TORONTO, ON--(Marketwired - May 28, 2015) - YANGAROO Inc. (TSX VENTURE: YOO) (OTCBB: YOOIF), the industry's leading secure digital media management and distribution company, today announced its results for the First Quarter ending March 31st 2015. Revenue for the first quarter was $1,242,491 -- 38% higher than the revenue for the same period in 2014. Revenues were down 18% from the previous quarter as the first quarter is an historically and seasonally slower quarter.
Advertising led the way in Q1 with revenues of $557,245, driven by the month of March with record high revenues of $258,824. Greater use of DMDS for music video delivery by the major and independent record labels in the US and Canada plus revenue from the previously announced European partnership, also contributed to the growth.
Total operating expenses for the quarter ended March 31, 2015 were 28% higher than the same period in the previous year, reflecting the investment in resources during 2014 to drive the growth. Adjusted EBITDA improved 7% over the same period of 2014.
"We are very pleased to see the trend of year on year growth continue into 2015," said Gary Moss, President and CEO of YANGAROO Inc. "While expected seasonality reduced revenue from the prior quarter, each month in the first quarter reflected an increase in advertising revenue from the same month in the prior year. Significantly, March 2015 produced record monthly advertising revenue, a trend that continued with record revenue again in April. We continue to add new customers (37 new customers signed year to date) and see increased revenue from existing customers. The establishment of 100% digital coverage of the Canadian market has also had an immediate impact on revenue."
Summary of operating results for the periods ended March 31st:
| |
First Quarter |
|
| $CDN |
2015 |
| 2014 |
|
| Revenue |
1,242,491 |
| 899,612 |
|
| Adjusted EBITDA (loss) |
(375,133 |
) | (402,234 |
) |
| Adjusted normalized EBITDA (loss) |
(374,374 |
) | (282,366 |
) |
| Net loss for the period |
(405,029 |
) | (494,881 |
) |
| Loss per share (basic & diluted) |
(0.008 |
) | (0.012 |
) |
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 industry standard and powers most of North America's major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.