The DMDS Team Blog

27Aug/100

YANGAROO REPORTS SECOND QUARTER RESULTS – Canada NewsWire

TORONTO, Aug. 27 /CNW/ - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, today announced its results for the six months and second quarter ended June 30, 2010.

Revenues for the six months ended June 30, 2010 decreased 1% over revenues for the same period in 2009, primarily as a result of timing differences in award show billings that were invoiced in the second quarter of 2009 but are to be billed in the second half of 2010. The loss for six months ended June 30, 2010 was 10% higher ($128,000) compared to the same period in 2009, largely due to increases in amortization of intangible assets of 41% ($87,000) and interest expense of $52,000 on convertible debentures that were issued in the first half of 2010. EBITDA (Earnings before interest, taxes, depreciation and amortization) for the six months ended June 30, 2010, calculated as the loss for the period before amortization, interest income and interest expense, improved by 2% ($22,000) over the same period in 2009. EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies.

Highlights from the second quarter of 2010 included the first commercial delivery of a broadcast quality music video via DMDS in the United States, an agreement with Telestream for integration of DMDS technology to manage television advertising spot management, additional award show customers and the appointment of Scott Wambolt as Chief Executive Officer of YANGAROO.

"We made significant progress on several fronts in the second quarter," said YANGAROO CEO Scott Wambolt. "We began delivery of music videos to major U.S. and Canadian television broadcasters. We also continued to build relationships with key music video and advertising production partners and expect to see growing revenues from these new market segments in the second half of the year."

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