MeetMe Announces Improved Second Quarter 2015 Guidance
June 23 2015 - 3:05PM
Business Wire
MeetMe, Inc. (NASDAQ: MEET), a public market leader for social
discovery, today announced it increased its revenue and adjusted
EBITDA guidance for its second quarter ending June 30, 2015 based
on progress it has made in successfully transitioning management of
its advertising inventory in-house earlier this month.
Geoff Cook, Chief Executive Officer of MeetMe, stated, “Since
resuming management of our advertising inventory, we have
experienced stronger rates than we originally anticipated. Our
daily mobile app advertising revenue in the first three weeks of
June has increased 23% versus the May average, and in the seven
days ending June 21st, we have experienced 53% higher daily mobile
app advertising revenue than the May average. We continue to
enhance and improve our current ad inventory and look forward to
testing full-screen mobile video ad units in July.”
David Clark, Chief Financial Officer of MeetMe, added, “We now
expect second quarter revenue to be between $10.5 million and $10.7
million, above our previously revised guidance of $9.0 million to
$9.5 million. Adjusted EBITDA for the second quarter is expected to
be between $1.5 million and $2.0 million, compared to our
previously provided revised guidance of adjusted EBITDA in the
range of $250,000 to $750,000. All guidance amounts are subject to
change based on our determination of the collectability of all
amounts owed to us by Beanstock Media, Inc. Beanstock represents
approximately $5.8 million in accounts receivable, of which
approximately $2.25 million is overdue. We believe none of these
amounts is in dispute.”
MeetMe expects to announce full second quarter 2015 results in
early August at which point it expects to also furnish additional
revenue and profitability related metrics and updated annual
guidance for 2015.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in
the US and the public market leader for social discovery (NASDAQ:
MEET). MeetMe makes it easy to discover new people to chat with on
mobile devices. With approximately 80 percent of traffic coming
from mobile and more than one million total daily active users,
MeetMe is fast becoming the social gathering place for the mobile
generation. The company is a leader in mobile monetization with a
diverse revenue model comprising advertising, native advertising,
virtual currency, and subscription. MeetMe apps are available on
iPhone, iPad, Android and Windows Phone in multiple languages,
including English, Spanish, Portuguese, French, Italian, German,
Chinese (Traditional and Simplified), Russian, Japanese, Dutch,
Turkish and Korean. For more information, please
visit meetmecorp.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, whether our EBITDA will continue to grow,
whether we will continue to experience stronger rates than
originally anticipated, whether our mobile app advertising revenue
will continue to increase and if so at what rates, whether we will
continue to enhance and improve our current ad inventory, whether
we will test full-screen mobile video ad units in July, whether our
second quarter revenue and adjusted EBITDA will meet expected
results, whether and what amount of overdue accounts receivable we
will be able to collect from Beanstock Media, Inc., and the timing
of such collection. All statements other than statements of
historical facts contained herein are forward-looking statements.
The words “believe,” “may,” “estimate,” “continue,” “anticipate,”
“intend,” “should,” “plan,” “could,” “target,” “potential,”
“project,” “is likely,” “expect” and similar expressions, as they
relate to us, are intended to identify forward-looking statements.
We have based these forward-looking statements largely on our
current expectations and projections about future events and
financial trends that we believe may affect our financial
condition, results of operations, business strategy and financial
needs. Important factors that could cause actual results to differ
from those in the forward-looking statements include the risk that
we are not able to collect our overdue amounts from Beanstock Media
Inc. easily or otherwise as anticipated, the risk that our
transition of managing our advertising inventory in-house will not
continue successfully as anticipated, our expectations for revenue
and adjusted EBITDA will not be met, the risk that unanticipated
events affect the functionality of our applications with popular
mobile operating systems, and events could adversely affect usage
of our mobile devices . Further information on our risk factors is
contained in our filings with the Securities and Exchange
Commission (“SEC”), including the Form 10-K for the year ended
December 31, 2014, the Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015, and the Current Report on Form 8-K
filed on June 3, 2015. Any forward-looking statement made by us
herein speaks only as of the date on which it is made. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
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MKR Group Inc.Todd Kehrli(323) 468-2300meet@mkr-group.com
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