OutdoorPartner Media announces second quarter financial results



    TORONTO, Aug. 21 /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 second quarter ended
June 30, 2008.

    
    Financial Highlights

    -   Revenue for the three month period ended June 30, 2008 was
        $1,822,257 compared to $2,033,276 for the three month period ended
        June 30, 2007.

    -   EBITDA(*) loss for the three month period ended June 30, 2008 was
        $416,592 compared to $31,203 for the three month period ended
        June 30, 2007.

    -   Net loss for the three month period ended June 30, 2008 was $575,783,
        compared to a net loss of $184,312 for the three month period ended
        June 30, 2007.

    -   Revenue for the six month period ended June 30, 2008 was $2,559,863
        compared to $3,043,471 for the six month period ended June 30, 2007.

    -   EBITDA(*) loss for the six month period ended June 30, 2008 was
        $1,573,246 compared to $355,011 for the six month period ended
        June 30, 2007.

    -   Net loss for the six month period ended June 30, 2008 was $1,862,870,
        compared to a net loss of $690,316 for the six month period ended
        June 30, 2007.
    

    "The Company is starting to see the benefits of operational initiatives
implemented earlier in the year, as gross margins are 10% higher than at this
point last year," said Mark Brodkin, President and Chief Executive Officer of
OutdoorPartner. "In addition, the national sales force is diversifying the
Company's customer base by targeting more clients. The results of this
initiative are evident in the number of new clients the Company has signed and
a reduction in the economic dependence on the Company's top one or two
clients."

    
    Operational Highlights

    -   During the quarter, the Company executed its sixth PrimeCasting
        campaign since introducing the Bluetooth service in the fourth
        quarter of 2006.

    -   In May, the Company executed its 56th campaign for Anheuser Busch.

    SUBSEQUENT EVENTS

    -   In July, 2008, the Company finalized its entrance into New York
        City's largest street-level media segment: large format phone kiosk
        advertising panels. The Company has approximately 800 large format
        panels in New York City.

    -   In July, 2008, the Company announced the sale of its non-core
        PartnerBin assets. The Company received cash proceeds of
        CAD$516,815, which increased the Company's cash position to
        US$3.1 million at July 31, 2008. In addition to the cash payment, the
        acquirer assumed certain liabilities, in exchange for all currently
        installed PartnerBins, the rights to sell advertising under each
        community agreement, the PartnerBin patents and existing contracts to
        provide local advertising services on PartnerBins.



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

                                                   Three months ended
                                            June 30, 2008      June 30, 2007

    Revenue                                 $   1,822,257      $   2,033,276
    Direct Costs                                  726,171          1,074,064
                                            ---------------------------------
    Gross Profit                                1,096,086            959,212

    Sales, General &
     Administrative expenses                    1,686,076          1,157,566

                                            ---------------------------------
    Loss from Operations                    $    (589,990)     $    (198,354)

    Interest income                                14,207             14,042

                                            ---------------------------------
    Net loss                                $    (575,783)     $    (184,312)
                                            ---------------------------------



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

                                                  3 month            3 month
                                             period ended       period ended
                                            June 30, 2008      June 30, 2007

    EBITDA(*)                               $    (416,592)     $     (31,203)

    (Add)/Deduct:

    Stock-based compensation                       37,305             22,668
    Taxes                                          16,651             38,324
    Amortization                                  117,981            105,477
    Other                                           1,461                682
    Interest                                      (14,207)           (14,042)
                                            ---------------------------------
    Net loss                                $    (575,783)     $    (184,312)
    -------------------------------------------------------------------------



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

                                                  6 month            6 month
                                             period ended       period ended
                                            June 30, 2008      June 30, 2007

    EBITDA(*)                               $  (1,573,246)     $    (355,011)

    (Add)/Deduct:

    Stock-based compensation                       62,998             61,094
    Taxes                                          44,001             84,710
    Amortization                                  230,935            206,450
    Other                                           1,415             (2,690)
    Interest                                      (49,726)           (14,259)
                                            ---------------------------------
    Net loss                                $  (1,862,870)     $    (690,316)
    -------------------------------------------------------------------------

    (*) 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 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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