OutdoorPartner Media reports third quarter financial results

    TORONTO, Nov. 20 /CNW/ - OutdoorPartner Media Corporation (TSXV: OPX)
("OutdoorPartner" or the "Company"), a leading alternative out-of-home media
provider, today announced financial results for its third quarter ended
September 30, 2007.


    -   Revenue for the three month period ended September 30, 2007 was
        $1,610,088, compared to $697,440 for the three month period ended
        September 30, 2006. On a pro forma basis (assuming the acquisition
        of Prime Point Media occurred January 1, 2006), revenue for the three
        month period ended September 30, 2006 was $1,630,334. For the nine
        months ended September 30, 2007, increased to $4,653,559, compared to
        pro forma revenue of $3,244,676 for the nine months ended
        September 30, 2006.

    -   EBITDA(*) loss for the quarter was $200,625 compared to a pro forma
        loss of $205,757 for the comparable prior year period.

    -   Net loss for the quarter was $344,827 compared to a loss of $379,422
        for the third quarter of 2006. Net loss for the first nine months of
        2007 was $1,035,143 compared to a loss of $970,210 for the first nine
        months of 2006.

    -   In July, the Company was contracted to deliver its largest campaign
        to date; a US$1.4 million, Hispanic-targeted campaign in over 20 U.S.
        markets for a Fortune 100 client.

    -   The Company extended its PartnerBin pilot program in New York City.
        Under the terms of the expanded, two-year agreement, the Company has
        the right to place up to 125 PartnerBins in the 125th Business
        Improvement District, located in Manhattan. An additional 15
        PartnerBins were placed in New York City in September.

    -   The Company acquired the assets of Mira Outdoor Media ("Mira"), a
        Los Angeles-based company offering payphone kiosk advertising to
        local advertisers in Los Angeles, Las Vegas, San Francisco and
        Phoenix. In addition to the asset acquisition, Mira's founder joined
        OutdoorPartner Media to lead the development of the Company's local
        advertising business nationwide.

    "We are encouraged that OutdoorPartner hit a new milestone this quarter
with its largest contract to date and the fact that the Company continues to
attract a blue chip client base," stated Mark Brodkin, President and Chief
Executive Officer of OutdoorPartner. "The Company's successes in securing its
largest contract to date and developing a local advertising business were
tempered by the restructuring of a national advertising contract, which
negatively impacted third quarter revenue by $1 million; however, on a pro
forma basis, year-to-date revenue is up 43% compared to 2006 and the Company's
average campaign size has increased 44% over the comparable prior year

    Subsequent Events

    -   In November, the Company extended its agreement with Verizon, the
        Company's largest payphone provider. As a result of the extension,
        the Company has the exclusive right to sell wrapped, payphone kiosk
        advertising on Verizon payphones nationwide for the next seven years
        and, subject to regulatory approval, large format payphone kiosk
        advertising panels in New York City.

    -   In November, the Company signed a PartnerBin agreement with the City
        of Kansas City. Kansas City is the 31st ranked media market in the
        U.S. and is the Company's 11th PartnerBin community and 5th top 50
        media market under contract.


    "OutdoorPartner Media made great strides in terms of strengthening its
network of displays by extending the Verizon agreement, extending the New York
City PartnerBin agreement and securing an opportunity to place PartnerBins in
another top 50 U.S. media market," added Brodkin. "Verizon accounts for 50% of
the Company's payphone kiosk revenue, plus the inclusion of large format
payphone kiosk advertising panels positions the Company to play a larger role
in the $62 million payphone advertising business in New York City."
    "The Company has written contracts representing fiscal 2007 revenue of
more than $6.5 million. While quarterly revenue is expected to be variable for
the foreseeable future, the Company continues to see strong demand from
national advertisers, in the form of proposals - up 70% over last November.
The local advertising business is also gaining traction, with September and
October local advertising revenue up 48% over August."

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

                                                     Three months ended
                                                 September 30,  September 30,
                                                         2007           2006

    Revenue                                       $ 1,610,088    $   697,440
    Direct Costs                                      763,912        257,295
    Gross Profit                                      846,176        440,145

    Sales, General & Administrative expenses        1,046,801        787,159

    EBITDA(*)                                     $  (200,625)   $  (347,014)

    Amortization                                      132,177         29,166
    Taxes                                              15,702              -
    Stock-based compensation                           34,832              -
    Other                                                 541         21,376
    Interest expense/(income)                         (39,050)       (18,134)
    Net loss                                      $  (344,827)   $  (379,422)

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

                                                                 Pro Forma(1)
                                                     3 months       3 months
                                                 period ended   period ended
                                                 September 30,  September 30,
                                                         2007           2006

    EBITDA(*)                                     $  (200,625)   $  (205,757)


    Taxes                                              15,702              -
    Amortization                                      132,177         33,735
    Stock-based compensation                           34,832              -
    Interest                                          (39,050)       (10,953)
    Other                                                 541         20,613
    Net loss                                      $  (344,827)   $  (249,152)
    (1) Assuming the acquisition of Prime Point occurred January 1, 2006

    (*)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.

    Notice of Conference Call

    At 8:30 a.m. Eastern Time, on Wednesday, November 21, 2007, the Company's
management team will host a conference call to discuss the financial results
for the quarter. To access the conference call by telephone, dial 416-644-3416
or 1-800-731-5319. Please connect approximately ten minutes prior to the
beginning of the call to ensure participation. The conference call will be
archived for replay until Wednesday, November 28, 2007 at midnight. To access
the archived conference call, dial 416-640-1917 or 1-877-289-8525 and enter
the reservation number 21253381 followed by the number sign.

    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 over
700,000 advertising displays - including payphone kiosks, litter/recycling
receptacles ("PartnerBins"), 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 payphone 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 2006 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


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890