NEW YORK, March 30, 2016 /PRNewswire/ -- YOU On Demand
Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or the "Company" or
"YOD"), a leading Video On Demand ("VOD") service provider in
China delivering Hollywood movies and premium content to mobile
and TV screens, announced today its year-end operating results for
the period ended December 31, 2015 (a
full copy of the Company's annual report on Form 10-K is also being
posted at www.sec.gov).
Conference Call: Chairman Bruno
Wu, Vice Chairman Shane
McMahon, CEO Mingcheng Tao
and VP of Finance Grace He will host
a conference call at 4:30 p.m. EDT today.
To join the webcast, please visit the 'Webcasts and Events'
section of the YOD corporate website, http://corporate.yod.com.
Otherwise, the toll-free dial-in is: 877/407-3107; international
callers should dial: 201/493-6796.
YOD Q4 and 2015 Operating Results
Revenue for the 12-month period ended December 31, 2015 was $4,606,000, as compared to $1,963,000 for the same period in 2014, an
increase of 135% year-over-year. Revenue for Q4 2015 was
$1,623,000 compared to $476,000 in Q3 2015, a 241% quarter-over-quarter
increase.
Net loss was $1,963,000 for Q4
2015 compared to $2,371,000 in the
comparable 2014 period. Basic and diluted loss per share for Q4
2015 was $0.08 cents as compared to a
$0.10 cent loss per share in the same
period in 2014. Net loss for the twelve-month period ended
December 31, 2015 was $8,541,000 compared to $13,024,000 in the comparable FY 2014
period. For the twelve-month period ended December 31, 2015, basic and diluted loss per
share was $0.34 cents as compared to
a $1.47 loss per share for the same
twelve-month period in 2014.
As of December 31 2015, the
Company had cash of approximately $3.8 million and
total current assets of approximately $10.1
million. It should be noted that cash as of
December 31, 2015 does not include
the $10.0 million in cash proceeds
received by YOU On Demand in Q1 2016 from Bruno Wu's and Beijing Sun Seven Stars
Culture Development Limited's initial investment in YOD.
Chairman Bruno Wu stated, "We are
pleased to have finished 2015 with solid revenue performance,
marking the successful completion of a year of both growth and
transition. My team has begun steering YOU On Demand in a
direction where we can leverage and optimize our current operations
as a premium content Video On Demand service provider in
China and evolve the brand into a
global, mobile-driven, consumer management platform. By
striving to establish the world's premier multimedia, social
networking and e-commerce-enabled network, YOU On Demand, through
this expanded, cloud-based, ecosystem of connected screens combined
with strong partnerships with leading global providers, will be
capable of delivering a vast array of YOD-branded products and
services to both businesses and end-use consumers - anytime and
anywhere, across multiple platforms and devices."
"And to YOU On Demand's current and patient investors, a
priority for me this year is to communicate more consistently with
all of you," continued Mr. Wu. "We have a vision and shared
expectations for this Company and I count all of you as my partners
in attaining those goals. I personally intend to make certain
this Company, its brand and publicly-traded security, finally
attain the attention they deserve, along with a fair and strong
valuation."
About YOU On Demand Holdings, Inc.
(http://corporate.yod.com)
YOU On Demand (NASDAQ: YOD), is a leading multi-platform
entertainment service company delivering premium content, including
leading Hollywood movie titles, to
customers across China via
Subscription Video On Demand and Transactional Video On Demand. The
Company has secured alliances with leading global media operators
and content developers. YOU On Demand has content
distribution agreements in place with many of Hollywood's top
studios including Disney Media Distribution, Paramount Pictures,
NBC Universal and Twentieth Century Fox Television Distribution,
Miramax, as well as a broad selection of the best content from
Chinese filmmakers. The Company has a comprehensive end-to-end
secure delivery system, governmental partnerships and approvals and
offers additional value-added services. YOU On Demand has strategic
partnerships with the largest media entities in China, a highly experienced management team
with international background and expertise in Cable, Television,
Film, Digital Media, Internet and Telecom. YOU On Demand is
headquartered in both New York, NY
and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects," "intends," "will" or similar expressions, involve
known and unknown risks and uncertainties. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason
Finkelstein
YOU On Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand
Financial Tables Follow
|
YOU On Demand
