Revenue Exceeds $1 Million Up 136% Year over Year
TORONTO and LOS ANGELES, May 31, 2017 /CNW/ - QYOU Media Inc.(formerly Galleria Opportunities Limited) (TSXV: QYOU) ("QYOU Media" or the "Company") is pleased to report its financial results for the quarter ended March 31, 2017. Management has supplemented that report with the audited financial statements for the calendar year ended December 31, 2016 and notes thereto for its subsidiary (the former QYOU Media Inc. as it existed, prior to the recently completed reverse takeover with a view to providing fulsome information to investors. The results were prepared by QYOU Media's management and all figures are expressed in Canadian dollars.
Financial Highlights for the Quarter
- Revenue of $1,088,593 was up 136% as compared to $461,819 in the same period for 2016.
- Direct Content and Production Costs of $741,271 improved 26% from $1,006,412 in the same period last year.
- Selling and Admin Costs increased to $1,304,804 or an increase of 9% from $1,194,484 in the same period last year.
- An improved Net loss, on an adjusted basis, for the period was $957,481 compared to a net loss of $1,739,077 for the comparable quarter in 2016.
- Cash balance as at March 31, 2017 was $5,521,590 at March 31, 2017 following the Company's financing activities in the quarter.
- The Company completed the previously announced reverse takeover and commenced trading on the TSX Venture Exchange under the symbol "QYOU" on March 31, 2017.
QYOU Media's CEO, Curt Marvis stated, "We are pleased to have achieved record results with revenue exceeding $1 million for the first time in our young history. We are particularly pleased with the launch during the quarter, in partnership with Sinclair Broadcasting Group, of TBD, North America's first television channel dedicated to millennials. "TBD" is expected to be available in 50 markets by the end of the year."
Marvis added, "We continued to push our programming out across global territories with recent distribution agreements with Buffalo Wild Wings (US); Showmax (Africa); Tele 2 (Netherlands) and United Group (Eastern Europe) to add to our existing distribution agreements covering six continents."
Full Statements and MD&A are available at www.SEDAR.com. The company plans to hold a call for investors and interested parties on June 20, 2017 at 11:00AM EST. Details will be released in the near future.
About QYOU Media Inc.
QYOU Media Inc. is a fast-growing global media company that curates and packages premium 'best-of-the-web' video for multiscreen distribution. Founded and created by industry veterans from Lionsgate Entertainment, MTV, and NewsCorp, QYOU's millennial-focused products including linear television networks, genre-based series, mobile apps, and video-on-demand formats reach millions of customers on six continents. Distribution partners include Sinclair Broadcast Group, Vodafone, 21st Century Fox, Liberty Global, Telenor and TATA Sky.
This news release contains unaudited financial information concerning QYOU Media, prepared by management and remains subject to audit.
It also contains forward-looking statements, including but not limited to terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. Forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause QYOU Media or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements contained in this news release including, without limitation those described in the Management's Discussion & Analysis for the nine months ended March 31, 2017, and the audited financial statements for the year ended December 31, 2016 and notes thereto for its subsidiary.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
SOURCE QYOU Media Inc.
For further information: Contacts: Jeff Walker, Investor Relations - for The QYOU, + 1 403 221 0915, firstname.lastname@example.org ; Natasha Roberton, VP Marketing, The QYOU, +49 152 2254 7680, email@example.com