TORONTO, ONTARIO — (Marketwire) — 10/28/11 — ZoomerMedia Limited (TSX VENTURE: ZUM) (the “Company”), a leader in serving the interests of the 45+ “Zoomer” market, today announced it-s financial results for the year ended June 30, 2011.
Highlights for the Year
Fourth Quarter Results
For the three months ended June 30, 2011 the Company had revenues of $15.2 million, operating expenses of $11.8 million, amortization of program rights of $3.3million and stock based compensation of $145,098. In addition the Company took a charge of $4.2 million on the impairment of program rights during the quarter. This results in a loss before depreciation, amortization, interest and taxes of $4.3 million. The net loss for the quarter was $7.3 million.
For the three months ended June 30, 2010, the Company had revenues of $3.2 million, operating expenses of $3.4 million with a net loss, after depreciation, amortization, interest and a tax recovery, of $2.1 million. Included in the after tax net loss are depreciation and amortization expenses, an impairment charge to goodwill and intangible assets, interest and tax recovery for a total net amount of $1.9million.
Year End Results
For the year ended June 30, 2011 the Company had revenues of $60.0 million, operating expenses of $40.6 million, amortization of program rights of $14.6 million and stock based compensation of $523,339. In addition the Company took a charge of $4.2 million on the impairment of program rights resulting in income before depreciation, amortization, interest and taxes of $80,237. Net loss for the year was $6.8 million.
For the year ended June 30, 2010, the Company had revenues of $10.3 million, operating expenses of $12.5 million with a net loss, before depreciation, amortization, interest, impairment charges and a tax recovery, of $2.2 million. Net loss for the year was $5.2 million.
On June 30, 2010 the Company acquired certain rights to television programming to be used in the television operations of the Company that were acquired on June 28, 2010. During the year the Company utilized this programming but at the end of the year it was determined much of the acquired programming no longer fit the direction and quality of programming the Company was planning for the future of the television operations. Therefore the Company took a charge of $4.2 million on the impairment of these program rights.
Additional Information
Detailed financial information and Management-s Discussion and Analysis for the year ended June 30, 2011 can be found on SEDAR-s website at . The financial information included in this release is qualified in its entirety and should be read together with 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 . ZoomerMedia also has a trade show division that conducts annual consumer shows directed to the 45plus age group and owns ideaCity, an annual Canadian conference also known as -Canada-s Premiere Meeting of the Minds-.
Cautionary note on 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. 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:
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.
Contacts:
ZoomerMedia Limited
George Kempff
Vice President and Chief Financial Officer
(416) 607-7735
ZoomerMedia Limited
Leanne Wright
Vice President Communications
(416) 886-6873
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