DUBLIN, LOS ANGELES, and TORONTO, March 1, 2018
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
- 1st half of FY2018 revenues grow to $3,089,331 – an increase year over year of 73%
DUBLIN, LOS ANGELES, and TORONTO, March 1, 2018 /CNW/ - QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) ("QYOU Media" or the "Company") a global media company that curates and packages premium 'best-of-the-web' video for multiscreen distribution has reported financial results for the quarter ended December 31, 2017. All figures appear in Canadian dollars.
Financial Highlights for the Quarter:
- For the three months ending December 31, 2017, revenues increased to $1,574,393 compared to revenues of $889,627 for the three months ended December 31, 2016.
- The adjusted Net Loss increased 73% to $1,486,042 for the period ended December 31, 2017 compared to $857,631 for the same period in 2016 due primarily to increased operating expenses to support revenue growth.
- Balance of cash and cash equivalents was $4,300,784 compared to $2,582,966 for the same period in 2016.
QYOU Media's CEO, Curt Marvis, stated, "QYOU completed 2017 with investment into building a world class foundation of distribution and content partnerships that we expect to drive our growth in 2018 and beyond. Our agreement in Q4 of 2017 with Super Channel to produce HUD, our flagship esports format that launched on January 15, 2018, is already building momentum for our distribution business worldwide. In addition, 2018 has leveraged further localized content development to drive growth internationally in India and via our recently announced iflix agreement. Collectively we continue to expand a growing list of blue chip global distribution partners thus adding to our efforts to bring compelling content to millennials and gen-z consumers worldwide."
Detailed information in QYOU Media's financial statements for the three months ended December 31, 2017 and 2016, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under the Company's profile on SEDAR at www.sedar.com.
Restricted Share Unit Grants
The Company also announces that it has issued an aggregate of 4,125,000 restricted share units of the Company ("RSUs") to its existing directors, officers, employees and consultants pursuant to the Company's restricted share unit plan.
About QYOU Media Inc.
QYOU Media Inc. is a fast-growing global media company that curates and packages premium 'best-of-the-web' video for multiscreen distribution. Founded and created by industry veterans from Lionsgate, MTV, and CinemaNow, QYOU Media's millennial-focused products including linear television networks, genre-based series, mobile apps, and video-on-demand formats reach millions of customers on six continents. Distribution partners include Sinclair Broadcast Group, Vodafone, 21st Century Fox, Liberty Global, Telenor and TATA Sky. More information on QYOU Media can be found at www.theqyou.com.
Non-GAAP Financial Measures
This press release makes reference to certain non-GAAP financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of QYOU Media's results of operations from management's perspective. QYOU Media's definitions of non-GAAP measures used in this press release may not be the same as the definitions for such measures used by other companies in their reporting. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of QYOU Media's financial information reported under IFRS. QYOU Media uses non-GAAP financial measures, including "adjusted net loss", to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. QYOU Media defines "adjusted net loss" as the company net loss, less non-cash related expenses of $231,290 (stock based compensation of $148,276, foreign exchange of $73,561 and depreciation of $9,453).
QYOU Media believes that securities analysts, investors and other interested parties frequently use non-GAAP financial measures in the evaluation of issuers. QYOU Media's management also uses non-GAAP financial measures in order to facilitate operating performance comparisons from period to period.
SOURCE QYOU Media Inc.
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Holly Searle, Platform Communications - for QYOU Media, +44 (0) 207 486, firstname.lastname@example.org; Natasha Roberton, VP Marketing, QYOU Media, +49 152 2254 7680, email@example.com; Jeff Walker, Investor Relations - for The QYOU, + 1 403 221 0915, firstname.lastname@example.orgCopyright CNW Group 2018