GAAP Net Loss: GAAP net loss totaled $3.0 million, or $0.12 net loss per diluted share in Q1-06.

Non-GAAP Net Loss: Non-GAAP net loss totaled $1.9 million, or $0.08 net loss per diluted share in Q1-06.

Cash, Cash Equivalents and Short-Term Investments: Audible’s cash, cash equivalents and short-term investments totaled $60.4 million at the end of Q1-06.

* See page 9 for detailed disclosure of historical AudibleListener membership metrics

Conference Call

Senior management will host an investor teleconference at 5:00 p.m. EDT today, to discuss first quarter results as well as related financial and operational developments. A live webcast of the conference call is available at www.audible.com/ir for audio streaming access to the call. To participate in the call, the dial-in number is (800) 946-0706 or +1(719) 457-2638.

To sign up for the podcast of the earnings call through Audible Wordcast, please go to the Webcast & Presentation section of Audible’s Investor Relations Web site (www.audible.com/ir).

Non-GAAP Measures

To supplement the company’s consolidated financial statements presented in accordance with GAAP, Audible uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP income (loss) from operations, non-GAAP net (loss) income, and non-GAAP earnings (net loss) per diluted share. Non-GAAP figures exclude the impact of stock-based compensation expenses. Audible’s reference to these measures should be considered in addition to results that are prepared under U.S. GAAP but should not be considered a substitute for results that are presented in accordance with GAAP.

These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and the company’s prospects for the future and provide further information for comparative information due to the adoption of the new accounting standard FAS 123(R). The company believes the non-GAAP measures provide useful information to both management and investors by excluding the non-cash impact of stock-based compensation expenses, which may not be indicative of the company’s core operating results and business outlook.

Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release can be found in the financial table included on page 6.

About Audible, Inc.

Audible (www.audible.com) is the leading provider of spoken entertainment and information on the Internet. Content from Audible is downloaded and played back on personal computers, CDs, or AudibleReady^®computer-based mobile devices. Audible has 100,000 hours of audio programming from 318 content partners, including leading audiobook publishers, broadcasters, entertainers, magazine and newspaper publishers, and business information providers. Audible.com is the Apple iTunes Music Store's preeminent provider of spoken products for downloading or streaming via the Web. Among Audible's other key business relationships are Bookspan, Creative Labs, Dell, iriver, Microsoft, Palm, SanDisk, Texas Instruments, and XM Satellite Radio.

Audible, www.audible.com, www.audible.co.uk, AudibleListener, and AudibleReady are registered trademarks of Audible, Inc. and all are part of the family of Audible, Inc. trademarks. Other product or service names mentioned herein are the trademarks of their respective owners.

This press release contains information about Audible, Inc. that is not historical fact and may be deemed to contain forward-looking statements about the company. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, Audible's limited operating history, history of losses, uncertain market for its services, and its inability to license or produce compelling audio content and other risks and uncertainties detailed in the company's Securities and Exchange Commission filings.

AUDIBLE, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)


	Three month period ending
	March 31,			December 31,			March 31,
	2006			2005			2005
Revenue, net:
Content and services revenue:
Consumer content	$	19,281		$	17,717		$	12,838
Point of sale rebates		(167	)		(211	)		(356	)
Services		33			49			19
Total content and services revenue		19,147			17,555			12,501
Hardware revenue		125			280			104
Related party revenue		373			349			275
Other revenue		69			80			25
Total revenue, net		19,714			18,264			12,905

Operating expenses:
Cost of content and services revenue:
Royalties and other content charges		7,983			7,028			4,153
Discount certificate rebates		298			295			601
Total cost of content and services revenue		8,281			7,323			4,754
Cost of hardware revenue		675			1,493			294
Cost of related party revenue		158			135			30
Operations		3,102			2,771			1,847
Technology and development		3,694			2,428			1,625
Marketing		4,301			5,019			2,260
General and administrative		3,201			2,765			1,536
Total operating expenses		23,412			21,934			12,346

(Loss) income from operations		(3,698	)		(3,670	)		559

Other income (expense):
Interest income		660			654			414
Interest expense		--			--			(1	)
Other income, net		660			654			413

