- Mood Media Corporation EBITDA increases 16% to $32.1 million, reflecting gains in the North American and International business segments
- Revenues rise by 38% year-over-year to $120 million
- Blended ARPU (average revenue per unit) rises 3% to $60.12 on improvements in visual penetration
- Blended churn remains stable at 0.72% per month
TORONTO, Ontario, November 7, 2012 ? Mood Media Corporation (ISIN: CA61534J1057)?(TSX:MM / LSE AIM:MM), one of the world?s largest integrated providers of in-store customer solutions,? today reported results for the third quarter ended September 30, 2012.
The Company reported revenues of $120 million, a 38% increase versus the prior year?s quarter, driven by acquisitions, improvements in the North American and International geographic markets, audio and visual customer growth, and rising blended ARPU.
Adjusted EBITDA rose by 16% relative to the prior year?s quarter to $32.1 million reflecting acquisitions, improvements in ARPU and offset by lower equipment sales, lower non-recurring revenues and unfavourable translation of Euro results.
Net loss per share from continuing operations was ($0.03) compared with ($0.09) in the prior-year period. Lower losses in the current period were driven by the improvement in EBITDA and a foreign exchange gain on financing transactions, offset by higher transaction and restructuring costs and unfavourable translation of Euro results to our reported U.S. dollar results.
?Mood Media is establishing market-leading capabilities in media, interactive and sensory solutions to enhance in-store consumer experience, and we are seeing the results of this strategy in our strong growth in ARPU for the third quarter,? said Lorne Abony, Chairman and CEO of Mood Media.
?The strength and breadth of our solutions along with our industry-leading reach and expertise has produced sustained growth in our visual customer base, has enabled us to introduce new, innovative services and has attracted a growing list of premier brands that we are partnering with. Mood Media is committed to a clear goal, to be recognized as the world?s leading designer of customer experience in the in-store environment.?
?We performed well in the third quarter as is evident in the improvement in our key performance indicators, especially in the 3% improvement in our ARPU. We are excited about the opportunity ahead and are confident that our service layering strategy will produce sustained momentum in our operating and financial performance.?
Key Performance Indicators
| Pro forma Key Performance Indicators | Q1.11 | Q2.11 | Q3.11 | Q4.11 | Q1.12 | Q2.12 | Q3.12 |
| Subscriber locations (company owned) | 396,156 | 396,087 | 401,323 | 407,386 | 408,144 | 407,100 | 406,374 |
| Visual gross subscriber additions | 339 | 462 | 524 | 715 | 710 | 1,134 | 1,380 |
| Blended ARPU | $59.12 | $59.51 | $58.35 | $58.52 | $59.95 | $60.71 | $60.12 |
| Blended Churn (per month) | 0.84% | 0.80% | 0.59% | 0.64% | 0.73% | 0.89% | 0.72% |
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Subscriber locations rose by 1.3% in the third quarter from the prior-year quarter with increases in audio and visual locations and in both the North American and International segments. On a quarter over quarter basis, subscriber locations declined by 726.
Visual gross subscriber additions totalled 1,380 in the third quarter, rising by 22% relative to the previous quarter and by 163% relative to the prior-year period. Improvements were made in both the North American and International markets.
Blended ARPU improved by 3% from the prior-year period driven by rising penetration of higher-ARPU visual solutions, higher audio ARPU, and was offset by foreign exchange. Excluding currency fluctuations, third quarter ARPU rose by 6%.
Blended churn was 0.72% in the third quarter, a sequential improvement versus the 0.89% rate in the previous quarter, although rising from 0.59% in the prior-year period.
Pro forma key performance indicators express the results of all ongoing businesses presently owned and reflected as if ownership had occurred on January 1, 2011.
In this earnings release, the terms ?we?, ?us?, ?our?, ?Mood Media? and ?the Company? refer to Mood Media Corporation and its subsidiaries.
About Mood Media Corporation?
Mood Media Corporation (TSX:MM/ LSE AIM:MM), is one of the world?s largest designers of in-store consumer experiences, including audio, visual, interactive, scent, voice and advertising solutions. Mood Media?s solutions reach over 150 million consumers each day through 560,000 subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation?s client base includes more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining. Our marketing platforms include 77% of the top 100 retailers in the United States and 100% of the top 50 quick-serve and fast-casual restaurant companies.
For further information about Mood Media, please visit www.moodmedia.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The words ?believe?, ?expect?, ?anticipate?, ?estimate?, ?intend?, ?may?, ?will?, ?would? and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions. While Mood Media considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the impact of general market, industry, credit and economic conditions, currency fluctuations as well as the risk factors identified in Mood Media?s management discussion and analysis dated November 6, 2012 and Mood Media?s annual information form dated March 11, 2012, both of which are available on www.sedar.com.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.? All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Mood Media.
Forward-looking statements are given only as at the date hereof and Mood Media disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
This earnings release, which is current as of November 7, 2012, is a summary of our third quarter 2012 results and should be read in conjunction with our third quarter management discussion and analysis and unaudited interim consolidated financial statements and notes thereto, each dated November 6, 2012, our 2011 annual management discussion and analysis and our 2011 audited annual consolidated financial statements and notes thereto, all of which are available on www.sedar.com, and our other recent filings with securities regulatory authorities in Canada and the United Kingdom.
The financial information presented herein is expressed in United States dollars unless otherwise stated.
This news release includes certain non-IFRS financial measures. These financial measures are not defined by International Financial Reporting Standards (?IFRS?) as issued by the International Accounting Standards Board and therefore are referred to as non-IFRS financial measures.? Mood Media uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position. These non-IFRS financial measures are not recognized earnings measured under IFRS, do not have any standardized meanings prescribed by IFRS, may not be comparable to the calculation of similar measures used by other companies. Accordingly, investors are cautioned that these non-IFRS financial measures should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS or our results as reported under IFRS.
Investor Inquiries:
Randal Rudniski
Mood Media Corporation
Vice President, Investor Relations
Tel: +1 (416) 565 9295
Email: randal.rudniski@moodmedia.com
Dominic Morley
Hannah Woodley
Panmure Gordon (UK) Limited
+44 20 7459 3600
North America Media Enquiries
Sumter Cox
Mood Media Corporation
Director of Communications
Tel: +1 (803) 242 9147
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