YANGAROO Reports Third Quarter Results
November 07 2019 - 7:00AM
YANGAROO Inc. (TSX-V: YOO, OTCBB: YOOIF), (“The
Company, or “Yangaroo”) the leading secure digital media management
and distribution company, today announced its results for the third
quarter ended September 30, 2019. The full text of the Financial
Statements and Management Discussion & Analysis is available at
www.yangaroo.com and at www.sedar.com. Please note that all
currency in this press release is denoted in Canadian
dollars.
“Consolidated revenue for the third quarter of
2019 was up 13% on a year-over-year basis and was essentially flat
compared to the second quarter of 2019. Advertising revenue was up
8% over the same period. The growth for Q3’19 reflected our
continued customer acquisition efforts and new client signings in
what is traditionally a slow period in the advertising industry,”
said Gary Moss, President and CEO of Yangaroo. “We continue to
reiterate our 15% exit annual run rate growth for 2019 in
advertising revenue and are happy to announce that we have signed
significant new advertising customers. We expect sales from these
new customers will commence late in the fourth quarter of 2019 and
continue to ramp up into 2020”.
Gary Moss further added, “We continue to invest
in our business with sales-pipeline growth and platform upgrade
initiatives. In 2020 we expect to release our new Clearance
Platform which will help our advertising clients solve workflow
issues and provide us with a key competitive advantage in the
advertising delivery market. In conjunction with these initiatives
the Company expects to further use its strong cash and working
capital positions to help us realize growth in the US, Latin
American, and Canadian markets. Our entertainment business
continues to see steady revenues. New product offerings in music
delivery have generated growth from direct artist distribution to
radio and television offsetting challenging market conditions.
We expect to recommence our share buy-back
program in early-November 2019 and to continue purchasing through
to the end of the year subject to normal trading blackout
restrictions. To date our share buy-back program has resulted in a
total of 325,000 shares acquired and cancelled by the Company at a
weighted average price of $0.13 / share. We intend to continue to
buy-back shares opportunistically given the low share price
range”.
As at November 6, 2019, the Company had a cash
balance of approximately $1.8 million.
Working capital of $1.9M, as at September 30,
2019, was negatively impacted by the adoption of IFRS 16 in 2019,
which resulted in an additional $0.2 million in current liabilities
related to leased office space when compared to the previous year
comparison periods.
Summary of operating results for the periods
ended September 30th:
$ CDN |
Three Months |
Nine Months |
2019 |
2018 |
2019 |
2018 |
Revenues |
1,959,865 |
1,735,291 |
5,580,655 |
5,482,305 |
EBITDA (loss) |
254,240 |
125,979 |
350 |
282,078 |
Normalized EBITDA (loss) |
318,514 |
204,301 |
349,666 |
432,232 |
Net Income (loss) |
156,496 |
84,846 |
(312,155) |
150,989 |
Basic EPS |
0.00 |
0.00 |
(0.01) |
0.00 |
Diluted EPS |
0.00 |
0.00 |
(0.01) |
0.00 |
Working Capital |
1,845,366 |
2,317,519 |
1,845,366 |
2,317,519 |
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.
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