Business
Salon Media Group Reports Full Year Fiscal 2016 Results
Salon Media Group Reports Full Year Fiscal 2016 Results.
About this update from Salon Media Group Inc
[{"type":"text","content":"\n\n NEW YORK, June 24, 2016 (GLOBE NEWSWIRE) -- Salon Media Group, Inc. (OTCQB:SLNM) today announced its results for the twelve months ended March 31, 2016.\n Highlights: Net revenue increased 41% to $7.0 million for the fiscal year ended March 31, 2016Improved revenues driven by programmatic and higher CPM pre-roll advertisingSalon.com reached an all-time high traffic of 19.6 million users during the fiscal yearIn August 2015, we recognized the Writers Guild of America, East, Inc (WGAE) as the collective bargaining representative of our non-supervisory editorial staffOriginal editorial video debuted and expanded on the Salon.com websiteIn March 2016, we surpassed 880,000 Facebook “likes” and 575,000 Twitter followers Net revenue from continuing operations for the period was $7.0 million, an increase of 41% from $4.9 million for the twelve months ended March 31, 2015. The increase in revenues during fiscal year 2016 stemmed primarily from an industry shift in advertising dollars toward premium CPM video-based advertisements and programmatic advertising, which together resulted in a 59% increase in programmatic advertising sales compared to fiscal year 2015. Operating expenses for the twelve months ended March 31, 2016 were stable at $8.9 million compared to $8.8 million for the same period last year.  The Company’s loss from operations for the fiscal year was $2.0 million, compared to a loss from operations of $3.9 million for fiscal year 2015. Salon was proud to be honored during the fiscal year for our excellence in journalism. Salon was an honoree for the 2016 Webby Awards for our Donald Trump/Big Lebowski mashup. Lindsay Abrams was honored by the Audubon Society as one of its “Women Greening Journalism” while columnist Brittney Cooper was identified as part of the “emerging black Intelligentsia” by The New Republic. Damon Tweedy’s “Being Black Can Be Bad for Your Health” was named as part of “The 13 Biggest Health Stories of 2015” by Healthline. We were also proud that Chauncey DeVega’s piece on race, terrorism and the Planned Parenthood shooting was named among the most essential writing by a person of color in 2015 by the Huffington Post. In August 2015, Salon recognized the Writers Guild of America, East, Inc. (“WGAE”) as the c...