TORONTO, April 24, 2018 (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, 2017.
Revenue for the fiscal year 2017 was $7,655,166, 43% higher than in fiscal 2016 with normalized EBITDA of $952,271, an increase of $1.5M over the previous year. Revenue for the fourth quarter was $1,909,974, 22% higher than the revenue for the same period in 2016 with normalized EBITDA of $150,879, 6% less than in the fourth quarter of 2016.
The Advertising Division had an annual revenue of $4,712,325, marking an 84% increase over 2016. Fourth quarter’s revenue was $1,179,637, an increase of 46% over the same period in 2016.
The Entertainment Division’s annual revenue was $2,942,841, an increase of 6% over 2016. The fourth quarter’s revenue was $730,337, a decrease of 4% over the same period in 2016, primarily due to the timing of booking awards show revenue.
“I am very proud to announce the first full year of profitability for the Company,” said Gary Moss, President and CEO of YANGAROO. “Improving the bottom line performance of the Company by $1.5M year on year is proof of the scalable business model that we have built. While pleased with the growth to date, we continue to strive towards our goal of 10% advertising market share. We have worked hard to position YANGAROO as a viable player in the advertising space and, as a result, our pipeline of prospects has never looked better.”
Total operating expenses for the year ended December 31, 2017 was $7,351,905, 21% higher than the previous year, primarily as a result of a one-time restructuring cost, accrual for incentive bonuses which are linked to overall profitability, increased commission due to increased sales and increased accruals for bad debts recognized in the year. The income from operations for 2017 was $303,261, an improvement of $1,021,041, from a loss of $(717,780) in 2016. The income from operations for the fourth quarter of 2017 was $103,154, decreasing 19% over the same period in 2016, primarily as a result of the bonus and bad debts accruals mentioned above. Excluding the impact of non-cash, non-operating and one-time restructuring costs, fiscal year 2017 had a normalized cash flow of $952,271, an improvement of $1,499,983 over 2016 and the fourth quarter of 2017 had normalized cash flow of $150,879, a decrease of 6%.
Summary of operating results for the years and fourth quarters ended December 31:
| $CDN | Year | 4th Quarter | ||
| 2017 | 2016 | 2017 | 2016 | |
| Revenue | 7,655,166 | 5,336,831 | 1,909,974 | 1,569,355 |
| EBITDA (loss) | 265,785 | (663,184) | 137,508 | 181,394 |
| Normalized EBITDA (loss) | 952,271 | (547,712) | 150,879 | 160,093 |
| Net income (loss) for the period | 77,228 | (834,933) | 88,493 | 139,987 |
| Income (loss) per share (basic & diluted) | 0.001 | (0.014) | 0.001 | 0.002 |
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.