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YANGAROO Reports First Quarter Results
May. 29, 2018 09:15AM PST
Cloud InvestingYANGAROO Inc (TSXV:YOO), the leading secure digital media management and distribution company announced its results for the first quarter ended March 31, 2018. The company said that its revenues for Q1 was $1,949,090 which is 12 percent higher than in the same period in 2017 and two percent higher than the previous quarter. As quoted …
YANGAROO Inc (TSXV:YOO), the leading secure digital media management and distribution company announced its results for the first quarter ended March 31, 2018.
The company said that its revenues for Q1 was $1,949,090 which is 12 percent higher than in the same period in 2017 and two percent higher than the previous quarter.
As quoted in the press release:
Normalized EBITDA for Q1 of $179,566 increased by 49% over the same period in 2017 and increased by 19% over the previous quarter. Net income in Q1 was $84,971, 159% improvement over Q1 2017 and 4% decrease over Q4 2017.
Advertising revenue of $1,229,455 in Q1, marked a 20% increase over the same period in 2017 and 4% increase over the previous quarter. The increase in revenue was a result of continuous growth in new customers and increased sales volumes with existing customers.
Entertainment revenue remains flat. Revenue in Q1 2018 was $719,635, up 1% over Q1 2017 and down 1% over previous quarter. Higher awards management revenue was recorded in the quarter but offset by a general decline in volume of video delivery and subscription fees.
“Starting in the second quarter of last year, the Company initiated a change of leadership and rebuilding of the sales team in the Advertising business,” said Gary Moss, President and CEO of YANGAROO. “Additionally, the mandate of the team was adjusted to focus on larger customer opportunities and during the last half of 2017, the team started to build a pipeline of target deals. Closing sales to larger customers is a more lengthy process. During the first quarter, this new pipeline started to deliver meaningful new customer wins. The Company is confident that the flow of new customer wins from the team will continue into the future and will support the growth of Advertising revenues especially in the last half of 2018.”
Total operating expenses for the quarter ended March 31, 2018 was $1,901,097, 14% higher than the previous year and 5% higher than the previous quarter. Income from operations in Q1 was $47,993, 28% lower than the previous year and 53% lower than the previous quarter. The changes were primarily due to higher value of stock options granted and salary adjustments taken place in Q1 2018. Excluding the impact of non-cash and non-operating costs, the first quarter of 2018 had a normalized cash flow of $179,566.