YANGAROO Reports First Quarter Results; Advertising Revenues up 68% Year over Year and 71% Quarter over Quarter
(via Thenewswire.ca)
TORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company, today announced its results for the First Quarter ending March 31st 2013. Total revenue for the first quarter was $763,103, 40% higher than the revenue for the same period in 2012.
Advertising led the way with Q1 revenues of $249,744, up 68% over the same period in 2012 and up 71% over the previous quarter. Two significant ad related deals were announced in the first quarter. A strategic partnership with New York based USA Studios and a deal to provide digital delivery for Los Angeles based Pacific Media Technologies.
The adjusted EBITDA loss increased 4% over the same period of 2012 and 79% over the prior quarter. Total operating expenses for the quarter ended March 31, 2013 was 26% higher than the same period in the previous year and 15% from the previous quarter. The increase in expenses and the related impact on EBITDA is directly attributable to the non-cash impact of vesting share based compensation issued in 2012.
"Even when normalizing for the lost advertising business in Q4, 2012, due to Hurricane Sandy, the quarterly growth in Advertising Division revenue is approximately 43%, and this despite the first quarter being a traditionally slow period for Advertising and Entertainment," said Gary Moss, President and CEO of YANGAROO Inc. "Core Entertainment Division revenue, excluding Awards Shows, which tends to be more lump sum in nature, also grew. This growth, coupled with the impact of the deals announced during the quarter, sets the foundation for our goals for the balance of the year."
Summary of operating results for the periods ended March 31st:
---------------------------------------------- |$CDN |First Quarter | |--------------------------------------------| | |2013 |2012 | |--------------------------------------------| | Revenue | | | | | 763,103 | 546,822 | |--------------------------------------------| | Adjusted EBITDA (loss) |(321,228)|(309,547)| |--------------------------------------------| | Net loss for the period|(544,772)|(670,609)| |--------------------------------------------| | Loss per share (basic &|(0.003) |(0.005) | |diluted) | | | ----------------------------------------------
The full text of the financial statements and Management Discussion & Analysis is available at www.yangaroo.com and at www.sedar.com.
About YANGAROO:
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the standard and powers most of North America's major awards shows.
YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF. For further information, please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com.
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The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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