YANGAROO Reports Record First Quarter Results
30 May 2017 - 11:00PM
YANGAROO Inc. (TSX-V:YOO) (OTC:YOOIF), the leading
secure digital media management and distribution company, today
announced its results for the first quarter ended March 31st, 2017.
Revenue for Q1 was $1,740,066, 29% higher than
in the same period in 2016 and 11% higher than Q4 2016, with
positive normalized EBITDA of $120,513. This is the first time that
the company has recorded two consecutive profitable quarters.
Advertising led the way with record quarterly
revenue of $1,024,794, up 59% over the same period in 2016 and 27%
over the previous quarter. The increase in revenue is primarily the
result of significant new clients using YANGAROO for the first time
and continued growth by existing customers.
Entertainment Division’s Q1 revenue was
$715,272, up 2% over 2016. YANGAROO Awards continues to grow,
highlighted by the addition of the Tony Awards.
In the quarter ended March 31, 2017, the
Company’s normalized EBITDA was $120,513 compared to negative
normalized EBITDA of $202,372 for the same period in 2016. The
Company has carefully managed expenses during the quarter while
continuing to drive growth primarily focused on the Advertising
Division.
“The financial results in the first quarter of
2017 have resulted in several new high water marks for YANGAROO,”
said Gary Moss, President and CEO of YANGAROO. “Record consolidated
and advertising revenue generated positive EBITDA for the second
consecutive quarter, the first time this has been accomplished.
This growth has also enabled us to attract a top industry talent,
Grant Schuetrumpf, who assumes the role of President,
Advertising and positions YANGAROO well for the future.”
Total operating expense for the quarter ended
March 31, 2017 was $1,673,650, 5% higher than the previous year,
primarily due to higher headcount of customer and technical support
staff. The income from operations was $66,416, improving from a
loss of $250,553 in Q1 2016. Excluding the impact of non-cash and
non-operating costs, the first quarter of 2017 had positive
normalized cash flow of $120,513.
Summary of operating results for first
quarter ended March 31, 2017:
|
First Quarter |
$CDN |
2017 |
2016 |
Revenue |
1,740,066 |
1,347,149 |
|
EBITDA (loss) |
74,189 |
(307,167 |
) |
Normalized EBITDA (loss) |
120,513 |
(202,372 |
) |
Income (loss) for the period |
32,849 |
(348,104 |
) |
Basic income (loss) per share |
0.001 |
(0.006 |
) |
Diluted income (loss) per share |
0.001 |
(0.006 |
) |
Please note, all currency in this press release
is denoted in Canadian dollars.
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.
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