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Vidaroo Corporation Announces Quarterly Results With Year Over Year Increase in Recurring SaaS Revenue of 183%(November 15, 2011)
WINTER GARDEN, FL -- (Marketwire) -- 11/15/11 -- Vidaroo (OTCQB: VIDA) (PINKSHEETS: VIDA) today announced its operating results for the quarter ended September 30, 2011. Year over year monthly recurring revenue received in the quarter increased by 183% to $119,000. Consolidated revenue decreased by $216,000, year over year due to lower production. While production revenue decreased, the Company was able to reduce its Operating Loss from the prior year.
"We are very pleased with our continued progress, as the growth in recurring revenue is exactly the outcome we have been working towards," indicated Mark Argenti, Chairman and Chief Executive Officer. "This performance is a clear indication of our ability to grow and scale in a manner that will produce a stable ongoing revenue stream."
"As we continue to move forward in growing our SaaS business, the Company has made its capital structure a high priority in the current quarter," stated Tom Moreland, Chief Financial Officer. "Being able to come to agreeable terms with our creditor group will be a major milestone and allow the Company to continue to focus on building business fundamentals and ultimately shareholder value."
About Vidaroo Corporation
Vidaroo Corporation is a video technology company that provides a best-in-breed Online Video Platform, and state of the art Video Production. Vidaroo's Online Video Platform, and Video Production has earned the trust of a growing list of current and former clients including advertising agencies, iconic artists, media companies, organizations, businesses, and national brands such as Microsoft, Coca-Cola Company, Tribune News Company, Toyota, Emmis Communications, Clear Channel, Black Eyed Peas, Mary J. Blige, Britney Spears, Justin Timberlake and more. Vidaroo's Online Video Publishing Technology enables firms to easily create, deliver and monetize video and advertising delivery.
Some of the above statements may be 'forward-looking' statements as defined by section 27A(c)(1)(A)(i) of the Securities Act of 1933.
See Vidaroo.com for a full safe harbor disclosure statement.
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