OutdoorPartner Media announces third quarter financial results

TORONTO, Nov. 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 third quarter ended September 30, 2009.

Financial Highlights

    
    -   Revenue for the three months ended September 30, 2009 was $955,200
        compared to $1,342,024 for the three months ended September 30, 2008.

    -   EBITDA* loss for the three months ended September 30, 2009 was
        $357,388 compared to $733,748 for the three months ended September
        30, 2008.

    -   Net loss for the three months ended September 30, 2009 was $310,744
        compared to a net loss of $8,324,282 for the three months ended
        September 30, 2008.

    -   Revenue for the nine months ended September 30, 2009 was $2,897,596
        compared to $3,901,887 for the nine months ended September 30, 2008.

    -   EBITDA* loss for the nine months ended September 30, 2009 was
        $1,220,142 compared to $2,306,995 for the nine months ended September
        30, 2008.

    -   Net loss for the nine months ended September 30, 2009 was $1,426,526
        compared to a net loss of $10,187,152 for the nine months ended
        September 30, 2008.
    

"The Company continued to shed operating expenses during the quarter, as year-to-date operating expense reductions eclipsed $1.7 million at September 30, 2009," said Richard McGraw, Chief Executive Officer of OutdoorPartner. "In addition, the Company completed a substantial restructuring of its commitments for large format phone kiosks in New York City. The operating expense reductions and restructuring of the New York City obligations are critical steps, as the Company continues to face a challenging market for advertising services, particularly in the normally robust fourth quarter."

    
    Financial Highlights
    OutdoorPartner Media Corporation
    Unaudited Interim Consolidated Statements of Operations
    (US dollars)
                                                     Three months ended
                                                September 30,   September 30,
                                                        2009            2008

    Revenue                                     $    955,200    $  1,342,024
    Direct Costs                                     355,909         613,507
                                               ------------------------------
    Gross Profit                                     599,291         728,517

    Operating expenses                             1,007,193       1,614,999

                                               ------------------------------
                                                $   (407,902)   $   (886,482)

    Gain on sale of assets                           (96,310)        (43,545)
    Impairment loss on intangible assets                   -       3,075,134
    Impairment loss on goodwill                            -       4,418,663
    Interest income                                     (848)        (12,452)

                                               ------------------------------
    Net loss                                    $   (310,744)   $ (8,324,282)
                                               ------------------------------


    OutdoorPartner Media Company
    Reconciliation of
    EBITDA* to Net income
                                                     3 month         3 month
                                                period ended    period ended
                                                September 30,   September 30,
                                                        2009            2008

    EBITDA*                                    $   (357,388)   $   (733,748)

    (Add)/Deduct:
    Stock-based compensation                          13,524          38,827
    Taxes                                              2,884          17,279
    Amortization                                      31,847          96,939
    Other                                              2,259            (311)
    Gain on sale of assets                           (96,310)        (43,545)
    Impairment losses                                      -       7,493,797
    Interest                                            (848)        (12,451)
                                               ------------------------------
    Net loss                                    $   (310,744)   $ (8,324,282)
    -------------------------------------------------------------------------


    OutdoorPartner Media Company
    Reconciliation of
    EBITDA* to Net income
                                                     9 month         9 month
                                                period ended    period ended
                                                September 30,   September 30,
                                                        2009            2008

    EBITDA*                                    $ (1,220,142)    $  (2,306,995)

    (Add)/Deduct:
    Stock-based compensation                          39,964         101,825
    Taxes                                             16,983          61,280
    Amortization                                      96,153         327,874
    Non-recurring consulting                         149,481               -
    Other                                             (1,282)            (17)
    Gain on sale of assets                           (85,658)        (42,424)
    Impairment losses                                      -       7,493,797
    Interest                                          (9,257)        (62,177)
                                               ------------------------------
    Net loss                                    $ (1,426,526)   $(10,187,152)
    -------------------------------------------------------------------------

    *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

SOURCE OUTDOORPARTNER MEDIA CORPORATION

For further information: For further information: Richard McGraw, Chief Executive Officer, OutdoorPartner Media Corporation, 78 Scollard Street, Toronto, Ontario, M5R 1G2, Canada, T: (416) 944-2700, F: (416) 352-5070

Organization Profile

OUTDOORPARTNER MEDIA CORPORATION

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