News
YANGAROO Reports Second Quarter Results
TORONTO-(Business Wire)-August 29, 2008 - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, today announced results for the first half and second quarter ended June 30, 2008. Revenues for the six months ended June 30 were 5% higher than revenues for the same period in 2007, due to the increased use of YANGAROO's Digital Media Distribution System (DMDS). Cash and cash equivalents were $4,475,000 at June 30, 2008. In the United States market, the volume of deliveries made by YANGAROO's DMDS in the second quarter more than doubled over the second quarter of 2007 to 526,000.
Highlights from the first half of 2008 include the registration of the 2,000th U.S. radio station on DMDS, partnering with leading U.S. music industry publication Radio & Records, signing of over 30 new independent music customers, doubling the number of U.S. deliveries via DMDS in the second quarter, continued revenue growth, aggressively prosecuting our $15 million Canadian patent infringement claim against a competitor, launching our ecommerce service DMDSDirect, linking DMDSDirect with Nielsen BDS' Virtual Encode site, integrating DMDS with OMT Inc.'s iMediaTouch Radio Automation Software, launching the Canadian music industry's digital news source FYIMusic.ca and reaching agreement with the Examiner on the patent claims in our pending U.S. patent application.
"YANGAROO made significant progress on many fronts during the first half of 2008," said YANGAROO President & CEO John Heaven. "Not only are our existing partners relying on DMDS more, but we are also making significant inroads in the U.S. market and with the independent music community, which is embracing the cost-effective, environmentally friendly and less labour-intensive way DMDS allows songs and promotional materials to be sent to radio."
Summary of operating results for the six months and second quarter ended June 30, 2008: -0- *T ——————————————————————————————————— $CDN Six Months 2nd Quarter ——————————————————————————————————— 2008 2007 2008 2007 ——————————————————————————————————— Revenue 265,023 253,448 137,946 130,640 ——————————————————————————————————— Interest income 93,096 132,198 37,708 71,715 ——————————————————————————————————— EBITDA (1,660,726) (1,137,368) (928,965) (625,651) ——————————————————————————————————— Net loss for the period (1,827,915) (1,161,255) (1,020,724) (632,562) ——————————————————————————————————— Loss per share (basic & diluted) (0.02) (0.02) (0.01) (0.01) ——————————————————————————————————— *T
The increase in the loss for the first half of 2008 compared to the same period on 2007 was primarily due to higher total expenses. The majority of the increase in operating expenses in the first half of 2008 stemmed from planned human resource additions and from continuing to enforce and expand intellectual property rights. During the period the company commenced work on a major version upgrade of DMDS that will improve existing functions and add several new features and capabilities to the system. Operating expenses in the first six months of 2008 were below the budgeted target.
The full text of the financial statements and Management Discussion & Analysis is available at www.yangaroo.com and at www.sedar.com.
In other news, Garry Wallace, Executive Vice President Sales & Marketing for YANGAROO, is leaving the company to help launch a family business. Garry is expected to continue his relationship with YANGAROO in a part time advisory board or consulting role. YANGAROO wishes him every success with the new enterprise.
About YANGAROO:
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS is a web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. DMDS replaces the physical distribution of musical recordings and advertising to radio, media, retailers, and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet.
YANGAROO's DMDS has made over five million deliveries of over 11,000 songs from more than 600 record labels to destinations which include radio stations representing over 35 U.S. broadcast chains. U.S. record labels delivered 1.3 million songs via YANGAROO's Digital Media Distribution System (DMDS) in the U.S. in 2007.
DMDS is the only system that can digitally deliver music across the U.S., Canada, and the UK. YANGAROO has offices in Toronto, New York, Los Angeles, and London, UK. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB:YOOIF. For further information, please contact John Heaven at 905-763-3553 or visit www.yangaroo.com.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
 |
 |
 |
|
||
 |
|
 |
|
||
Search Our News Using Google Search
Can't find what you want? Try using Google:
