TORONTO, May 30, 2017 (GLOBE NEWSWIRE) -- YANGAROO Inc. (TSX-V:YOO) (OTC:YOOIF), the leading secure digital media management and distribution company, today announced its results for the first quarter ended March 31st, 2017.
Revenue for Q1 was $1,740,066, 29% higher than in the same period in 2016 and 11% higher than Q4 2016, with positive normalized EBITDA of $120,513. This is the first time that the company has recorded two consecutive profitable quarters.
Advertising led the way with record quarterly revenue of $1,024,794, up 59% over the same period in 2016 and 27% 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.
Entertainment Division’s Q1 revenue was $715,272, up 2% over 2016. YANGAROO Awards continues to grow, highlighted by the addition of the Tony Awards.
In the quarter ended March 31, 2017, the Company’s normalized EBITDA was $120,513 compared to negative normalized EBITDA of $202,372 for the same period in 2016. The Company has carefully managed expenses during the quarter while continuing to drive growth primarily focused on the Advertising Division.
“The financial results in the first quarter of 2017 have resulted in several new high water marks for YANGAROO,” said Gary Moss, President and CEO of YANGAROO. “Record consolidated and advertising revenue generated positive EBITDA for the second consecutive quarter, the first time this has been accomplished. This growth has also enabled us to attract a top industry talent, Grant Schuetrumpf, who assumes the role of President, Advertising and positions YANGAROO well for the future.”
Total operating expense for the quarter ended March 31, 2017 was $1,673,650, 5% higher than the previous year, primarily due to higher headcount of customer and technical support staff. The income from operations was $66,416, improving from a loss of $250,553 in Q1 2016. Excluding the impact of non-cash and non-operating costs, the first quarter of 2017 had positive normalized cash flow of $120,513.
Summary of operating results for first quarter ended March 31, 2017:
| First Quarter | |||
| $CDN | 2017 | 2016 | |
| Revenue | 1,740,066 | 1,347,149 | |
| EBITDA (loss) | 74,189 | (307,167 | ) |
| Normalized EBITDA (loss) | 120,513 | (202,372 | ) |
| Income (loss) for the period | 32,849 | (348,104 | ) |
| Basic income (loss) per share | 0.001 | (0.006 | ) |
| Diluted income (loss) per share | 0.001 | (0.006 | ) |
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 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.