Kangaroo Media Inc. (TSX: KTV) announced today results for its 3rd quarter 2008.
HIGHLIGHTS:
- Q3 2008 revenues of $2.2 million up 43% over Q3 2007
- Revenues from rental and activations up 59% over Q3 2007
- Activations per event up 16% in NASCAR and 97% in F1
- Gross margin improved by $1.2 million
- Net loss of $3.4 million a 30% improvement over Q3 2007
- Liquidity and capital resources amount to $11.9 million
For the third quarter ended September 30, 2008, revenues totaled $2.2 million. The segmentation of those revenues is as follows: $1.9 million from the rental and activation of units, an increase of 59% over Q3 2007; $248,000 in services, an increase of 29% compared to $193,000 in Q3 2007; $68,000 from the sales of devices and accessories, compared to $165,000 in Q3 2007. Gross margin improved by $1.2 million in Q3 2008 compared to Q3 2007; $675 000 from increased revenues and $525 000 from lower distribution and production cost. The Company's net loss was $3.4 million or $0.10 per share, an improvement of 30%, compared to a net loss of $4.8 million or $0.14 per share in the third quarter of 2007.
As at September 30, 2008, the Company's cash, cash equivalents and short-term investments totaled $11.9 million.
"The 3rd quarter 2008, was active on several fronts. With activations for the first nine-months of 2008 up 21% in NASCAR and 82% in F1 compared to the first nine-months of 2007, penetration momentum of our mobile media technology and customized content is increasing at a good pace. Our drive for more effective returns has started to pay off with $1.2 million cost savings in Q3 2008 vs. Q3 2007 and will continue following the streamlining of our operations." said Robert Mimeault, President and COO of Kangaroo Media Inc.
Commenting on new business opportunities, Mimeault added: "We continue engaging current and prospective partners along the lines of a more sustainable and profitable business model for the company. These discussions have been more extensive and more time-consuming but the new business perspective remains positive. Our principal focus for the balance of 2008 is to be more operationally efficient while we continue to develop additional revenue streams both through deeper market penetration of the properties in which we operate and through the addition of new top tier sports properties." -- www.cnxmarketlink.com
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