Business
Mood Media Reports Second Quarter 2015 Financial and Operating Results, Achieving EBITDA of $24.5 Million
Successfully Grew EBITDA Year-Over-Year and Sequentially On Track to Deliver Signifi...
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\nSuccessfully Grew EBITDA Year-Over-Year and Sequentially\n\nOn Track to Deliver Significant Enhancement in Underlying Free Cash Flow in 2015 and to Grow EBITDA\n\nRaises Expectation for 2015/16 Wave Cost Savings to Greater Than $7 Million, While Supporting Growth Initiatives\n\nRecently Announced the Conclusion of its $50 Million Foreign Subsidiary Debt Issuance\n\n\n\nTORONTO, Aug. 12, 2015 /CNW/ - Mood Media Corporation (\"Mood Media,\" \"Mood\" or \"the Company\") (ISIN: CA61534J1057) (TSX:MM), the world's largest integrated provider of in-store customer experience solutions, today reported results for the second quarter of 2015 and provided an update on the Company's progress executing against its strategic and operational plans.\n\nRecent Highlights\n\n\nMood achieved Q2 revenues of $117.7 million and EBITDA of $24.5 million. \nQ2 EBITDA rose by 2% relative to last year, and rose by 10% on an underlying basis (excluding foreign exchange impact and asset disposals). \nUnderlying revenues rose by 6% year over year in Q2 (excluding FX movements and asset disposals). \nAll business units recorded improvements in EBITDA relative to the prior year driven by improved underlying revenues, generation of incremental synergies and efficiencies benefiting costs; catch-up of delayed project revenues at Technomedia and BIS with strengthened revenues given committed sales pipeline backlogs. \nThe Company has broadened its global transformation, integration and consolidation initiatives to include 2016 activities. In total, Mood's 2015/16 initiatives are expected to deliver more than $7M in annualized savings, above its original estimates for initiatives identified and begun in 2015. \nMood maintains its guidance for a significant improvement in underlying free cash flow generation with a greater than $20 million improvement in 2015 relative to 2014 (excluding asset dispositions). EBITDA is expected to rise moderately relative to 2014 while free cash flow generation in 2015 is anticipated to be slightly less than break even, with further free cash flow improvements expected in 2016. \nMood recently announced the successful closing of its issuance of $50 million of 10% Senior Unsecured Notes of Mood Media Group S.A., the net proceeds from which will be used to repay Mood Media's outstanding 10% Convertible Debentures at maturity. \...