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ZoomerMedia Limited Announces First Quarter Financial Results(December 22, 2011)
TORONTO, ONTARIO -- (Marketwire) -- 12/22/11 -- ZoomerMedia Limited (TSX VENTURE:ZUM) (the "Company"), a leader in serving the interests of the 45+ "Zoomer" market, today announced its financial results for the first quarter ended September 30, 2011. Results are prepared in accordance with International Financial Reporting Standards ("IFRS").
Canadian publicly listed entities are required to prepare their financial statements in accordance with IFRS for years beginning on or after January 1, 2011. Due to the requirement to present comparative financial information, the effective transition date is July 1, 2010. The three months ended September 30, 2011 is ZoomerMedia Limited's first reporting period under IFRS. Please refer to ZoomerMedia Limited's September 30, 2011 Management Discussion and Analysis for a summary of the full impact as a result of the conversion from Canadian generally accepted accounting principles to IFRS.
First Quarter Results
For the three months ended September 30, 2011 the Company had revenues of $12.7 million, operating expenses of $12.2 million and EBITDA of $0.5 million. The net loss for the quarter was $1.0 million.
For the three months ended September 30, 2010, the Company had revenues of $14.3 million, operating expenses of $13.6 million and EBITDA of $0.7 million. The net loss for the quarter was $0.7 million.
EBITDA is a non-IFRS earnings measure which does not have any standardized meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. This measure is important to management since it is used by potential investors to evaluate the Company's operating performance and ability to incur and service debt, and as a valuation metric. Investors are cautioned that this non-IFRS financial measure should not be construed as an alternative to other measures of financial performance calculated in accordance with IFRS.
Detailed financial information and Management's Discussion and Analysis for the three months ended September 30, 2011 can be found on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the consolidated interim financial statements for the three months ended September 30, 2011 and the audited consolidated financial statements for the year ended June 30, 2011, including the notes thereto.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus "Zoomer" demographic through television, radio, magazine, internet and trade shows. ZoomerMedia's television properties include; Vision TV, Canada's only multi-faith specialty television service; ONE: the Body, Mind, Spirit and Love Channel, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two over the air conventional stations, available over the air and on cable in their respective markets. ZoomerMedia's radio properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The New Classical 103.1FM, Canada's only commercial classical music radio stations serving the Greater Toronto Area (GTA) and eastern Ontario, and CFZM-AM 740 Toronto - The New AM740 Zoomer Radio, the last music service left on the AM dial in the GTA. ZoomerMedia also publishes Zoomer Magazine, the largest paid circulation magazine in Canada for the mature market. ZoomerMedia is Canada's leading provider of online content targeting the 45plus age group through many properties, the key one being www.50plus.com. ZoomerMedia also has a trade show division that conducts the "Zoomer Show", consumer shows directed to the 45plus age group and ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward looking statements
Certain statements made in this report are 'forward-looking statements' which may include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words 'believe', 'anticipate', 'expect', 'estimate', 'project', 'will be', 'will continue', 'will likely result' or similar words or phrases. Forward- looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in filings by ZoomerMedia Limited with provincial securities commissions. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the following:
-- the risks inherent in magazine publishing; -- the risks inherent in the operation of Internet media properties; -- the risks inherent in the operation of television broadcast properties; -- the risks inherent in the operation of radio broadcast properties; -- the competition within the media industry for the baby boom generation's business; -- the risks associated with governmental regulation of the publishing, internet, radio broadcasting and television broadcasting businesses; -- the results of legal claims made by or against the Company; -- the risk of managing the current revenue growth rate; -- the dependence of the business on the continuing operation of its computer systems; and -- the dependence on key personnel.
Given these risks, and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ZoomerMedia Limited does not intend and does not assume any obligation to update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Vice President and Chief Financial Officer
Vice President Communications
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