Despite quarterly revenue decline, BlueRush increases sales by 15% fiscal
year to date
TORONTO, June 26 /CNW/ - BlueRush Media Group Corp. (TSX-V: BTV),
announced today that it has filed the company's consolidated financial results
for the third quarter ended April 30, 2009. Through its wholly owned
subsidiary, BlueRush Digital Media Corp.("BlueRush"), the company provides
leading edge digital marketing solutions and rich media production for
distribution across a variety of emerging medias.
Highlights for the third quarter include:
- BlueRush lost $75,527 on $580,644 in revenue during the quarter. The
34% revenue decrease over the same period last year, was a result of
BlueRush clients reducing their marketing spend due to the
uncertainty of the current economic climate.
- Despite the quarterly decline, BlueRush generated a 15% increase in
sales in the nine months of fiscal 2009.
- BlueRush continued to work with many of Canada's largest financial
institutions and initiated work with clients in a new industry
vertical: Health & Pharmaceutical Sector.
- BlueRush maintained a strong Balance Sheet with over $1 million in
Working Capital and no external debt
Larry Lubin, BlueRush President and CEO stated, "The economic turmoil
which has plagued many of our financial clients, has ultimately resulted in a
slower quarter for our business. While we would have much preferred a quarter
of profitability and revenue growth, management continues its long-term focus
rather than a 3-month viewpoint. BlueRush continues to receive favorable
feedback for our digital marketing solutions: exemplified by recurring
business from previous clients and through receipt of awards from interactive
organizations. While our financial results this quarter were not as strong,
the company continued its R&D initiatives and sales efforts into new vertical
markets. We anticipate that these developments will further broaden our
solution offerings and ultimately realize new streams of revenue in the
Interested investors are encouraged to view the complete consolidated
financial statements as well as all other filings which are available at
www.sedar.com. Additionally, more information on the company is available at
About BlueRush Media Group Corp.
BlueRush Media Group Corp., through its wholly owned subsidiary, BlueRush
Digital Media ("BlueRush"), is a digital marketing company which combines
leading edge technology with award winning creative television production.
BlueRush creates innovative rich media solutions for distribution across all
new emerging medias: Internet, Web TV, iPods, Mobile Phones, Digital Signs and
Instore Kiosks. With expertise in programming, production, and marketing,
BlueRush provides its clients with digital video solutions which extend some
of the most recognizable brands into this emerging digital and Internet age.
BlueRush Media Group Corp. is a publicly listed company on the TSX Venture
Exchange trading under the symbol "BTV". For more information please visit
Certain statements in this press release are forward-looking statements.
The reader is cautioned that assumptions used in the preparation of such
information, although considered reasonable by BlueRush Media Group Corp. at
the time of preparation, may prove to be incorrect.
Actual results achieved during the forecast period will vary from the
information provided herein as a result of numerous known and unknown risks
and uncertainties and other factors, many of which are beyond the control of
BlueRush Media Group Corp. There is no representation by BlueRush Media Group
Corp. that actual results achieved during the forecast period will be the same
in whole or in part as those forecasts. All dollar amounts in this press
release are Canadian dollars unless otherwise identified.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Laurence Lubin, President & CEO,
firstname.lastname@example.org; Daniel Ezer, CFO, email@example.com