OutdoorPartner Media announces first quarter financial results



    TORONTO, May 27 /CNW/ - OutdoorPartner Media Corporation (TSX-V: OPX -
News) ("OutdoorPartner" or the "Company"), a leading alternative out-of-home
media provider, today announced financial results for its first quarter ended
March 31, 2009.

    
    Financial Highlights

    -  Revenue for the three months ended March 31, 2009 was $753,149
       compared to $737,606 for the three months ended March 31, 2008.

    -  EBITDA(*) loss for the three months ended March 31, 2009 was $506,022
       compared to $1,149,317 for the three months ended March 31, 2008.

    -  Net loss for the three months ended March 31, 2009 was $567,417
       compared to a net loss of $1,287,087 for the three months ended
       March 31, 2008.
    

    "The Company delivered improved financial performance in a difficult
economic environment by reducing operating expenses by over $730,000 and by
growing the local advertising business," said Richard McGraw, Chief Executive
Officer of OutdoorPartner. "Despite reducing operating expenses by over 41% in
the first quarter, the Company continues to identify additional cost saving
opportunities in order to remain nimble in a challenging economic
environment."

    
    Financial Highlights
    OutdoorPartner Media Corporation
    Unaudited Interim Consolidated Statements of Operations
    (US dollars)

                                                   Three months ended
                                         March 31, 2009      March 31, 2008

    Revenue                                $    753,149        $    737,606
    Direct Costs                                286,328             300,059
                                         -----------------------------------
    Gross Profit                                466,821             437,547

    Operating expenses                        1,029,672           1,760,152

                                         -----------------------------------
                                           $   (562,851)       $ (1,322,605)


    Loss on sale of assets                       10,652                   -

    Interest income                              (6,086)            (35,518)

                                         -----------------------------------
    Net loss                               $   (567,417)       $ (1,287,087)
                                         -----------------------------------


    OutdoorPartner Media Company
    Reconciliation of
    EBITDA(*) to Net income

                                                3 month             3 month
                                           period ended        period ended
                                         March 31, 2009      March 31, 2008

    EBITDA(*)                              $   (506,022)       $ (1,149,317)

    (Add)/Deduct:
    Stock-based compensation                     12,952              25,693
    Taxes                                        14,098              34,687
    Amortization                                 32,272             112,954
    Other                                         8,159                 (46)
    Interest                                     (6,086)            (35,518)
                                         -----------------------------------
    Net loss                               $   (567,417)       $ (1,287,087)
    ------------------------------------------------------------------------

    (*)EBITDA is not an earnings measure recognized by GAAP in Canada or the
    United States and does not have a standardized meaning prescribed by
    GAAP. It should not be considered a substitute for income (loss) from
    operations, net income (loss), cash flows from operating activities or
    other statement of operations or cash flow statement data prepared in
    accordance with GAAP. Management considers EBITDA to be a meaningful
    supplement to operating and net income as a performance measure that
    facilitates period-to-period operating comparisons and allows the Company
    to compare its operating results with its competitors. In addition,
    management believes that such a measure is commonly used by securities
    analysts, investors and other interested parties to evaluate a company's
    financial performance. The Company's method of calculating EBITDA may
    differ from the methods used by other companies and accordingly, EBITDA
    references contained herein may not be comparable to similar measures
    presented by other companies.
    

    About OutdoorPartner:

    OutdoorPartner is a market leader in the high-growth alternative
out-of-home advertising industry. The Company provides its advertising clients
with an opportunity to post messages on its diversified network of advertising
displays - including standard phone kiosks, large format phone kiosks and
lifeguard towers - covering all of the top 50 Designated Market Areas ("DMAs")
in the United States. In addition to static display advertising,
OutdoorPartner provides advertisers with the opportunity to push rich digital
content from its phone kiosks to consumers' Bluetooth enabled mobile phones
with a service called PrimeCasting. Combined with its powerful, proprietary
database and mapping software, the Company's extensive network offers
advertisers micro-targeted ad placement in close proximity to pedestrian
traffic and the point of purchase. More information may be found online by
visiting www.outdoorpartner.com.

    Forward-Looking Statements

    This news release contains forward-looking statements regarding, among
other things, OutdoorPartner's beliefs, plans, objectives, strategies,
estimates, intentions and expectations. Such statements are based on a number
of assumptions which may prove to be incorrect, involve certain risks and
uncertainties that are difficult to predict and, accordingly, are not
guarantees of future performance. The future results of the Company or
developments may differ materially from those expressed in the forward-looking
statements contained in this news release, due to, among other factors,
OutdoorPartner's lack of operating profits, its dependence on key personnel,
general economic conditions and other external events that may impact on
customers' advertising spending, competition from other out-of-home
advertisers and other media and government regulation seeking to limit or
restrict OutdoorPartner's activities. More detailed information about these
and other factors is included in OutdoorPartner's annual and interim financial
statements and MD&A and other documents published or filed by, or on behalf
of, OutdoorPartner from time to time with the Canadian securities regulatory
authorities. Other than as required by law, OutdoorPartner undertakes no
obligation to publicly update or revise any such forward-looking statements or
information, whether as a result of new information, future events or
otherwise.

    
    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.
    

    %SEDAR: 00021410E




For further information:

For further information: Richard McGraw, Chief Executive Officer,
OutdoorPartner Media Corporation, 296 Richmond Street West, Suite 305,
Toronto, Ontario, M5V 1X2, Canada, T: (416) 944-2700, F: (416) 352-5070

Organization Profile

OUTDOORPARTNER MEDIA CORPORATION

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