TORONTO, ONTARIO -- (Marketwire) -- 02/28/11 -- ZoomerMedia Limited (TSX VENTURE: ZUM), a leader in serving the interests of the 45+ "Zoomer" market, today announced it's financial results for the second quarter and six months ended December 31, 2010.
For the three months ended December 31, 2010, the Company had revenues of $16.9 million and expenses of $14.4 million resulting in income before depreciation, amortization and interest of $2.5million. Net income for the quarter was $898,317. For the comparable quarter ended December 31, 2009, the Company had revenues of $2.9 million and expenses of $3.4 million with a loss before depreciation, amortization, interest and a tax recovery of $457,634. Net loss for the quarter was $884,136.
For the six months ended December 31, 2010, the Company had revenues of $31.2 million and expenses of $27.3 million resulting in income before depreciation, amortization and interest of $3.9 million. Net income for the period was $1.1 million. For the comparable six month period in the previous year, the Company had revenues of $5 million and expenses of $6 million for a loss before depreciation, amortization and interest of $1 million. The net loss for the period was $1.7 million.
"As the first of the Baby Boomers reached their 65th year this past January, more attention than ever is being paid to this huge demographic that our properties are devoted to. We're confident that advertisers will increasingly see the potential profitability of marketing to this segment and create business strategies that take advantage of the unique synergy between our media assets and CARP, Canada's largest association for the 45plus," said Moses Znaimer
Detailed financial information and Management's Discussion and Analysis for the first quarter ended September 30, 2010 can be found on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the audited consolidated financial statements for the year ended June 30, 2010, including the notes thereto.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus "Zoomer" demographic through television, radio, magazine, internet and trade shows. ZoomerMedia's television properties include; Vision TV, Canada's only multi-faith specialty television service; ONE: the Body, Mind & Spirit Channel, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two over the air conventional stations, available over the air and on cable in their respective markets. ZoomerMedia's radio properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The New Classical 103.1FM, Canada's only commercial classical music radio stations serving the Greater Toronto Area (GTA) and eastern Ontario, and CFZM- AM 740 Toronto - The New AM740 Zoomer Radio, the last music service left on the AM dial in the GTA. ZoomerMedia also publishes Zoomer Magazine, the largest paid circulation magazine in Canada for the mature market. ZoomerMedia is Canada's leading provider of online content targeting the 45plus age group through many property's, the key one being www.50plus.com. ZoomerMedia also has a trade show division that conducts annual consumer shows directed to the 45plus age group and owns ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward looking statements
Certain statements made in this report are 'forward-looking statements' which may include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words 'believe', 'anticipate', 'expect', 'estimate', 'project', 'will be', 'will continue', 'will likely result' or similar words or phrases. Forward- looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in filings by ZoomerMedia Limited with provincial securities commissions. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the following:
-- the risks inherent in magazine publishing; -- the risks inherent in the operation of Internet media properties; -- the risks inherent in the operation of television broadcast properties -- the risks inherent in the operation of radio broadcast properties -- the competition within the media industry for the baby boom generation's business; -- the risks associated with governmental regulation of the publishing, internet, radio broadcasting and television broadcasting businesses; -- the results of legal claims made by or against the Company; -- the risk of managing the current revenue growth rate; -- the dependence of the business on the continuing operation of its computer systems; and -- the dependence on key personnel.
Given these risks, and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ZoomerMedia Limited does not intend and does not assume any obligation to update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.