ZoomerMedia Limited (TSXV:ZUM) (the “Company”), the leader in
serving the interests of the 45+ “Zoomers” as well as younger
millennials and Gen Z who are also called “Zoomers”, today
announced its financial results for the second quarter ended
February 28, 2023.
Consolidated Results
For the six months ended February 28, 2023 the
Company generated revenues of $32.5 million, operating expenses of
$29.3 million and Adjusted EBITDA of $3.2 million. Net income for
the same period was $0.4 million.
For the comparative six months ended February
28, 2022 the Company had revenues of $26.8 million, operating
expenses of $21.0 million and Adjusted EBITDA of $5.8 million. Net
income for the three months was $3.6 million.
EBITDA and Adjusted EBITDA are non-IFRS earnings
measures which do not have any standardized meaning prescribed by
IFRS and therefore may not be comparable to EBITDA or Adjusted
EBITDA presented by other companies. EBITDA represents earnings
before interest expense, income taxes, depreciation and
amortization. Adjusted EBITDA excludes the gain on sale of property
and the unrealized gain or loss on equity instruments. These
measures are important to management since they are used by
potential investors to evaluate the Company’s operating performance
and ability to incur and service debt, and as a valuation metric.
Investors are cautioned that this non-IFRS financial measure should
not be construed as an alternative to other measures of financial
performance calculated in accordance with IFRS.
Additional Information
Detailed financial information and Management’s
Discussion and Analysis for the six months ended February 28, 2023
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 interim consolidated financial
statements for the six months ended February 28, 2023, including
the notes thereto.
About ZoomerMedia Limited
Founded by television and media icon Moses
Znaimer in 2008, ZoomerMedia Limited is a multimedia company
devoted to creating content, services and experiences for Canada's
most powerful audiences: the 17.2 million people aged 45-plus aka
"Zoomers", and the 13.7 million Millennials and Gen Zs,
coincidentally also called "Zoomers", who follow in their
footsteps.
ZoomerMedia operates 5 TV, 2 Radio, 3 Print, 3
Live Event, and 15 Digital properties including the newly acquired
youth-friendly local news and lifestyle digital publication blogTO
and dailyhive. ZoomerMedia produces original TV, Radio, and Podcast
programming, offers clients creative audio and video production
services, and bespoke events on site at its 2.6 acre complex in
Toronto's Liberty Village.
For specific ZoomerMedia property names and
focus, please see below.
ZoomerMedia's Television properties include:
VisionTV, available in 7.5 million households is Canada's home for
British comedy and drama series, plus uplifting movies, music,
news, and multicultural and multilingual faith programming; ONETV:
The Exercise & Entertainment Channel, combines original yoga,
pilates, tai chi, and cardio fitness series with British serial
soaps, dramas and American movies; JoyTV in Vancouver, Victoria,
Surrey and the Fraser Valley, and FAITH TV in Winnipeg are devoted
to broadcasting Christian, multi-faith, and local content.
ZoomerMedia's Digital properties include:
blogto.com, Canada's unrivalled local publisher across digital and
social media platforms, bringing in 8 million monthly active users,
and over 360 million page views annually; dailyhive.com, the
dominant platform in Western Canada and one of the country’s most
followed news brands with over 9 million monthly active users,
nearly 300 million annual page views, and 3.1 million followers
across Instagram, TikTok, Facebook, Twitter, and Linkedin; and
EverythingZoomer.com, Canada's leading provider of online content
targeting the 45-plus.
ZoomerMedia's Radio properties include: The New
Classical FM, Canada's only commercial all classical music radio
station broadcasting over three frequencies in a unique regional
Ontario network: 96.3FM CFMZ-FM Toronto (GTA), 103.1FM CFMX-FM
Cobourg (Eastern Ontario), and 102.9FM CFMO-FM Collingwood
(Southern Georgian Bay); and Zoomer Radio, The Original Greatest
Hits, the biggest broadcast footprint in Canada also reaching 28
American States, and broadcasting simultaneously both in AM and FM
in Toronto (740AM CFZM-AM and 96.7FM CFZM-FM).
ZoomerMedia's Print properties include: ZOOMER
Magazine, the Company's flagship magazine and Canada's largest paid
circulation magazine for the 45-plus market; On The Bay Magazine, a
dominant regional lifestyle magazine published quarterly for the 20
towns and villages of Ontario's Southern Georgian Bay; and Tonic
Magazine, a regional health and wellness magazine published
bi-monthly and distributed across the City of Toronto.
ZoomerMedia's Tradeshow and Conferences include:
The ZoomerShow, annual lifestyle expos in Toronto and Vancouver,
and Moses Znaimer's ideaCity conference which presents the
"Smartest People with The Biggest Ideas".
Cautionary note on 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.
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 risks inherent in the
operations of affinity partners with respect to royalty
revenue;
- the risks inherent in the operation
of consumer shows generally,
- the competition within the media
industry for the baby boomer 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 dependence of the business on
the continuing operation of its computer systems;
- the dependence of the business on
key personnel; and
- the emergence of public health
crisis and emergencies, such as Covid-19
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.
For further information, please contact:
Terence ChanChief Financial OfficerZoomerMedia Limited+1
416-607-7704t.chan@zoomermedia.ca |
Leanne WrightVice President
CommunicationsZoomerMedia Limited+1
416-886-6873leanne@zoomer.ca |
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