Video Advertising Leader Reiterates Second
Quarter Guidance and Continues to Evaluate Strategic
Alternatives
YuMe, Inc. (NYSE: YUME), a proven partner for video
advertising leadership and innovation, today announced that its
Board of Directors has declared a special dividend of $1.00 per
share, and a quarterly dividend of $0.03 per share. Both dividends
are payable on July 7, 2017, to stockholders of record as of the
close of business on July 3, 2017.
“YuMe’s execution and financial performance remain strong. We
believe that announcing a special dividend and a quarterly dividend
exemplifies our commitment to delivering shareholder value along
with continued solid financial performance,” said Paul
Porrini, YuMe's President and Chief Executive Officer.
The Company is reiterating its previous guidance calling
for adjusted EBITDA in the range of $3.5 million to $6.0
million in the current quarter ending June 30, 2017;
it plans to announce its financial results for the second
quarter 2017 on or about August 8, 2017.
YuMe continues to work with Deutsche Bank, its
financial advisor, in evaluating additional value-enhancing
initiatives. This process is active and ongoing. The Company will
provide an update to this process when it determines that further
disclosures are appropriate.
YuMe reported $68.5 million in cash, cash equivalents and
marketable securities and no debt as of March 31, 2017.
Future declarations of quarterly dividends and the establishment
of future record and payment dates are subject to the final
determination of YuMe’s Board of Directors.
About YuMe
YuMe, Inc. (NYSE: YUME) is a leading provider of global
audience technologies, curating relationships between brand
advertisers and consumers of premium video content across a growing
range of connected devices. Combining data-driven technologies with
deep insight into audience behavior, YuMe offers brand advertisers
end-to-end marketing software that establishes greater brand
resonance with engaged consumers. It is the evolution of brand
advertising for an ever-expanding video ecosystem. YuMe is
headquartered in Redwood City, California, with worldwide
offices. For more information, visit YuMe.com/pr,
follow @YuMeVideo and
like YuMe on Facebook.
YuMe is a trademark of YuMe, Inc. All other brands,
products or service names are or may be trademarks or service marks
of their respective owners.
Forward-Looking
Statements
This press release contains forward-looking statements regarding
future events. All statements other than statements of historical
fact are statements that could be forward-looking statements,
including, but not limited to our statements about future prospects
and growth strategy, potential strategic and cost-savings activity,
our operating results, financial goals, market trends, and
quotations from management. These forward-looking statements are
subject to risks and uncertainties, assumptions and other factors
that could cause actual results and the timing of events to differ
materially from what may be expressed or implied in our
forward-looking statements. Factors that could cause or contribute
to such differences include adaptation to new, changing and
competitive technologies and trends in a dynamic market,
competitive trends in a dynamic market, our history of net losses
and limited operating history, our fluctuating quarterly results of
operations, risks associated with margin shifts in the industry,
and our dependence on a limited number of customers in a highly
competitive industry. These and other risk factors are discussed
under “Risk Factors” in YuMe’s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2017 that has been filed with
the U.S. Securities and Exchange Commission (the “SEC”),
and in our future filings and reports with the SEC. The
forward-looking statements in this press release are based on
information available to YuMe as of the date hereof, and YuMe
assumes no obligation to update any forward-looking statements.
Non-GAAP Financial
Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (“GAAP”), we report in this press release and
on our webcast adjusted EBITDA, which is a non-GAAP financial
measure. We calculate adjusted EBITDA as net income (loss),
excluding income taxes, interest expense, depreciation and
amortization, stock-based compensation and non-recurring proxy
contest, asset impairment and restructuring expenses. We believe
that adjusted EBITDA provides useful information to investors in
understanding our operating results in the same manner as
management and the board of directors. This non-GAAP information is
not necessarily comparable to non-GAAP information presented by
other companies. Non-GAAP financial information should not be
viewed as a substitute for, or superior to, financial information
prepared in accordance with GAAP. Users of this non-GAAP financial
information should consider the types of events and transactions
for which adjustments have been made.
We have included adjusted EBITDA in this release and on our
webcast because it is a key measure we use to understand and
evaluate our core operating performance and trends, to prepare and
approve our annual budget and to develop short- and long-term
operational plans. In particular, we believe that adjusted EBITDA
can provide a useful measure for period-to-period comparisons of
our operating results because it excludes some expenses that may
mask underlying trends.
Adjusted EBITDA is a non-GAAP financial measure that we
calculate as net income (loss), adjusted to exclude income taxes,
interest expense, depreciation and amortization, stock-based
compensation and non-recurring proxy contest, asset impairment and
restructuring expenses. We believe that adjusted EBITDA provides
useful information to investors in understanding and evaluating our
operating results in the same manner as management and the board of
directors. This non-GAAP information is not necessarily comparable
to non-GAAP information of other companies. Non-GAAP information
should not be viewed as a substitute for, or superior to, net
income prepared in accordance with GAAP as a measure of our
profitability or liquidity. Users of this financial information
should consider the types of events and transactions for which
adjustments have been made.
In the following table, the non-GAAP financial measures
presented in this press release are reconciled to the most
directly comparable GAAP financial measures.
YuMe, Inc. GAAP TO NON-GAAP RECONCILIATION
OF SECOND QUARTER FISCAL 2017 BUSINESS OUTLOOK (In
thousands)
(Unaudited)
Range for Three Months
EndingJune 30, 2017
Low High Business outlook: GAAP net
income $ 1,000 $ 3,000 Estimated adjustments: Interest expense (2 )
- Income tax (benefit) expense (1 ) 100 Depreciation and
amortization expense 1,305 1,410 Stock-based compensation expense
1,200 1,500 Total estimated adjustments 2,502
3,010 Business outlook: Non-GAAP adjusted EBITDA $ 3,502 $
6,010
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version on businesswire.com: http://www.businesswire.com/news/home/20170622005385/en/
YuMe, Inc.Investor RelationsFrank Barbieri,
650-503-7912ir@yume.com
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