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By Business Wire |
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July 3, 2014 07:30 AM EDT |
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1,077 |
SoMedia
Networks (TSX-V:VID), the pioneer of globally scalable cloud-based
video production solutions, reported results for the three month period
ending June 30, 2014.
The results for the three months ending June 30, 2014 reflect a 57%
increase in sales over the previous quarter or 134% sales growth over
the same period last year, which follows an increase of 36% in the first
quarter of 2014. SoMedia continued to modify and improve its operations
and focus on increasing market penetration of its Scalable Video
solutions, including the development of a third sales channel, SoMedia
Direct. The complete financial results for SoMedia are available at www.sedar.com.
Q2 2014 HIGHLIGHTS
-
Achieved record sales of $251,702, an increase of 57% over the
previous quarter, and an increase of 134% from the year-ago quarter.
This builds on an increase of 36% in the first quarter
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Achieved year over year revenue growth of 139%, up 25% over the prior
quarter
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Average order size by repeat resellers increased by 214% over the year
ago-quarter and up 28% over the prior quarter as a result of focusing
on higher-value existing and corporate clients
-
Sales to existing resellers increased by 198% and by 65% to new
resellers over the prior quarter
KEY PERFORMANCE INDICATORS
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|
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For the quarter ended June 30,
2014
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For the quarter ended March 31, 2014
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For the quarter
ended
December 31, 2013
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For the
quarter ended
September 31,
2013
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For the
quarter
ended June
30, 2013
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For the
quarter
ended
March 31,
2013
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Value of Orders
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251,702
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160,341
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117,366
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130,623
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107,518
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76,665
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Average Order Value – Repeat Sale ($)
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3,842
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2,107
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1,223
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1,729
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1,593
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1,821
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Average Order Value – Initial Sale ($)
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2,848
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2,033
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|
764
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739
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|
796
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1,143
|
The measures described in this table are not intended to be measures
that should be regarded as an alternative to other financial operating
performance measures prepared in accordance with IFRS. Those measures do
not have a standardized meaning prescribed by IFRS and may not be
comparable to similar measures presented by other companies. They are
provided to assist investors in determining the Company’s ability to
generate profitability from its operations and to evaluate its financial
performance. For further descriptions of these terms, please refer to
either the Company’s Management’s Discussion and Analysis for the period
or to the ‘Definition of Key Performance Indicators’ section at the
conclusion of this document.
“We continue to expand our focus on providing video production solutions
that emphasize our key competitive advantages of scale, volume and
reach,” said George Fleming, CEO of SoMedia Networks. “As a result the
Company is experiencing significant momentum and our sales and marketing
initiatives have resulted in the Company's best quarter to date in terms
of sales volume and revenue. The second quarter saw sales growth of 57%
quarter over quarter after an increase of 36% in the first quarter.
During the quarter revenues increased 25% from Q1 2014 and 139% over the
year-ago quarter.”
“We are seeing strong demand across a variety of sectors as video
content is embraced as an increasingly effective way to drive engagement
by corporations. We believe our targeted sales and marketing initiatives
focused on resellers and corporate accounts along with the expansion of
SoMedia Direct integrations into new large SaaS marketing and business
services platforms will drive accelerated growth going forward."
FINANCIAL REVIEW
The Company delivered higher revenues with lower costs as a direct
result of adjusting to demand and reducing operating costs.
FINANCIAL PERFORMANCE
|
In Canadian Dollars ($)
|
|
Six months ended June
30, 2014
(unaudited)
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Year ended
December 31, 2013
(audited)
|
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Year ended December 31,
2012
(audited)
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Total Revenues
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204,960
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215,723
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113,374
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Employment expenses
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1,376,661
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3,082,868
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2,142,833
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Other operating expenses
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866,078
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2,196,597
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861,430
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Non-operating expenses
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98,162
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1,719,658
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1,133,218
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Comprehensive Loss for the Period
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(2,135,941)
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(6,783,395)
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(4,024,107)
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Loss per share (basic and diluted)1
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(0.04)
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(0.36)
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(0.37)
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Total Assets
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583,390
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658,460
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563,595
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Long term financial liabilities
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-
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-
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2,767,726
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Cash dividends per share
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|
-
|
|
-
|
|
-
|
Note: (1) Reflects numbers after effecting the 4-for-1 Share
Consolidation which was effective as of May 6, 2013.
At the end of the second quarter investor relations consultant Ryan
Johnson resigned. The Company wishes to thank Mr. Johnson for his
contribution to the Company.
About SoMedia Networks
SoMedia Networks, the creator of Scalable Video, has reengineered how
businesses access video content creation, production and deployment. The
cloud-based SoMedia Platform allows businesses, brands and media to
easily order the production of custom video content at scale and volume,
anywhere, on demand, with rapid turnaround, and at a fraction of current
costs.
SoMedia provides Scalable Video as an integrated solution to corporate
partners, as a resale solution through thousands of web marketing firms
and directly to digital agencies and millions of SMBs across North
America. To learn more visit: www.somedia.net.
DEFINITION OF KEY PERFORMANCE INDICATORS
Value of Sales: The dollar value of videos sold during the
period. A video is considered sold when a client makes an order and
provides a deposit. Revenue is not recognized until the video is
completed and approved by the client.
Average Order Value-Repeat Sales: A repeat sale is a sale made to
a client with one or more prior purchases. The “Average order value –
repeat sales” is the total of all orders received from repeat clients in
the quarter, divided by the number of unique orders made by these
clients.
Average Order Value - New sales: A new sale is a sale made to a
client with no prior purchase history. The “Average order value - new
sales” is the total orders received from new clients in the quarter,
divided by the number of unique orders made by these clients.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject
to risks and uncertainties. All statements within, other than
statements of historical fact, are to be considered forward looking. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, continued availability
of capital and financing, and general economic, market or business
conditions. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any obligation
to update any forward-looking statements. This news release does not
constitute an offer to sell or a solicitation of an offer to sell any
securities in the United States. The securities have not been and will
not be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws and may
not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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