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- 1st half of FY2018 revenues grow to $3,089,331 – an increase year over year of
73%
DUBLIN, LOS ANGELES, and TORONTO, March 1,
2018 /CNW/ - QYOU Media Inc. (TSXV: QYOU;
OTCQB: QYOUF) ("QYOU Media" or the "Company") 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 December 31, 2017. All figures appear in Canadian
dollars.
Financial Highlights for the Quarter:
- For the three months ending December 31, 2017, revenues increased to
$1,574,393 compared to revenues of
$889,627 for the three months ended
December 31, 2016.
- The adjusted Net Loss increased 73% to $1,486,042 for the period ended December 31, 2017 compared to $857,631 for the same period in 2016 due
primarily to increased operating expenses to support revenue
growth.
- Balance of cash and cash equivalents was $4,300,784 compared to $2,582,966 for the same period in
2016.
QYOU Media's CEO, Curt
Marvis, stated, "QYOU completed 2017 with investment into
building a world class foundation of distribution and content
partnerships that we expect to drive our growth in 2018 and
beyond. Our agreement in Q4 of 2017 with Super Channel to
produce HUD, our flagship esports format that launched on
January 15, 2018, is already building
momentum for our distribution business worldwide. In addition, 2018
has leveraged further localized content development to drive growth
internationally in India and via
our recently announced iflix agreement. Collectively we
continue to expand a growing list of blue chip global distribution
partners thus adding to our efforts to bring compelling content to
millennials and gen-z consumers worldwide."
Detailed information in QYOU Media's financial statements
for the three months ended December 31,
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 the Company's profile on SEDAR at
www.sedar.com.
Restricted Share Unit Grants
The Company also announces that it has issued an aggregate
of 4,125,000 restricted share units of the Company
("RSUs") to its existing directors, officers, employees and
consultants pursuant to the Company's restricted share unit
plan.
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 Media'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 $231,290 (stock based compensation of
$148,276, foreign exchange of
$73,561 and depreciation of
$9,453).
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.
SOURCE QYOU Media Inc.