Mood Media Reports 2012 Revenues of $444 million and EBITDA of $112 million
TORONTO, March 28, 2013 /PRNewswire/ – Mood Media Corporation (ISIN:
CA61534J1057) (TSX:MM ) (LSE AIM:MM), one of the world’s largest
integrated providers of in-store customer solutions and experiences,
today reported its 2012 and fourth quarter financial results for the
period ended December 31, 2012.
The Company reported revenues of $132 million in the fourth quarter, a
51% increase versus the prior year’s quarter, driven by acquisitions,
improvements in recurring revenues in the North America and
International reporting segments, growth in equipment revenues and
rising blended ARPU. For 2012, revenues reached $444 million.
EBITDA in the fourth quarter remained flat relative to the prior year’s
quarter at $28 million reflecting acquisitions, improvements in
recurring subscription and equipment revenues, offset by higher content
expenses as well as lower equipment margins. In 2012, EBITDA increased
35% to $112 million.
The Company also announced it is implementing immediately a
comprehensive operating and productivity program aimed at delivering
improved business results. The program is designed to enhance the
Company’s efficiency, flexibility and innovation. It will be customer
facing and will produce streamlined operating capabilities.
“We are incredibly proud of the organization we have built over the last
two years,” said Lorne Abony, Chairman and CEO of Mood Media. We have
all the capabilities to deliver truly outstanding customer experiences
across a broad range of solutions for our leading clients. The strength
of our Company’s solutions is clearly evident in the continuing
positive momentum in our customer base in Q4.”
“While we have made great strides so far, there is room for improvement.
We are focused on realizing the full potential of the opportunities
ahead by continuing to accelerate our solutions offering and by
successfully implementing our operational plans.”
Selected Financial Information
Three months ended Year ended December December December December December 31, 31, 31, 31, 31, 2012 2011 2012 2011 2010 Continuing operations Revenue $131,946 $87,676 $443,823 $274,771 $79,009 Expenses: Cost of sales (excludes depreciation and amortization) 61,045 29,263 183,759 95,091 24,220 Operating expenses 42,924 29,998 148,404 96,967 32,642 Depreciation and amortization 17,839 13,764 57,856 42,047 10,164 Share-based compensation 866 1,215 3,758 3,175 732 Other expenses 15,444 3,699 39,812 22,790 14,601 Foreign exchange (gain) loss on financing transactions (4,195) 6,519 (1,428) 5,067 (8,153) Finance costs, net 9,529 8,408 51,045 61,350 28,481 Loss for the period before taxes (11,506) (5,190) (39,383) (51,716) (23,678) Income tax charge (credit) 2,438 2,391 (14,219) 545 (2,063) Loss for the year from continuing operations (13,944) (7,581) (25,164) (52,261) (21,615) Discontinued operations Profit (loss) after tax from discontinued operations (13,203) (23) (54,067) (7,644) 22 Loss for the year (27,147) (7,604) (79,231) (59,905) (21,593) Attributable to: Owners of the parent (27,291) (7,605) (79,502) (59,951) (21,706) Non-controlling interests 144 1 271 46 113 (27,147) $(7,604) (79,231) $(59,905) $(21,593) Net earnings (loss) per share: Basic and diluted $(0.16) $(0.06) $(0.50) $(0.48) $(0.24) Basic and diluted from continuing operations (0.08) (0.06) (0.16) (0.42) (0.24) Basic and diluted from discontinued operations (0.08) 0.00 (0.34) (0.06) 0.00
December December December 31, 2012 31, 2011 31, 2010 Total $947,781 $722,109 $367,347 assets Total 657,320 548,801 191,331 non-current liabilities
Pro Forma Key Performance Indicators – 2012
_____________________________________________________________________ | | Q1.12| Q2.12| Q3.12| Q4.12| 2012| |_____________________________|_______|_______|_______|_______|_______| |Subscriber locations (Company|432,428|431,527|430,874|434,501|434,501| |owned) | | | | | | |_____________________________|_______|_______|_______|_______|_______| |Visual gross subscriber | 710| 1,134| 1,380| 4,196| 7,420| |additions | | | | | | |_____________________________|_______|_______|_______|_______|_______| |Blended ARPU | $59.22| $59.94| $59.37| $60.29| $59.70| |_____________________________|_______|_______|_______|_______|_______| |Blended Churn | 0.72%| 0.87%| 0.70%| 0.68%| 0.74%| |_____________________________|_______|_______|_______|_______|_______|
Pro Forma Key Performance Indicators – 2011
_____________________________________________________________________ | | Q1.11| Q2.11| Q3.11| Q4.11| 2011| |_____________________________|_______|_______|_______|_______|_______| |Subscriber locations (Company|420,075|420,421|425,635|431,759|431,759| |owned) | | | | | | |_____________________________|_______|_______|_______|_______|_______| |Visual gross subscriber | 339| 462| 524| 715| 2,040| |additions | | | | | | |_____________________________|_______|_______|_______|_______|_______| |Blended ARPU | $58.18| $58.52| $57.39| $57.97| $58.01| |_____________________________|_______|_______|_______|_______|_______| |Blended Churn | 0.82%| 0.78%| 0.59%| 0.63%| 0.70%| |_____________________________|_______|_______|_______|_______|_______|
Pro forma key performance indicators express the results of all ongoing
businesses presently owned and reflected as if ownership had occurred
on January 1, 2011.
