OutdoorPartner Media announces third quarter financial results
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
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
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
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
Share this article