TORONTO, June 14 /CNW/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM)(LSE AIM: MM) ("Mood Media" or the "Company"), one of the world's leading in-store media solution providers, announced today its pro-forma performance, inclusive of its recent acquisition of Muzak, for the three months ended March 31, 2011.
Mood Media delivered pro-forma revenue of $93 M and pro-forma Adjusted EBITDA of $22.1 M in the three month period ended March 31, 2011.
Lorne Abony, Chairman and CEO of Mood Media, commented: "This was a fantastic quarter for Mood Media. In the first quarter of 2011, Mood had unprecedented pro-forma growth, with our largest sequential-quarter and year-over-year growth ever. In the first quarter of 2011, Mood announced its agreement to acquire Muzak LLC. While driving this transformative acquisition towards completion, we continued to invest and develop new avenues of growth on multiple fronts, including:
Acquisitions: a strategic acquisition of Pelika Business Music, the leading in-site music provider to the Finnish market.
Business Development: we also continued to focus on building strong relationships in the Chinese market, which we believe represents a significant near term growth opportunity. Those efforts are now coming to fruition with our announcement in the second quarter of our partnership with the China Audio-Visual Association, the only national audio-video industry trade association recognized by the People's Republic of China. This membership is made more significant by the fact that Mood Media is the first and only foreign member of the China Audio-Visual Association, positioning Mood to establish relationships with all of the key players in the Chinese digital content industry.
Core Business Growth: new client wins and installations in the quarter further underscore the strength in our core audio and visual businesses, including:
- 258 McDonalds Poland locations
- A roll-out of Mood's IP platform to Levi's retail locations globally
- ING Direct branches in Spain
- 100 additional Carrefour city locations in France
- A trial with fashion retailer Esprit in China
- New high-end audio visual media solutions installed at Nike stores in
Mood Media's financial statements and MD&A for the three months ended March 31, 2011 have been filed on SEDAR.
Mood Media also announced that it held its Annual and Special Meeting (the "Meeting") in Toronto, Ontario on June 13, 2011.
At the Meeting, shareholders elected the following individuals as directors of Mood Media: Lorne K. Abony, Justin F. Beckett, Richard Weil, James Lanthier, Harvey Solursh, Anatoli Plotkine and Philippe von Stauffenberg.
Shareholders also confirmed the appointment of Ernst & Young LLP as auditors of Mood Media and authorized the directors to fix their remuneration.
Shareholders also passed an ordinary resolution to reapprove Mood Media's stock option plan in accordance with the requirements of the Toronto Stock Exchange.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM), named Canada's fastest growing company by PROFIT Magazine is a leading in-store media specialist that uses a mix of music, visual and scent media to help its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Operating through its two principal divisions, In-Store Media and Retail Point-of-Purchase; Mood Media Corporation works with over 470,000 commercial locations in over 40 countries throughout North America, Europe, Asia and Australia.
Through its subsidiaries Mood Media, Muzak, and Mood Entertainment, Mood Media Corporation's products and services reach 150 million people every day in a broad client base including more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining.
For further information about Mood Media, please visit www.moodmedia.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions. While Mood Media considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the impact of general market, industry, credit and economic conditions, currency fluctuations as well as the risk factors identified in the Risk Factors section of Mood Media's management discussion and analysis dated June 13, 2011 and the risk factors identified in the annual information form of Mood Media dated March 30, 2011, both of which are available on www.sedar.com.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Mood Media.
Forward-looking statements are given only as at the date hereof and Mood Media disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Mood Media presents EBITDA information as a supplemental figure because management believes it provides useful information regarding operating performance. EBITDA is not a recognized measure under International Financial Reporting Standards ("IFRS"), does not have standardized meaning, and is unlikely to be comparable to similar measures used by other companies. Accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or (loss) determined in accordance with IFRS as an indicator of the financial performance of Mood Media or as a measure of the Mood Media's liquidity and cash flows.
SOURCE Mood Media Corporation
For further information: Lorne Abony, CEO & Chairman, +1 416 510 2800; Dominic Morley, Panmure Gordon, +44 207 459 3600