Business
Mood Media provides preliminary fourth quarter and full year 2013 financial results
Company to host conference call on March 6, 2014 to discuss financial results TORO...
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\nCompany to host conference call on March 6, 2014 to discuss financial\n results\n\n\nTORONTO, Feb. 28, 2014 /CNW/ - Mood Media Corporation (ISIN:\n CA61534J1057) (TSX: MM) (LSE AIM: MM) (\"Mood Media\" or the \"Company\")\n today announced preliminary financial results for the fourth quarter\n and full year ended December 31, 2013. The Company also announced that\n it plans to host a conference call on March 6, 2014 at 8:30 a.m. EST to\n discuss the financial results for its fourth quarter and full year\n 2013.\n\n\nFor the fourth quarter of 2013, preliminary revenues are expected to\n total approximately $132 million, which is consistent with the $132\n million in revenues that Mood Media reported for the fourth quarter of\n 2012 and a 5% improvement compared with third quarter 2013 revenues of\n $126 million. The sequential improvement in revenues was largely\n attributable to the Company's improved performance for sale of goods\n revenues related to new audio/visual systems implementations.\n\n\nFourth quarter 2013 preliminary EBITDA is expected to be approximately\n $24 million compared with $28.0 million reported in the fourth quarter\n of 2012 and $25.9 million reported in the third quarter of 2013. EBITDA\n in the fourth quarter was impacted by more than $4 million in\n non-recurring expenses as well as by lower equipment gross margins\n resulting from a high level of large-systems installations that were\n sold in prior periods and installed in the fourth quarter. The Company\n has since de-emphasized this equipment activity.\n\n\nIn addition, the previously announced agreement between the Company and\n its U.S. affiliates that was entered into in July 2013 in order to\n permit the integration of Muzak and DMX led to higher than anticipated\n expenses in the fourth quarter and will recur in future quarters. These\n incremental expenses reflect the costs related to transferring certain\n revenues to independent Muzak affiliates. Going forward, Mood expects\n to incur a quarterly incremental expense of approximately $750 thousand\n for the DMX account base that has now migrated to independent\n affiliates.\n\n\nBoth preliminary revenues and EBITDA are subject to Mood Media's normal\n year-end accounting procedures and audit adjustments. Steve Richards,\n President and CEO of Mood Media, commented \"Our entire organiz...