Yangaroo Reports Annual and Fourth Quarter Results
April 10 2014 - 9:00AM
Marketwired
Yangaroo Reports Annual and Fourth Quarter Results
Annual Revenues up 30%, Q4 Revenues up 39%, Fourth Quarter Cash
Flow Positive
TORONTO, ONTARIO--(Marketwired - Apr 10, 2014) - YANGAROO Inc.
(TSX-VENTURE:YOO)(OTCBB:YOOIF), the leading secure digital media
management and distribution company, today announced its results
for the year and fourth quarter ended December 31, 2013.
Revenue for the fiscal year 2013 was $3,494,490, 30% higher than
in fiscal 2012. Revenue for the fourth quarter was $1,059,481, 39%
higher than the revenue for the same period in 2012 and 27% higher
than the previous quarter. The fourth quarter of 2013 was the first
operating cash flow positive quarter in the company's history. The
increase in revenue is primarily a result of greater use of
YANGAROO Advertising by new and existing customers, to deliver SD
and HD ads to television broadcasters. Growth also continued for
music video delivery by the major and independent record labels in
the US and Canada, driven by the addition of P-Diddy's Revolt
Network, There was also significant growth from YANGAROO Awards,
with new revenue from The Emmys and the Latin GRAMMYS. YANGAROO is
also benefiting from having increasing revenues in $US, while the
cost base remains primarily in $Canadian.
"The fourth Quarter was a major milestone for YANGAROO," stated
Gary Moss, President and CEO. "Not only was revenue in excess of
$1M, but cash flow from normal operations for the quarter was
positive for the first time, as well. Growth continues in all areas
of the business, but we are starting to see results from the scale
that we have built in the Advertising division. We expect to see
this growth continue, year on year, with the full benefit of recent
signings impacting in the second half of 2014. We have also
continued to invest in the sales and support infrastructure in the
first quarter, to ensure that we maintain our industry leading
service levels during this period of growth."
Total operating expenses for the year ended December 31, 2013
was $560,547 higher than the previous year, primarily relating to
the financing, restructuring and issuance of stock options. The
loss from operations for 2013 was $724,986, down from $968,715 in
2012 while revenue for the same period increased by $804,276. Total
operating expenses for the fourth quarter of 2013 were 25% higher
than the same period in fiscal 2012, primarily due to stock options
costs. The loss from operations was down 32% ($62,310) and revenue
was up 39% ($298,201) for the fourth quarter of 2013 compared to
the same period in 2012. Excluding the impact of non-cash and
non-operating costs, the fourth quarter of 2013 was the first
quarter with positive cash flow of $29,221.
Summary of operating results for the years and fourth quarters
ended December 31:
$CDN |
Year |
|
4th Quarter |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Revenue |
3,494,490 |
|
2,690,214 |
|
1,059,481 |
|
761,280 |
|
Adjusted EBITDA (loss) |
(649,084 |
) |
(877,829 |
) |
(119,886 |
) |
(179,055 |
) |
Net loss for the period |
(1,630,434 |
) |
(2,235,052 |
) |
(2,081,643 |
) |
(400,579 |
) |
Loss per share (basic & diluted) |
(0.074 |
) |
(0.161 |
) |
(0.053 |
) |
(0.025 |
) |
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, founded in 1999, is a company dedicated to digital
media management. YANGAROO's patented Digital Media Distribution
System (DMDS) is a secure cloud-based platform that provides users
the ability to leverage technology; automating dozens of steps to
eliminate errors and streamline content delivery efficiently.
Content, such as music, music videos, and advertising can be
quickly distributed to a network of over 11,000 television, radio,
media, retailers, and other authorized recipients. The YANGAROO
Awards platform is 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.
The statements contained in this release that are not purely
historical are forward-looking statements and are subject to risks
and uncertainties that could cause such statements to differ
materially from actual future events or results. Such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For Industry Inquiries:Celia Vine, LLCDeanna Kennedy1 (413)
219-7588deannakennedy@celiavine.comFor Investor Inquiries:The
Howard Group Inc.Dave Burwell1 (403)
221-0915dave@howardgroupinc.com
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