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Vidaroo Corporation Announces Quarterly Results With Year Over Year Increase in Recurring SaaS Revenue of 88%(February 15, 2012)
WINTER GARDEN, FL -- (Marketwire) -- 02/15/12 -- Vidaroo (OTCQB: VIDA) (PINKSHEETS: VIDA) today announced its operating results for the quarter ended December 31, 2011. Year over year monthly recurring revenue received in the quarter increased by 88% or $57,000 to $122,000. Production service revenue remained steady for the quarter, allowing the increased Software-as-a-Service revenue to directly contribute to an improvement in Operating Margins of 22%, increasing to $335,000.
"Our ability to continue to grow points to our business vision becoming fully realized and is a glimpse into what I believe the future will hold for Vidaroo. If you look into the details of our growth, the stories behind both of our lines of business are remarkable. Our production business continues to work with many of our ongoing blue-chip clients while expanding our client roster to include new mega-stars like LMFAO. While significant capital to spend on marketing was unavailable during this quarter, our foresight and understanding of our business has still led to more customer sales, while maintaining and growing our existing business. We are clearly showing this company's ability for success with tangible results," states Mark Argenti, Chairman and CEO.
"Increased commitments from historical clients along with new client acquisition through a variety of channels, including our affiliate model, vertical marketing and continued platform proliferation demonstrates our continued growth during this past quarter," notes Micheal Morgan, President and CTO. "With a combination of on demand, live event and fully integrated ad serving, Vidaroo provides a turnkey OVP that solves video distribution needs for an ever growing number of industries such as a digital TV network (KrazyGoodFoodTV.com), software/technology maker (HSMWorks.com), e-commerce (Shaveroutlet.com) and faith-based organizations (PaulaWhite.org)."
"The past quarter's incremental increase in revenue is significant in the qualitative aspects related to our growth," said Tom Moreland, CFO. "The growth we have experienced for our Online Video Platform has come in multiple ways, which is clearly demonstrative of growing a diverse revenue stream. With our revenue growth in its early stages, we have clearly prepared ourselves for growth capital. Once Vidaroo is able to resolve its debt issue, we expect to insightfully acquire and deploy capital resources, which we are well positioned to leverage."
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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