(Loss) income before income taxes		(3,038	)		(3,016	)		971

Income tax expense		(3	)		96			(81	)
State income tax benefit		--			740			--

Net (loss) income	$	(3,041	)		(2,180	)	$	891

Basic net (loss) income per common share	$	(0.12	)		(0.09	)	$	0.04

Basic weighted average common shares outstanding		24,482			24,310			24,008

Diluted net (loss) income per common share	$	(0.12	)		(0.09	)	$	0.03

Diluted weighted average common shares outstanding		24,482			24,310			26,118

AUDIBLE INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)

	Three month period ending
	March 31,			December 31,			March 31,
	2006			2005			2005

Amortization of stock-based compensation included in expense line items:
Operations	$	143		$	72		$	18
Technology and development		131			71			2
Marketing		204			51			3
General and administrative		616			226			14
	$	1,094		$	420		$	37

Reconciliation to Non-GAAP Financial Measures (unaudited)
Net (loss) income from operations	$	(3,698	)	$	(3,370	)	$	559
Add back:
Stock-based compensation		1,094			420			37

Non-GAAP operating (loss) income	$	(2,604	)	$	(3,250	)	$	596

Reconciliation to Non-GAAP Financial Measures (unaudited)
Net (loss) income	$	(3,041	)	$	(2,180	)	$	891
Add back:
Stock-based compensation		1,094			420			37

Non-GAAP net (loss) income	$	(1,947	)	$	(1,760	)	$	928

Non-GAAP net (loss) income per common share:
Basic	$	(0.08	)	$	(0.07	)	$	0.04
Diluted	$	(0.08	)	$	(0.07	)	$	0.04

Weihghted average common shares outstanding
Basic		24,482			24,310			24,008
Diluted		24,482			24,310			26,118

AUDIBLE, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

		March 31,			December 31,
		2006			2005
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	14,061		$	11,549
Short-term investments		46,310			55,616
Interest receivable on short-term investments		393			428
Accounts receivable, net of allowance		2,920			2,337
Accounts receivable, related parties		597			594
Royalty advances		460			471
Prepaid expenses and other current assets		1,982			899
Inventory		275			498

Total current assets		66,998			72,392

Property and equipment, net		10,952			8,159
Other assets		888			114

Total assets	$	78,838		$	80,665

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable	$	2,337		$	4,750
Accrued expenses		4,344			4,802
Accrued royalties		5,111			5,104
Accrued compensation		1,238			868
Deferred revenue		8,413			6,459

Total current liabilities		21,443			21,983

Deferred revenue, noncurrent		221			99
Royalty obligations, noncurrent		190			188

Commitments and contingencies

Stockholders' equity:
Common stock		245			243
Additional paid-in capital		190,484			192,547
Deferred compensation		--			(3,696	)
Accumulated other comprehensive income		10			15
Accumulated deficit		(133,755	)		(130,714	)

Total stockholders' equity		56,984			58,395

Total liabilities and stockholders' equity	$	78,838		$	80,665

AUDIBLE, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

		Three month period ended
		March 31,
		2006			2005
Cash flows from operating activities:
Net (loss) income	$	(3,041	)	$	891
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		1,122			140
Share-based compensation expense		1,094			37
Accretion of discounts on short-term investments		(230	)		(301	)
Income tax benefit from exercise of stock options		--			22
Changes in assets and liabilities:
Interest receivable on short-term investments		35			49
Accounts receivable, net		(582	)		(141	)
Accounts receivable, related parties		(3	)		(62	)
Royalty advances		11			(64	)
Prepaid expenses and other current assets		(1,083	)		241
Inventory		223			20
Other assets		(774	)		(11	)
Accounts payable		(2,412	)		1,107
Accrued expenses		(482	)		198
Accrued royalties		7			1,182
Accrued compensation		393			74
Deferred revenue		2,076			123
Net cash (used in) provided by operating activities		(3,646	)		3,505

