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YANGAROO REPORTS 2016 SECOND QUARTER RESULTS
TORONTO, CANADA August 25, 2016 – YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry’s leading secure digital media distribution company today announced its results for the second quarter and first half ended June 30, 2016. Revenue for the second quarter of 2016 was $1,157,618, a decrease of 8% compared to the second quarter of 2015, while YTD revenues of $2,504,767, have increased 0.4% over the same period in 2015, and when normalized without one-time European music licensing revenue of $124,115 in Q1 2015, the first half growth year over year was 0.6%.
Advertising Division revenue in the second quarter was impacted negatively, primarily as a result of the loss of active brands by some of our customers. Entertainment Division year over year growth was due primarily to an increase in pricing effective Jan 1st, resulting in the higher music video and music audio delivery revenue.
Operating expenses in Q2 were 13% lower than same period in 2015. The expenses have declined year on year as YANGAROO continues to manage the cost base in conjunction with changes in revenue. Net loss for the quarter was $398,100, a reduction of 25% over previous year. EBITDA improved 29% over the same period of 2015. The normalized EBITDA loss for the year to date of $528,852 is 32% lower than the loss for the same period in 2015.
“Revenue declines resulting from brand churn within some of our advertising customers impacted the quarter. While a short term disappointment, we are pleased to announce that our North American broadcast footprint will be complete in September, and this will have a positive impact on revenue. We have commitments from both new and existing customers for additional volume resulting from this change,” said Gary Moss, President and CEO of YANGAROO. “We have also hired 2 additional sales representatives in August, with extensive experience in advertising distribution sales. Continued management of our cost base has mitigated some of the revenue volatility.”
Summary of operating results for the periods ended June 30th:
|$CDN||Six Months||Second Quarter|
|Normalized EBITDA (loss)||(528,852)||(774,819)||(326,480)||(400,445)|
|Net loss for the period||(746,204)||(935,267)||(398,100)||(530,238)|
|Loss per share (basic & diluted)||(0.013)||(0.017)||(0.007)||(0.010)|
|Normalized EBITDA (loss)||(528,852)||(774,819)|
|Net loss for the period||(746,204)||(935,267)|
|Loss per share (basic & diluted)||(0.013)||(0.017)|
|Normalized EBITDA (loss)||(326,480)||(400,445)|
|Net loss for the period||(398,100)||(530,238)|
|Loss per share (basic & diluted)||(0.007)||(0.010)|
Please note, all currency in this press release is denoted in Canadian dollars.
YANGAROO is a company dedicated to digital media management. YANGAROO’s patented Digital Media Distribution System (DMDS) is a secure cloud-based platform that provides users the ability to leverage technology; automating dozens of steps to eliminate errors and streamline content delivery efficiently. Content, such as music, music videos, and advertising can be quickly distributed to a network of over 11,000 television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is 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 http://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.