Trading Update
January 29 2010 - 1:00AM
UK Regulatory
TIDMBRST
RNS Number : 3137G
Burst Media Corporation
29 January 2010
29 January 2010
Burst Media Corporation
Trading update
Burst Media Corporation ("Burst" or the "Company"), the international online
advertising services company, today announces an update on trading for the year
ended 31 December 2009.
Trading update
The Board is pleased to report that the Company's second half performance
improved considerably over the first half. The Board expects full year
revenues will be approximately $31.3 million (2008: $27.3 million) and that
adjusted EBITDA* will be at least in line with market expectations. The
Company's second half media business revenue was considerably higher on a
year-over-year basis, led by record sales in the fourth quarter.
The Company has completed the integration of the operations of Giant Realm, the
vertical ad network business focused on video game and entertainment
enthusiasts, acquired on 5 October 2009. Giant Realm's financial performance for
the period from acquisition to the 2009 year end was broadly in line with the
guidance given in the Company's October 2009 statement announcing the
acquisition with the business generating a small loss.
Net cash balances at 31 December 2009 were $5.7 million (30 June 2009: $9.4
million), reflecting, inter alia, the buyback of shares undertaken in September
2009 and the payment of the consideration for Giant Realm.
Jarvis Coffin, Chief Executive Officer of Burst, commented:
"The Company's significantly improved second half performance is an indication
of both an improving economic climate for advertising and, we believe, the
strong acceptance of Burst's advertising sales propositions in the marketplace.
As we have seen over the last year, Burst Network's targeted web site packages
have steadily gained favour and acceptance with brand advertisers. At the same
time, Burst Direct volume has grown and gained strength with support from new
products such as cost-per-action.
Opportunities remain for the Company to take advantage of its relative strength
and to generate shareholder value by acquisitive growth. In this regard, the
Company continues to actively look at investments, including potential
acquisitions, which enhance our core businesses."
The Company expects to announce its preliminary results for the year ended 31
December 2009 on 7 April 2010.
*earnings before interest, taxes, depreciation and amortization and excluding
restructuring charges, strategic review expenses and equity-based compensation
Enquiries
+------------------------------------+------------------------------------+
| Burst Media Corporation | |
+------------------------------------+------------------------------------+
| Jarvis Coffin, Chief Executive | Tel: +1 781 852 5271 |
| Steve Hill, Chief Financial | |
| Officer | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Hudson Sandler | |
+------------------------------------+------------------------------------+
| Nick Lyon | +44 (0) 20 7796 4133 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Altium | |
+------------------------------------+------------------------------------+
| Tim Richardson / Paul Chamberlain | +44 (0) 20 7484 4040 |
+------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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