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- Quarterly revenues increase 69% year over year on record
quarterly revenue surpassing $1.5M
DUBLIN, Ireland, LOS ANGELES and TORONTO, Nov. 29,
2017 /CNW/ - QYOU Media Inc. (TSXV: QYOU) ("QYOU
Media") a global media company that curates and packages
premium 'best-of-the-web' video for multiscreen distribution has
reported financial results for the quarter ended September 30, 2017. All figures appear in
Canadian dollars.
Financial Highlights for the Quarter
- For the quarter ending September 30,
2017, revenues were $1,514,938, compared to revenues of $897,057 for the three months ended September 30, 2016.
- The adjusted Net Loss increased 23% to $923,210 for the period ended September 30, 2017 compared to $751,232 for the same period in 2016 due
primarily to increased operating expenses to support revenue
growth.
- Balance of cash and cash equivalents was $1,982,841 compared to $1,256,050 for the same period in 2016 and
represented a reduction of $600,125
from the previous quarter in 2017.
QYOU Media's CEO Curt Marvis
stated, "QYOU continues to build momentum via our strong global
partnerships with companies like TATA Sky, Ericsson and Sinclair
Broadcast Group. We anticipate a strong finish to 2017 and expect
to enter 2018 with great momentum including the launch of HUD, our
flagship esports format in January. Our recent launches of
localized content in India and
Poland has solidified our
leadership position in these markets. In addition, our recently
completed $5.75 million financing via
Clarus Securities has strengthened our balance sheet and provides
us growth capital."
Detailed information in QYOU Media's financial statements for
the three months ended September 30,
2017 and 2016, the notes to the financial statements and
QYOU Media's interim management discussion and analysis and
quarterly highlights have been posted to the Company's website and
have been filed under QYOU Media Inc.'s profile on SEDAR at
www.sedar.com.
About QYOU Media Inc.
QYOU Media Inc. is a fast-growing global media company that
curates and packages premium 'best-of-the-web' video for
multiscreen distribution. Founded and created by industry veterans
from Lionsgate, MTV, and CinemaNow, QYOU's millennial-focused
products including linear television networks, genre-based series,
mobile apps, and video-on-demand formats reach millions of
customers on six continents. Distribution partners include Sinclair
Broadcast Group, Vodafone, 21st Century Fox, Liberty Global,
Telenor and TATA Sky. More information on QYOU Media can be found
at www.theqyou.com.
Non-GAAP Financial Measures
This press release makes reference to certain non-GAAP financial
measures. These measures are not recognized measures under IFRS, do
not have a standardized meaning prescribed by IFRS and may not be
comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement IFRS financial measures by providing further
understanding of QYOU Media's results of operations from
management's perspective. QYOU Media's definitions of non-GAAP
measures used in this press release may not be the same as the
definitions for such measures used by other companies in their
reporting. Non-GAAP measures have limitations as analytical tools
and should not be considered in isolation nor as a substitute for
analysis of QYOU Media's financial information reported under IFRS.
QYOU Media uses non-GAAP financial measures, including "adjusted
net loss", to provide investors with supplemental measures of its
operating performance and to eliminate items that have less bearing
on operating performance or operating conditions, and thus
highlight trends in its core business that may not otherwise be
apparent when relying solely on IFRS financial measures. QYOU Media
defines "adjusted net loss" as the company net loss, less non-cash
related expenses of $412,843 (stock
based compensation of $142,149,
foreign exchange of $264,217 and
depreciation of $6,477).
QYOU Media believes that securities analysts, investors and
other interested parties frequently use non-GAAP financial measures
in the evaluation of issuers. QYOU Media's management also uses
non-GAAP financial measures in order to facilitate operating
performance comparisons from period to period.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of applicable securities laws, including
statements regarding QYOU Media's financial outlook, partnerships
and new product launches, future financial performance and any
growth or expansion of operations. Words such as "expects",
"anticipates" and "intends" or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based on QYOU Media's current projections and
expectations about future events and financial trends that
management believes might affect its financial condition, results
of operations, business strategy and financial needs, and on
certain assumptions and analysis made by QYOU Media in light of the
experience and perception of historical trends, current conditions
and expected future developments and other factors management
believes are appropriate. These projections, expectations,
assumptions and analyses are subject to known and unknown risks,
uncertainties, assumptions and other factors that could cause
actual results, performance, events and achievements to differ
materially from those anticipated in these forward-looking
statements. Although QYOU Media believes that the assumptions
underlying these forward-looking statements are reasonable, they
may prove to be incorrect, and readers cannot be assured that
actual results will be consistent with these forward-looking
statements. Actual results could differ materially from those
projected in the forward-looking statements as a result of numerous
factors, including certain risk factors, many of which are beyond
QYOU Media's control. Additional risks and uncertainties regarding
QYOU Media are described in its publicly-available disclosure
documents, filed by QYOU Media on SEDAR (www.sedar.com) except as
updated herein. The forward-looking statements contained in this
news release represent QYOU Media's expectations as of the date of
this news release, or as of the date they are otherwise stated to
be made, and subsequent events may cause these expectations to
change. QYOU Media undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE QYOU Media Inc.