Cash flows from investing activities:
Purchases of property and equipment		(3,716	)		(463	)
Capitalized internally developed software costs		(198	)		--
Purchases of short-term investments		(14,964	)		(11,716	)
Proceeds from maturity of short-term investments		24,500			5,000
Net cash provided by (used in) investing activities		5,622			(7,179	)

Cash flows from financing activities:
Proceeds from exercise of common stock options		151			66
Proceeds from exercise of common stock warrants		750			273
Purchase of treasury stock at cost		(360	)		--
Principal payments made on obligations under capital leases		--			(121	)
Net cash provided by financing activities		541			218

Effect of exchange rate changes on cash and cash equivalents		(4	)		1

Increase (decrease) in cash and cash equivalents		2,512			(3,455	)
Cash and cash equivalents at beginning of period		11,549			13,296
Cash and cash equivalents at end of period	$	14,061		$	9,841

AUDIBLE, INC. AND SUBSIDIARY

SUPPLEMENTAL OPERATING DATA

(Numbers in thousands)

(unaudited)

AUDIBLE INC. AND SUBSIDIARY
UNAUDITED SUPPLEMENTAL OPERATING DATA
(Numbers in thousands)

Please Note: As part of Audible's ongoing efforts to improve the company's internal and external reporting, Audible has refined its disclosure policies and more clearly defined certain operating metrics relating to its AudibleListener membership program. Audible's ongoing goal is to achieve excellence in reporting and to ensure that the internal metrics management relies on as a gauge of the company's operational performance are the same as those disclosed to the public. As a result, the company has included the below information aimed at clearly outlining and defining Audible's revised policies and how they are reflected in the metrics publicly disclosed today and historically.

New AudibleListener Membership Reporting:	Q1 2004	Q2 2004	Q3 2004	Q4 2004	Q1 2005	Q2 2005	Q3 2005	Q4 2005	Q1 2006
Total AudibleListener^® Members¹	105	115	132	157	186	205	224	245	279
Year-over-year	--	--	--	--	77%	77%	70%	56%	50%
Quarter-over-quarter	13%	10%	14%	20%	18%	10%	9%	10%	14%
New AudibleListener^® Members²	22	22	29	39	54	52	60	62	79
Year-over-year	--	--	--	--	143%	141%	104%	58%	46%
Quarter-over-quarter	--	-2%	35%	34%	37%	-3%	15%	4%	26%
Average Monthly Churn in AudibleListener^® Members³	3.1%	3.0%	3.0%	2.6%	4.0%	4.7%	5.1%	4.8%	4.6%
Cost per New AL	$43	$64	$62	$64	$52	$58	$58	$95	$52

(1) Total number of AudibleListener^® members at the end of the period.
(2) Total number of new AudibleListener^® members added during the period. Members canceling and rejoining a membership within the same day are counted as one membership.
(3) Churn is defined as member cancellations in the period divided by the sum of members at the beginning of the period plus gross member adds, divided by three months.

Prior AudibleListener Membership Reporting:	Q1 2004	Q2 2004	Q3 2004	Q4 2004	Q1 2005	Q2 2005	Q3 2005	Q4 2005
Total AudibleListener^® Members¹	109	118	134	159	189	206	223	248
Year-over-year	--	--	--	--	74%	74%	66%	56%
Quarter-over-quarter	13%	9%	14%	19%	18%	9%	8%	11%
New AudibleListener^® Members²	23	22	31	41	55	55	62	65
Year-over-year	--	--	--	--	146%	143%	102%	60%
Quarter-over-quarter	--	0%	36%	33%	36%	-1%	13%	5%
Average Monthly Churn in AudibleListener^® Members³	2.8%	3.3%	3.2%	3.0%	4.0%	5.1%	5.6%	4.6%
Cost per New AL	$43	$62	$59	$62	$51	$53	$53	$87

(1) Total number of AudibleListener^® members at the end of the period.
(2) Total number of new AudibleListener^® members added during the period. Members canceling and rejoining a membership within the same day are counted as two distinct memberships.
(3) Churn is defined as member cancellations in the period divided by the sum of members at the beginning of the period plus gross member adds, divided by three months.