OutdoorPartner Media announces fiscal 2007 financial results



    TORONTO, March 28 /CNW/ - OutdoorPartner Media Corporation
("OutdoorPartner" or the "Company") (TSX-V: OPX), a leading alternative
out-of-home media provider, today announced financial results for its fourth
quarter and fiscal year ended December 31, 2007.

    
    Financial Highlights

    -   Revenue for the year ended December 31, 2007 increased to $6,617,988
        from $2,967,522 for the year ended December 31, 2006. On a pro forma
        basis (assuming the acquisition of Prime Point Media occurred
        January 1, 2006), revenue for the year ended December 31, 2006 was
        $5,336,454.

    -   EBITDA(*) loss for the year ended December 31, 2007 was $533,862. On
        a pro forma basis (assuming the acquisition of Prime Point Media
        occurred January 1, 2006), EBITDA(*) loss for the year ended
        December 31, 2006 was $839,032. Adjusted EBITDA(*) loss on a pro
        forma basis was $521,487 for the year ended December 31, 2006.

    -   Net loss for the year ended December 31, 2007 was $1,144,520,
        compared to a net loss of $951,342 for the year ended
        December 31, 2006. On a pro forma basis (assuming the acquisition of
        Prime Point Media occurred January 1, 2006), net loss for the year
        ended December 31, 2006 was $969,253.

    -   Revenue for the three month period ended December 31, 2007 was
        $1,964,429, compared to $2,019,854 for the three month period ended
        December 31, 2006.

    -   EBITDA(*) for the three month period ended December 31, 2007 was
        $1,739, compared to EBITDA(*) of $54,613 for the three month period
        ended December 31, 2006. Adjusted EBITDA(*) for the three month
        period ended December 31, 2006 was $214,736.

    -   Net loss for the three month period ended December 31, 2007 was
        $109,377, compared to net income of $21,368 for the three month
        period ended December 31, 2006.
    

    "Fiscal 2007 was a record year in terms of revenue," said Mark Brodkin,
President and Chief Executive Officer of OutdoorPartner. "Based on current
revenue under contract of $3.3 million, fiscal 2008 is off to a good start. In
addition, the Company continues to gain traction with local advertisers -
local revenue under contract for 2008 is already greater than total local
revenue generated in all of 2007."

    
    Operational Highlights for 2007

    -   In January, 2007, the Company successfully completed its largest
        phone kiosk advertising campaign to date; consisting of approximately
        5,000 phone kiosks in close proximity to doctors' offices and health
        care facilities. The campaign spanned 190 markets in 49 U.S. states.

    -   The Company executed its third Bluetooth campaign during the three
        month period ended June 30, 2007. Yahoo! Music developed the video
        content for the Pepsi campaign and over 25% of people responding to
        the Bluetooth prompt downloaded the full video content.

    -   In May, 2007, the Company closed a bought deal financing (the "Bought
        Deal"). An aggregate of 5,950,000 Common Shares were issued from
        treasury by way of short form prospectus at a price of $0.90 per
        share. In June, 2007, the exercise of the over-allotment option (the
        "Over-allotment") tied to the Bought Deal closed. The total aggregate
        gross proceeds of the Bought Deal and Over-allotment were
        CAD$6,158,250.

    -   In July, the Company was contracted to deliver a US$1.4 million,
        Hispanic-targeted campaign in over 20 U.S. markets for a Fortune 100
        client.

    -   The Company extended its PartnerBin pilot program in New York City.
        Under the terms of the expanded two-year agreement, the Company has
        the right to place up to 125 PartnerBins in the 125th Business
        Improvement District, located in Manhattan. An additional 15
        PartnerBins were placed in New York City in September.

    -   The Company acquired the assets of Mira Outdoor Media ("Mira"), a Los
        Angeles-based company offering phone kiosk advertising to local
        advertisers in Los Angeles, Las Vegas, San Francisco and Phoenix. In
        addition to the asset acquisition, Mira's founder joined
        OutdoorPartner Media to lead the development of the Company's local
        advertising business nationwide.

    -   In November, the Company extended its agreement with Verizon, the
        Company's largest phone kiosk provider. As a result of the extension,
        the Company has the exclusive rights to sell wrapped, phone kiosk
        advertising on Verizon phone kiosks nationwide for the next seven
        years and, subject to regulatory approval, large format phone kiosk
        advertising panels in New York City.

    -   In November, the Company signed a PartnerBin agreement with the City
        of Kansas City. Kansas City is the 31st ranked media market in the
        U.S. and is the Company's 11th PartnerBin community and 5th top 50
        media market under contract.

