YANGAROO REPORTS FIRST QUARTER RESULTS

Overall Revenues Up 49% - U.S. Revenues Up 91% - Canadian Revenues Up 28%

TORONTO, June 29, 2011 /CNW/ - YANGAROO Inc. (TSX-V: YOO) (OTCBB: YOOIF), the industry's leading secure digital media distribution company today announced its results for the first quarter ended March 31, 2011. Revenues for the first quarter of 2011 increased 49% compared to the first quarter of 2010. United States revenues increased 91% and Canadian revenues increased by 28%. This growth was mostly due to the adoption of the DMDS 5.0 video delivery service by the Music Industries in both the U.S. and Canada. Operating expenses during this period increased by 76% due mostly to a one-time expense related to the recent settlement of litigation with a competitor. The settlement will greatly reduce legal expenditures in the future.

"We are very pleased that we have been able to accelerate our growth rate and that we have capitalized on the momentum we established in Q4 of last year," said Scott Wambolt, CEO YANGAROO. "Adjusting for the large one-time litigation settlement charge, our revenues grew at a much faster rate than our operating expenses, proving the scalable nature of our business model. While encouraged by our Q1 performance, we are optimistic about our future as our current momentum has been established with minimal contribution from our advertising distribution business or from our recent agreement with Shooting Star Productions in Australia. We will be focusing our resources on developing these and other large opportunities for profitable growth." 

Summary of operating results for the periods ended March 31st:

  First Quarter
$CDN 2011 2010
Revenue           275,799          185,290
Interest income 374 404
EBITDA (1,248,038) (513,305)
Net loss for the period (1,356,571) (693,952)
Loss per share (basic & diluted) (0.01) (0.01)

About YANGAROO:

YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS replaces the physical distribution of audio and video content for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet. The DMDS Awards platform powers many of the world's major music industry awards shows.

Named one of Canada's Top 100 Tech Companies for 2009 by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. 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 Scott Wambolt at 416-534-0607 ext.111 or visit www.yangaroo.com.

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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.

 

SOURCE YANGAROO Inc.

For further information:

Contact for YANGAROO:

Scott Wambolt
416-534-0607 ext.111
Scott.Wambolt@yangaroo.com

Profil de l'entreprise

YANGAROO Inc.

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