OutdoorPartner Media announces fiscal 2008 financial results



    TORONTO, April 30 /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 fiscal year ended
December 31, 2008.

    
    Financial Highlights

    -   Revenue for the year ended December 31, 2008 was $5,015,249 compared
        to $6,617,988 for the year ended December 31, 2007.
    -   EBITDA(*) loss for the year ended December 31, 2008 was $2,796,219
        compared to $558,862 for the year ended December 31, 2007.
    -   Net loss for the year ended December 31, 2008 was $15,112,012
        including charges of $11,865,038 related to goodwill and intangible
        impairments. Net loss for the year ended December 31, 2007 was
        $1,144,520.
    -   Revenue for the three month period ended December 31, 2008 was
        $1,136,362 compared to $1,964,429 for the three months ended December
        31, 2007.
    -   EBITDA(*) loss for the three month period ended December 31, 2008 was
        $489,223 compared to EBITDA(*) of $1,739 for the three months ended
        December 31, 2007.
    -   Net loss for the three month period ended December 31, 2008 was
        $4,924,860, including charges of $4,371,241 related to goodwill and
        intangible impairments. Net loss for the comparable prior year period
        was $109,377.
    

    "The U.S. economic downturn negatively impacted the Company's performance
in fiscal 2008," said Richard McGraw, Chief Executive Officer of
OutdoorPartner. "In anticipation of continued softness in advertising
spending, we have implemented an aggressive cost cutting plan that positions
the Company for improved operating performance in a challenging economic
environment. The Company is targeting expense reductions of $2 million in
2009, without compromising our ability to generate revenue or sustain the
business."

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

                                                    Twelve months ended
                                               December 31,      December 31,
                                                      2008              2007

    Revenue                                  $   5,015,249     $   6,617,988
    Direct Costs                                 2,012,828         2,937,906
                                           ----------------------------------
    Gross Profit                                 3,002,421         3,680,082

    Sales, General &
     Administrative expenses                     6,345,153         4,923,947

                                           ----------------------------------
                                             $  (3,342,732)    $  (1,243,865)

    Impairment loss on goodwill
     and intangibles                            11,865,038                 -

    Gain on sale of assets (net)                   (24,319)                -

    Interest income                                (71,439)          (99,345)

                                           ----------------------------------
    Net loss                                 $ (15,112,012)    $  (1,144,520)
                                           ----------------------------------



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

                                           12 month period   12 month period
                                                     ended             ended
                                               December 31,      December 31,
                                                      2008              2007

    EBITDA(*)                                $  (2,796,219)    $    (558,862)

    (Add)/Deduct:
    Stock-based compensation                       129,058           114,591
    Taxes                                           37,292           106,657
    Amortization                                   380,163           464,190
    Other                                          (24,319)             (435)
    Impairment loss on goodwill
     and intangibles                            11,865,038                 -
    Interest                                       (71,439)          (99,345)
                                           ----------------------------------
    Net loss                                 $ (15,112,012)    $  (1,144,520)
    -------------------------------------------------------------------------



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

                                            3 month period    3 month period
                                                     ended             ended
                                               December 31,      December 31,
                                                      2008              2007

    EBITDA(*)                                     (489,223)            1,739

    (Add)/Deduct:
    Stock-based compensation                        27,233            18,665
    Taxes                                          (23,998)           11,210
    Amortization                                    52,289           125,563
    Other                                           18,122             1,714
    Impairment losses                            4,371,241                 -
    Interest                                        (9,262)          (46,036)
    Net loss                                 $  (4,924,860)    $    (109,377)

    (*)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

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890