YANGAROO Reports Second Quarter Results
Advertising Leads the Way With 141% Revenue Growth Over Same Period in 2014
TORONTO, ON--(Marketwired - August 24, 2015) - YANGAROO Inc. (TSX VENTURE: YOO) (YOOIF), the industry's leading secure digital media distribution company, today announced its results for the second quarter ended June 30, 2015. Revenues for the second quarter of 2015 increased by 47% compared to the second quarter of 2014, while YTD revenues of $2,494,422, have increased 42% over the same period in 2014.
Q2 advertising revenue grew 26% over the prior quarter and 141% year on year. The majority of the growth came from clients signed in late 2014 and increased usage by existing clients.
Consolidated sales in the 2nd quarter were flat over the prior quarter. Excluding the seasonality of the awards show business and non-recurring revenue in the music audio and video divisions in the first quarter, the core business reflected increased quarterly revenue. Adjusted normalized EBITDA, excluding the effect of exchange rate variances was also flat over the prior quarter. The Entertainment Division remains strong, stable, and continues to grow in North America with future International growth expected.
"We are pleased with the continued growth, year on year, with all divisions delivering revenue in line with expectations," said Gary Moss, President and CEO of YANGAROO Inc. "The Company has signed 54 new advertising clients, year to date, with several significant new customers ready to begin distributing through YANGAROO in the current quarter. We expect to see continued quarterly revenue growth over the balance of this year and into 2016. Expenses are stable and increased sales will generate positive cash flow in the second half of this year."
Summary of operating results for the periods ended June 30th:
$CDN | Six Months | Second Quarter | ||
2015 | 2014 | 2015 | 2014 | |
Revenue | 2,494,422 | 1,752,307 | 1,251,931 | 852,695 |
Adjusted EBITDA (loss) | (875,092) | (1,025,096) | (499,959) | (622,862) |
Adjusted normalized EBITDA (loss) | (774,819) | (754,961) | (400,445) | (472,595) |
Net loss for the period | (935,267) | (1,298,200) | (530,238) | (803,319) |
Loss per share (basic & diluted) | (0.017) | (0.031) | (0.010) | (0.018) |
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.
