TORONTO, April 25, 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 year and fourth quarter ended December 31, 2016.
Revenue for the fiscal year 2016 was $5,336,831, 3% lower than in fiscal 2015. Revenue for the fourth quarter was $1,569,355, 3% lower than the revenue for the same period in 2015 and 24% higher than the previous quarter with positive EBITDA of $181,394. Annual loss from operations was $717,780, a reduction of 24% over the previous year.
Advertising Division had annual revenue of $2,556,298. Political advertising tends to be committed in advance and negatively impacted the amount of traditional advertising traffic, particularly in the second half of the year. Advertising revenues increased immediately post-election.
Entertainment Division’s annual revenue was $2,780,533 generally flat over 2015. YANGAROO Awards entered into a new multi-year agreement with The Tony Awards and renewed agreements with The Academy of Country Music Awards, The Junos, and others.
“Despite a challenging US election related summer and fall in the Advertising division, I am encouraged by the sales growth in November and December, post-election,” said Gary Moss, President and CEO of YANGAROO. “We signed up 124 new customers during the year, capitalizing on the completion of our television broadcast footprint. Significant new brand wins contributed for the first time during the quarter. I am pleased that the growth from both new and existing customers has continued into 2017.”
Total operating expenses for the year ended December 31, 2016 was $6,054,611, 6% lower than the previous year, primarily as a result of cost management and completion of vesting of majority of stock options. The loss from operations for 2016 was $717,780, down from $945,225 in 2015, a 24% improvement. Excluding the impact of non-cash and non-operating costs, the fourth quarter of 2016 had positive normalized cash flow of $160,093.
Summary of operating results for the years and fourth quarters ended December 31:
| $CDN | Year | 4th Quarter | ||||
| 2016 | 2015 | 2016 | 2015 | |||
| Revenue | 5,336,831 | 5,489,070 | 1,569,355 | 1,610,115 | ||
| EBITDA (loss) | (663,184 | ) | (648,872 | ) | 181,394 | 373,229 |
| Normalized EBITDA (loss) | (547,712 | ) | (707,010 | ) | 160,093 | 234,038 |
| Net gain (loss) for the period | (834,933 | ) | (797,214 | ) | 139,987 | 331,986 |
| Gain (loss) per share (basic & diluted) | (0.014 | ) | (0.014 | ) | 0.002 | 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 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.