YANGAROO Inc. (TSX-V:YOO) (OTC:YOOIF), the leading
secure digital media management and distribution company, today
announced its results for the second quarter ended June 30, 2017.
Revenue for Q2 was $2,026,731, 75% higher than
the same period in 2016 and 16% higher than Q1 2017, with
normalized EBITDA of $301,952. This is the third consecutive
profitable quarter reported by the Company.
Advertising led the way with record quarterly
revenue of $1,224,767, up 107% over the same period in 2016 and 20%
over the previous quarter. The increase in revenue is primarily the
result of significant new clients using YANGAROO for the first time
and continued growth by existing customers.
The Entertainment Division’s Q2 revenue was
$801,964, up 42% over 2016 and up 12% over the previous quarter, as
a result of several Award show renewals signed during the period.
The Awards show renewals signed in the quarter are normal course of
business, but unusual in their timing and are not indicative of
significant annual growth in this area of the business.
In the quarter ended June 30, 2017, the
Company’s normalized EBITDA was $301,952 compared to normalized
EBITDA loss of $326,480 for the same period in 2016. The Company
has continued to manage expenses during the quarter while
continuing to drive growth primarily focused on the Advertising
Division.
“Consecutive quarterly sales records and the
third consecutive EBITDA positive quarter reflect a trend towards
continued sales growth and sustained profitability,” said Gary
Moss, President and CEO of YANGAROO. “With fixed costs in check and
gross margins consistently in excess of 90%, we are starting to see
the organization scale as expected. This bodes well as we work
towards our stated market share goal of 10% of the North American
advertising distribution market.”
Total operating expense for the quarter ended
June 30, 2017 was $1,785,706 (including non-cash items totaling
$110k), 17% higher than the previous year, primarily due to higher
headcount of customer and technical support staff to support the
Advertising growth. The income from operations was $241,025,
improving from a loss of $370,505 in Q2 2016. Excluding the impact
of non-cash and non-operating costs, the second quarter of 2017 had
positive normalized EBITDA of $301,952.
Summary of operating results for the periods
ended June 30th:
$CDN |
Six Months |
Second Quarter |
|
2017 |
2016 |
2017 |
2016 |
Revenue |
3,766,797 |
2,504,767 |
2,026,731 |
1,157,618 |
EBITDA (loss) |
292,354 |
(662,445) |
218,165 |
(355,278) |
Normalized EBITDA (loss) |
422,465 |
(528,852) |
301,952 |
(326,480) |
Gain (loss) for the period |
204,446 |
(746,204) |
171,597 |
(398,100) |
Basic income (loss) per share |
0.003 |
(0.013) |
0.003 |
(0.007) |
Diluted income (loss) per share |
0.003 |
(0.013) |
0.003 |
(0.007) |
|
|
|
|
|
|
|
Please note, all currency in this press release
is denoted in Canadian dollars.
The full text of the financial statements and
Management Discussion & Analysis is available at
www.yangaroo.com and at www.sedar.com.
About YANGAROO:YANGAROO is a
company dedicated to digital media management. YANGAROO’s
patented Digital Media Distribution System (DMDS) is a leading
secure B2B digital cloud based solution focused on the music and
advertising industries. The DMDS solution provides more
accountable, effective, and far less costly digital management of
broadcast quality media via the Internet. It replaces the physical,
satellite and closed network distribution and management of audio
and video content, for music, music videos, and advertising to
television, radio, media, retailers, and other authorized
recipients. The YANGAROO Awards platform is now 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 www.yangaroo.com.
THE TSX VENTURE EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking
Statements
This news release contains certain
forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking statements")
within the meaning of applicable Canadian securities laws. All
statements other than statements of present or historical fact are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "achieve", "could", "believe", "plan", "intend",
"objective", "continuous", "ongoing", "estimate", "outlook",
"expect", "may", "will", "project", "should" or similar words,
including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of YANGAROO, that may cause the actual
results, level of activity, performance or achievements of YANGAROO
to be materially different from those expressed or implied by such
forward looking statements, including but not limited to: the use
of proceeds of the offering, receipt of all necessary approvals of
the offering, general business, economic, competitive, political
and social uncertainties; negotiation uncertainties and other risks
of the technology industry. Although YANGAROO has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
Forward-looking statements are not a guarantee
of future performance and involve a number of risks and
uncertainties, some of which are described herein. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause YANGAROO’s actual
performance and results to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. Any forward-looking statements are made
as of the date hereof and, except as required by law, neither
YANGAROO assumes no obligation to publicly update or revise such
statements to reflect new information, subsequent or otherwise.
For YANGAROO Investor Inquiries:
Gary Moss
Phone: (416) 534-0607
gary.moss@yangaroo.com
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