RE:RE:Another Very Strong Quarter...$0.015 /Share EPS
ZoomerMedia earns $3-million in nine months
2020-07-24 17:44 ET - News Release
Mr. Terence Chan reports
ZOOMERMEDIA LIMITED ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
ZoomerMedia Ltd. has released its financial results for the third quarter ended May 31, 2020.
Consolidated results
For the nine months ended May 31, 2020 the Company generated revenues of $40.1 million, operating expenses of $31.5 million and Adjusted EBITDA of $8.6 million from its continuing operations. Net income for the same period was $3.0 million.
For the comparative nine months ended May 31, 2019 the Company had revenues of $39.1 million, operating expenses of $35.6 million and Adjusted EBITDA of $3.4 million from its continuing operations. Net income for the nine months was $1.4 million.
On May 18, 2020 the Company announced that it had entered into an agreement with Irish Studios LLC for the sale of substantially all of the net assets comprising the operations of Darwin CX, the Company's Software-as-a-Service ("SaaS") division. The transaction is expected to close on or around August 17, 2020. As Darwin CX has been classified as held-for-sale tor the period ended May 31, 2020, its financial results have been presented separately from the result of the Company's continuing operations in the consolidated financial statements. For comparative purpose, the financial results for the prior year has been restated. Darwin CX's net loss for the nine months ended May 31, 2020 and 2019 were $0.3 million and $0.9 million respectively.
Additional Information
Detailed financial information and Management's Discussion and Analysis for the nine months ended May 31, 2020 can be found on SEDAR's website. The financial information included in this release is qualified in its entirety and should be read together with the interim consolidated financial statements for the six months ended May 31, 2020, including the no