YANGAROO Reports Third Quarter Results
28 November 2013 - 1:00AM
Access Wire
TORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC:
YOOIF), the industry's leading secure digital media management
company, announced today its results for the third quarter ending
September 30th, 2013.
The
third quarter growth was 11% higher than the same period in 2012,
with revenues of $836,155. Revenues for the first 9 months of the
year were $2.4 million, up 26% over same period in 2012.
Quarter
over quarter revenue growth was flat, which can be attributed to
seasonality of the business, as July and August are historically
amongst the slowest months of the year. Normalized adjusted EBITDA
for the quarter of $(62,250) was also largely unchanged from the
previous quarter.
Growth
continues in both the Advertising and Entertainment sectors of the
business. The year on year growth, coupled with sequential
quarterly growth, is expected to continue for the remainder of 2013
and into 2014.
Highlights:
-
- Q3
revenue growth: 11% year over year.
- Nine
month revenue growth up 26%.
-
Normalized cash burn flat quarter over quarter.
-
Adjusted EBITDA improved 15% year over year.
-
Advertising revenue up 18% over previous year.
-
Entertainment revenue up 8% over previous year.
- Loss
from operations down 20% over previous year.
- U.S.
revenue from all sources up 23% over previous year.
- Gain
on extinguishment of debt in the quarter of $1.67M.
During
the third quarter, the Company completed the brokered private
placement and share consolidation, of which details were previously
disclosed and included in the quarterly financial disclosure
documents. Early in October, the shares for debt transaction was
completed, as well as the amendment of the debenture terms in 2 of
the 3 classes of debentures.
"Q3 was
a transformative quarter for YANGAROO. The financial restructuring
was completed with all elements of the plan over delivering. We
raised more money than anticipated, with more debt than expected,
converting to equity," said Gary Moss, YANGAROO's President and
CEO, "We now have the financial structure and resources to execute
on our plan for quarterly growth for the balance of this year and
next year. We have already hired very impressive executives in our
Advertising division and will grow this business under Sarah Foss's
leadership and direction. The minimal, normalized cash burn, is
evidence of continued effective cost control."
Summary of operating
results for the periods ended September 30, 2013:
------------------------------------------------------------
|$CDN |Nine Months |Third Quarter |
|----------------------------------------------------------|
| |2013 |2012 |2013 |2012 |
|----------------------------------------------------------|
| Revenue |2,435,009|1,928,934 |836,155 |752,760 |
|----------------------------------------------------------|
| Adjusted EBITDA|(529,198)|(698,774) |(148,898)|(175,521)|
|----------------------------------------------------------|
| Net gain (loss)|451,209 |(1,834,473)|1,294,281|(453,973)|
|for the period | | | | |
|----------------------------------------------------------|
| Gain (loss) per|0.03 |(0.14) |0.08 |(0.03) |
|share (basic & | | | | |
|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 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.
For further information, please contact Gary Moss at 416-534-0607
ext.111 or visit www.yangaroo.com.
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.
###
Contact:
The Howard Group Inc.
Lisa Montanini/Dave Burwell
Toll Free: 1-888-221-0915
(403) 221-0915
lisa@howardgroupinc.com
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