    -   In December, the Company signed its largest Bluetooth campaign to
        date, a US$800,000 campaign, consisting of phone kiosk displays in
        13 U.S. markets along with a Bluetooth component in 11 U.S. markets.

    -   The Company successfully increased its average campaign size and
        built on its base of Fortune 500 clients by adding new clients in new
        sectors. Advertising clients in 2007 included: Abbott Laboratories;
        Absolut; Anheuser Busch; AT&T; Bristol Myers Squibb; Chase; Captain
        Morgan; HBO; Nissan; Pepsi; Sony Pictures; Stella Artois; Sun
        Microsystems; US Cellular; U.S. Navy Reserve; Verizon; and Wachovia.

    SUBSEQUENT EVENTS

    -   In January, 2008, the Company announced its entrance into New York
        City's largest street-level media segment: large format phone kiosk
        advertising panels. OutdoorPartner signed a Media Representative
        Providers Agreement with a company currently representing
        approximately 1,800 panels in New York City. There are approximately
        11,000 panels in New York City, generating $62 million in advertising
        revenue annually.

    -   The Company has doubled its national sales force to 8 from 4 at the
        end of 2007. The new additions to the national sales team bring years
        of out-of-home experience from companies such as MediaVest, Vista
        Media, Obie Media and Busch Media.
    

    "We look forward to building on the record revenue achieved in 2007,"
stated Brodkin. "New inventory in New York City and an experienced and
expanded national sales force, combined with continued success on the local
sales front will allow us to make 2008 another record year."



    
    Financial Highlights
    OutdoorPartner Media Corporation
    Audited Annual Consolidated Statements of Operations
    (US dollars)

                                                      Twelve months ended
                                                   December 31,  December 31,
                                                       2007          2006

    Revenue                                        $ 6,617,988   $ 2,967,522
    Direct Costs                                     2,937,906     1,245,788
                                                  ---------------------------
    Gross Profit                                     3,680,082     1,721,734

    Sales, General & Administrative expenses         4,923,947     2,747,501

                                                  ---------------------------
    Loss from Operations                           $(1,243,865)  $(1,025,767)

    Interest income                                     99,345        74,425

                                                  ---------------------------
    Net loss                                       $(1,144,520)  $  (951,342)
                                                  ---------------------------

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

                                                                 Pro Forma(1)
                                       12 month      12 month     12 month
                                     period ended  period ended  period ended
                                     December 31,  December 31,  December 31,
                                         2007          2006          2006

    Adjusted EBITDA(*)               $  (558,862)  $  (710,412)  $  (521,487)

    (Add)/Deduct:
    Transaction related costs                  -        33,622       191,044
    Severance                                  -       126,501       126,501
                                    -----------------------------------------
    EBITDA(*)                        $  (558,862)  $  (870,535)  $  (839,032)
    -------------------------------------------------------------------------

    (Add)/Deduct:
    Stock-based compensation             114,591         2,410         2,410
    Taxes                                106,657        12,372        13,752
    Amortization                         464,190       100,735       122,231
    Other                                   (435)       39,715        28,070
    Interest                             (99,345)      (74,425)      (36,242)
                                    -----------------------------------------
    Net loss                         $(1,144,520)  $  (951,342)  $  (969,253)
    -------------------------------------------------------------------------


    OutdoorPartner Media Corporation
    Reconciliation of
    EBITDA(*) to Net
    income
                                                     3 month       3 month
                                                   period ended  period ended
                                                   December 31,  December 31,
                                                       2007          2006

    Adjusted EBITDA(*)                             $     1,739   $   214,736

    (Add)/Deduct:
    Transaction related costs                                -        33,622
    Severance                                                -       126,501
                                                  ---------------------------
    EBITDA(*)                                      $     1,739   $    54,613

    (Add)/Deduct:
    Stock-based compensation                            18,665             -
    Taxes                                               11,210             -
    Amortization                                       125,563        31,665
    Other                                                   18         5,784
    Interest                                           (46,036)       (4,204)
                                                  ---------------------------
    Net loss                                       $  (109,377)  $    21,368
    -------------------------------------------------------------------------

    (*) 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 over 700,000
advertising displays - including phone kiosks, litter/recycling receptacles
("PartnerBins"), 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 2007 Annual Information Form
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.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00021410E




For further information:

For further information: Mark Brodkin, Chief Executive Officer,
OutdoorPartner Media Corporation, 296 Richmond Street West, Suite 305,
Toronto, Ontario, M5V 1X2, Canada, T: (416) 602-1602, F: (416) 352-5070

Organization Profile

OUTDOORPARTNER MEDIA CORPORATION

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