Synacor Expects First Quarter Results to be at the High-End or to Exceed Guidance and Raises Guidance for the Full Year 2015
April 10 2015 - 6:02AM
Synacor Inc. (Nasdaq:SYNC), the trusted technology development,
multiplatform services and revenue partner for video, internet and
communications providers, and device manufacturers, today announced
it expects to exceed previously provided guidance for Q1 revenue
and to be at the high end of previously provided guidance for Q1
adjusted EBITDA. Synacor also increased both full year 2015 revenue
and adjusted EBITDA guidance. Synacor's updated financial guidance
follows:
- Q1 Revenue: Revenue for the first quarter of 2015 is projected
to be in the range of $26.0 million to $26.5 million. Previously,
the Company provided guidance for Q1 2015 revenue in the range of
$24.0 million to $26.0 million.
- Q1 Adjusted EBITDA: For the first quarter of 2015, the Company
expects to report adjusted EBITDA of $0.5 to $1 million.
Previously, the Company provided guidance for Q1 2015 Adjusted
EBITDA of $0.0 million to $1 million.
- FY15 Revenue: Revenue for the full year of 2015 is projected to
be in the range of $97.0 million to $102.0 million. Previously, the
Company provided guidance for FY 2015 revenue in the range of $95.0
million to $100.0 million.
- FY15 Adjusted EBITDA: For the full year of 2015, the Company
expects to report adjusted EBITDA of $2.0 million to $4.0 million.
Previously, the Company provided guidance for FY 2015 adjusted
EBITDA of $1.5 million to $3.5 million.
During the first quarter of 2015, Synacor generated over $1.0
million in cash, adding to the $25.6 million cash balance at the
end of the prior quarter ending December 31, 2014.
"I'm pleased today to announce increases to our previously
provided quarterly and annual guidance, which reflect solid
execution against our strategic plan for growth," said Himesh
Bhise, Chief Executive Officer of Synacor. "We continue to deliver
adjusted EBITDA profitability, and at the high-end of our updated
guidance for Q1 we will again deliver 5% year-over-year revenue
growth, similar to the growth we reported in Q4. The updated
guidance is driven by sustained momentum in advertising, continuing
transition at Charter, interest from customers in our video
solutions, and our recent progress in the area of content
discovery."
Final Results to Be Released on April 30,
2015:
The information in this release is preliminary. Synacor is
completing its normal closing process and will release its first
quarter results on April 30, 2015, at approximately 4:00 p.m.
(Eastern time) and will hold a conference call with investors and
analysts to discuss its first quarter results and provide
additional commentary at 5:00 p.m. (Eastern time) on that day. The
live webcast of Synacor's earnings conference call can be accessed
at http://investor.synacor.com/events.cfm. To participate, please
login approximately ten minutes prior to the webcast. For those
without access to the Internet, the call may be accessed toll-free
via phone at (877) 837-3911, with conference ID 19318004, or
callers outside the U.S. may dial (253) 237-1167. Following
completion of the call, a recorded webcast replay will be available
on Synacor's website through May 7, 2015. To listen to the
telephone replay, call toll-free (855) 859-2056, or callers outside
the U.S. may dial (404) 537-3406. The conference ID is
19318004.
About Synacor
Synacor (Nasdaq:SYNC) is the trusted technology development,
multiplatform services and revenue partner for video, internet and
communications providers, and device manufacturers. We deliver
modern, multiscreen experiences and advertising to their consumers
that require scale, actionable data and sophisticated
implementation. www.synacor.com
The Synacor logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11609
Forward-Looking Statements
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This communication contains forward-looking
statements concerning Synacor's expected financial performance for
the first quarter of 2015. These results are preliminary, have not
been reviewed or audited by Synacor's independent registered public
accounting firm, and are accordingly subject to adjustment prior to
Synacor's reporting its complete financial results for the first
fiscal quarter. The achievement or success of the matters covered
by such forward-looking statements involves risks, uncertainties
and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, the
company's results could differ materially from the results
expressed or implied by the forward-looking statements the company
makes.
The risks and uncertainties referred to above include - but are
not limited to - risks associated with: adjustments to our
preliminary estimates for the financial results of the first
quarter; issues encountered in the completion of the quarterly
review; and general economic conditions.
Further information on these and other factors that could affect
the company's financial results is included in filings it makes
with the Securities and Exchange Commission from time to time,
including the section entitled "Risk Factors" in the company's most
recent Form 10-K, as amended, filed with the SEC. These documents
are available on the SEC Filings section of the Investor
Information section of the company's website at
http://investor.synacor.com/. All information provided in this
release and in the attachments is available as of April 10, 2015,
and Synacor undertakes no duty to update this information.
Important Additional Information
Synacor, Inc. (the "Company") has provided to its stockholders a
definitive proxy statement, filed with the Securities and Exchange
Commission ("SEC") on March 27, 2015, and an accompanying proxy
card in connection with the Company's 2015 annual meeting of
stockholders (the "2015 Annual Meeting"). The Company, its
directors and certain of its executive officers may be deemed to be
participants in the solicitation of proxies from stockholders in
connection with the 2015 Annual Meeting. Information concerning the
interests of these directors and executive officers in connection
with the matters to be voted on at the 2015 Annual Meeting is
included in the definitive proxy statement filed by the Company
with the SEC in connection with such meeting. In addition,
information concerning the Company's directors and executive
officers is available in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2014, filed with the SEC on
March 12, 2015. To the extent holdings of the Company's securities
have changed since the amounts contained in the definitive proxy
statement filed with the SEC in connection with the 2015 Annual
Meeting, such changes have been reflected on Initial Statements of
Beneficial Ownership of Securities on Form 3 and Statements of
Changes in Beneficial Ownership of Securities on Form 4 filed with
the SEC. Such documents are, or will be, available free of charge
at the SEC website at http://www.sec.gov. STOCKHOLDERS ARE URGED TO
READ CAREFULLY THE DEFINITIVE PROXY STATEMENT FILED BY THE COMPANY
AND ANY OTHER RELEVANT DOCUMENTS FILED WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
INFORMATION WITH RESPECT TO THE PARTICIPANTS.
CONTACT: Investor Contact:
Denise Garcia, Managing Director
ICR
ir@synacor.com
716-362-3309
Press Contact:
Meredith Roth, VP, Corporate Communications
Synacor
mroth@synacor.com
716-362-3880
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