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
-- Acquired the television properties Vision TV, Canada's only multi-faith
specialty television service; ONE: the Body, Mind & Spirit 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 on June 28, 2010
-- Acquired the radio stations 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 on June 28,
2010
-- On June 28, 2010 acquired MZTV Production & Distribution, Zoomer
Management Limited, a property located at 64 Jefferson Avenue in Toronto
and the "ideaCity" conference.
-- Completed a financing with Fairfax Financial Holdings Limited for $17.6
million on June 28, 2010.
-- Moses Znaimer, President and Chief Executive Officer of the Company
exercised warrants and subscribed for shares for a total of $3 million
on June 28, 2010
-- Following the success of the Zoomer Show in Toronto in October 2009,
introduced the Zoomer Show to Vancouver in November, 2010
-- On March 22, 2011 acquired the remaining minority held shares of ONE:
the Body, Mind & Spirit Channel that were not acquired on June 28, 2010.
Subsequently changed the name to ONE: the Body, Mind, Spirit & Love
Channel
-- Completed a private placement of 16,211,400 common shares at $0.25 per
share for gross proceeds of $4,052,850 on April 5, 2011
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 www.sedar.com. 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 www.50plus.com. 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:
-- 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.
Contacts: ZoomerMedia Limited George Kempff Vice President and
Chief Financial Officer (416) 607-7735g.kempff@zoomermedia.ca
ZoomerMedia Limited Leanne Wright Vice President Communications
(416) 886-6873leanne@zoomers.ca
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