This earnings release, which is current as of March 28, 2013, is a
summary of our 2012 annual and fourth quarter results, and should be
read in conjunction with our 2012 MD&A and our 2012 Audited Annual
Consolidated Financial Statements and Notes thereto and our other
recent filings with securities regulatory authorities in Canada and the
The financial information presented herein has been prepared on the
basis of IFRS for interim financial statements and is expressed in
United States dollars unless otherwise stated.
This news release includes certain non-IFRS financial measures. Mood
Media uses these non-IFRS financial measures as supplemental indicators
of its operating performance and financial position. These measures do
not have any standardized meanings prescribed by IFRS and therefore may
not be comparable to the calculation of similar measures used by other
companies, and should not be viewed as alternatives to measures of
financial performance calculated in accordance with IFRS.
In this earnings release, the terms “we”, “us”, “our”, “Mood Media” and
“the Company” refer to Mood Media Corporation and our subsidiaries.
About Mood Media Corporation
Mood Media Corporation (TSX:MM) (LSE AIM:MM), is one of the world’s
largest designers of in-store consumer experiences, including audio,
visual, interactive, scent, voice and advertising solutions. Mood
Media’s solutions reach over 150 million consumers each day through
570,000 subscriber locations in over 40 countries throughout North
America, Europe, Asia and Australia.
Mood Media Corporation’s client base includes more than 850 U.S. and
international brands in diverse market sectors that include: retail,
from fashion to financial services; hospitality, from hotels to health
spas; and food retail, including restaurants, bars, quick-serve and
fast casual dining. Our marketing platforms include 77% of the top 100
retailers in the United States and 100% of the top 50 quick-serve and
fast-casual restaurant companies.
For further information about Mood Media, please visit www.moodmedia.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The words
“believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”,
“would” and similar expressions and the negative of such expressions
are intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to important assumptions,
including without limitation, expected growth, results of operations,
performance, and business prospects and opportunities. While Mood Media
considers these factors and assumptions to be reasonable based on
information currently available, they may prove to be incorrect.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements. Such
factors include, but are not limited to: the impact of general market,
industry, credit and economic conditions, currency fluctuations as well
as the risk factors identified in Mood Media’s management discussion
and analysis dated March 28, 2013 and Mood Media’s annual information
form dated March 28, 2013, both of which are available on www.sedar.com.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. All of the
forward-looking statements made in this press release are qualified by
these cautionary statements and other cautionary statements or factors
contained herein, and there can be no assurance that the actual results
or developments will be realized or, even if substantially realized,
that they will have the expected consequences to, or effects on, Mood
Forward-looking statements are given only as at the date hereof and Mood
Media disclaims any obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable laws.
Mood Media Corporation presents EBITDA information as a supplemental
figure because management believes it provides useful information
regarding operating performance. EBITDA is not a recognized measure
under International Financial Reporting Standards (“IFRS”), does not
have standardized meaning, and is unlikely to be comparable to similar
measures used by other companies. Accordingly, investors are cautioned
that EBITDA should not be construed as an alternative to net earnings
or (loss) determined in accordance with IFRS as an indicator of the
financial performance of Mood Media or as a measure of Mood Media’s
liquidity and cash flows.
SOURCE Mood Media Corporation