Revenues increase 139% With Growth in All Divisions Led by Advertising
TORONTO, Nov. 10, 2011 /CNW/ - YANGAROO Inc. (TSXV: YOO) (OTCBB: YOOIF), the industry's leading secure digital
media distribution company, today announced record results for the
third quarter ended September 30, 2011. Revenues totaling $410,360 were
139% higher than the same period in 2010. The Company saw significant
growth from all divisions led by new business generated by DMDS
Advertising. Ad revenues resulted from the delivery of SD and HD spots
to television broadcasters led by Horizon Media in the U.S., plus new
revenues from other advertising groups including activity in the
Canadian market. Loses for the 3rd quarter of 2011 were down 27% from
the same period in 2010.
Entertainment Division revenues were up sharply, growing over 92% from
the same period in 2010. This growth is a result of increased use of
DMDS for music video delivery in North America, and the expansion of
music audio delivery in the United States with three of the four major
record labels now using DMDS. Adding to this were music audio delivery
revenues from Australia, and the profitable expansion of the DMDS
Awards Management business with the addition of the Hip Hop Awards, and
The Soul Train Awards.
Operating expenses for the 3rd quarter of 2011 have decreased by 17% due
to our ongoing cost cutting initiatives that began in fiscal 2010.
"This is a significant quarter for us on our path to profitability,"
said Scott Wambolt, President and CEO YANGAROO Inc. "We continue to
prove that when we focus our attention on execution, our business model
can scale rapidly, and we expect this trend to not only continue but to
accelerate. The trend lines for revenues and costs are both very
favourable and we can see a significant milestone approaching. Since
focusing our efforts on our profitable growth strategy, we have
executed well in our Entertainment Division, and are seeing our efforts
rewarded with results. In the much larger and more lucrative TV
Advertising Content Delivery and Workflow Management market, we have
spent the last few quarters building out our TV Broadcast footprint
(now well over 2500 broadcast destinations), to the point where we now
have critical mass and are an attractive alternative for advertising
agencies. Our sales team is focused on selling to the advertising
agencies and has been actively engaged with new prospects since
September and we are seeing our revenues and our forecasted revenue
pipeline grow dramatically. We expect to be able to accelerate our
revenues while managing our costs in the coming quarters. We are very
excited about the future of YANGAROO."
Summary of operating results for the periods ended September 30th:
Net loss for the period
Loss per share (basic & diluted)
The full text of the financial statements and Management Discussion &
Analysis is available at www.yangaroo.com and at www.sedar.com.
YANGAROO's patented Digital Media Distribution System (DMDS) is a
leading secure B2B digital delivery solution for the music and
advertising industries. DMDS replaces the physical distribution of
audio and video content for music, music videos, and advertising to
television, radio, media, retailers, and other authorized recipients
with more accountable, effective, and far less costly digital delivery
of broadcast quality media via the Internet. The DMDS Awards platform
powers many of the North America's major awards shows.
Named one of Canada's Top 100 Tech Companies by Canadian Business,
YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas.
YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol
YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical
are forward-looking statements and are subject to risks and
uncertainties that could cause such statements to differ materially
from actual future events or results. Such forward-looking statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
SOURCE YANGAROO Inc.
For further information:
Please contact Scott Wambolt at 416-534-0607 ext.111 or visit www.yangaroo.com.