Holdings, Inc., Its Subsidiaries and Variable Interest
Entity
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
4,606,380
|
|
$
|
1,962,622
|
|
Cost of
revenue
|
|
3,673,895
|
|
|
2,756,363
|
|
Gross
profit/(loss)
|
|
932,485
|
|
|
(793,741)
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
8,237,056
|
|
|
7,459,192
|
|
Professional
fees
|
|
715,723
|
|
|
653,646
|
|
Depreciation and
amortization
|
|
390,373
|
|
|
536,689
|
|
Total operating
expense
|
|
9,343,152
|
|
|
8,649,527
|
|
Loss from
operations
|
|
(8,410,667)
|
|
|
(9,443,268)
|
|
Interest and other
income/(expense)
|
|
|
|
|
|
|
Interest expense,
net
|
|
(119,913)
|
|
|
(2,374,368)
|
|
Change in fair value
of warrant liabilities
|
|
189,833
|
|
|
(621,239)
|
|
Change in fair value
of contingent consideration
|
|
-
|
|
|
(160,766)
|
|
Equity share of loss
on equity method investments
|
|
(156,135)
|
|
|
(20,717)
|
|
Impairment of equity
method investments
|
|
(214,998)
|
|
|
-
|
|
Loss from disposal of
consolidated entities
|
|
-
|
|
|
(622,939)
|
|
Others
|
|
136,511
|
|
|
(85,516)
|
|
Loss before income
taxes and non-controlling interest
|
|
(8,575,369)
|
|
|
(13,328,813)
|
|
Income tax
benefit
|
|
34,448
|
|
|
304,670
|
|
Net
loss
|
|
(8,540,921)
|
|
|
(13,024,143)
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
|
439,648
|
|
|
615,683
|
|
|
|
|
|
|
|
|
Net loss attributable
to YOU On Demand shareholders
|
|
(8,101,273)
|
|
|
(12,408,460)
|
|
Dividends on
preferred stock
|
|
-
|
|
|
(16,402,161)
|
|
|
|
|
|
|
|
|
Net loss
attributable to YOU on Demand common shareholders
|
$
|
(8,101,273)
|
|
$
|
(28,810,621)
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
$
|
(0.34)
|
|
$
|
(1.47)
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic and
diluted
|
|
23,948,487
|
|
|
19,600,510
|
|
|
|
|
|
|
|
|
YOU On Demand Holdings, Inc., Its Subsidiaries and
Variable Interest Entity
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
$
|
3,768,897
|
|
$
|
10,812,371
|
|
Restricted
cash
|
|
2,994,364
|
|
|
-
|
|
Accounts receivable,
net
|
|
1,689,415
|
|
|
1,091,076
|
|
Licensed content,
current
|
|
556,591
|
|
|
1,041,609
|
|
Prepaid
expenses
|
|
362,421
|
|
|
196,474
|
|
Deferred issuance
cost
|
|
551,218
|
|
|
-
|
|
Other current
assets
|
|
157,594
|
|
|
22,442
|
|
Total current
assets
|
|
10,080,500
|
|
|
13,163,972
|
|
Property and
equipment, net
|
|
154,434
|
|
|
320,671
|
|
Licensed content,
non-current
|
|
21,085
|
|
|
35,648
|
|
Intangible assets,
net
|
|
2,412,591
|
|
|
2,320,103
|
|
Goodwill
|
|
6,648,911
|
|
|
6,648,911
|
|
Equity method
investments
|
|
450,115
|
|
|
850,054
|
|
Other non-current
assets
|
|
58,089
|
|
|
365,006
|
|
Total
assets
|
$
|
19,825,725
|
|
$
|
23,704,365
|
|
|
|
|
|
|
|
|
LIABILITIES,
CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
45,788
|
|
$
|
110,814
|
|
Deferred
revenue
|
|
15,080
|
|
|
13,431
|
|
Accrued
expenses
|
|
1,196,066
|
|
|
797,340
|
|
Accrued license
fees
|
|
933,532
|
|
|
348,007
|
|
Convertible
promissory note
|
|
3,000,000
|
|
|
3,000,000
|
|
Warrant
liabilities
|
|
395,217
|
|
|
585,050
|
|
Deposit
payable
|
|
2,994,364
|
|
|
-
|
|
Accrued
salaries
|
|
1,058,124
|
|
|
970,821
|
|
Other current
liabilities
|
|
312,170
|
|
|
278,622
|
|
Total current
liabilities
|
|
9,950,341
|
|
|
6,104,085
|
|
Deferred tax
liability
|
|
330,124
|
|
|
364,572
|
|
Total
liabilities
|
|
10,280,465
|
|
|
6,468,657
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
redeemable preferred stock, $.001 par value; 50,000,000 shares
authorized
|
|
|
|
|
|
|
Series A - 7,000,000
shares issued and outstanding, liquidation preference of $3,500,000
at December 31, 2015 and 2014, respectively
|
|
1,261,995
|
|
|
1,261,995
|
|
Equity:
|
|
|
|
|
|
|
Series E Preferred
Stock - $0.001 par value; 16,500,000 shares authorized, 7,254,997
and 7,365,283 shares issued and outstanding, liquidation preference
of $12,696,245 and $12,889,250 at September 30, 2015 and December
31, 2014, respectively
|
|
7,255
|
|
|
7,365
|
|
Common stock, $0.001
par value; 1,500,000,000 shares authorized, 24,249,109 and
23,793,702 shares issued and outstanding at December 31, 2015 and
December 31, 2014, respectively
|
|
24,249
|
|
|
23,794
|
|
Additional paid-in
capital
|
|
97,512,542
|
|
|
96,347,272
|
|
Accumulated
deficit
|
|
(86,457,840)
|
|
|
(78,356,567)
|
|
Accumulated other
comprehensive loss
|
|
(414,910)
|
|
|
(66,032)
|
|
Total YOU On
Demand shareholder's equity
|
|
10,671,296
|
|
|
17,955,832
|
|
Non-controlling
interest
|
|
(2,388,031)
|
|
|
(1,982,119)
|
|
Total
equity
|
|
8,283,265
|
|
|
15,973,713
|
|
Total liabilities,
convertible redeemable preferred stock and equity
|
$
|
19,825,725
|
|
$
|
23,704,365
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/you-on-demand-reports-q4-and-full-year-2015-results-300243286.html
SOURCE YOU On Demand Holdings, Inc.