Business
Salon Media Group Reports June Quarter 2017 Results
Salon Media Group Reports June Quarter 2017 Results.
About this update from Salon Media Group Inc
[{"type":"text","content":"\n\n NEW YORK, Aug. 11, 2017 (GLOBE NEWSWIRE) -- Salon Media Group, Inc. (“Salon,” the “Company” or “We”) (OTCQB:SLNM) today announced its results for the three months ended June 30, 2017.\n Highlights: Net revenue increased 13% to $1.5 million for the quarter ended June 30, 2017Net losses of $0.6 million included approximately $0.1 million in net non-cash chargesOperating costs reduced 18% from the quarter ended June 30, 201619% increase in cost-per-thousand-impression (“CPMs”) in the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016 Revenue from continuing operations for the period was $1.5 million, an increase of 13% from $1.3 million for the three months ended June 30, 2016. The increase in revenue was a result of a continued significant industry shift in online advertising to advertising increasingly being sold through software-based “programmatic” technology. Salon’s advertising sold through networks that access these programmatic buys accounted for 83% of total advertising revenues for the quarter ended June 30, 2017.  Salon has been making changes to its advertising footprint to capture the greater programmatic opportunity for its display and video advertising inventory and as a result improved its CPMs from programmatic advertising by 19% in the quarter ended June 30, 2017, as compared to the quarter ended June 30, 2016.  The higher programmatic CPMs were offset, however, by a decline in traffic from the same period last year, which led to a smaller inventory of advertisement products to sell, and a smaller relative increase in revenues. Net losses decreased to $0.6 million during the quarter ended June 30, 2017, compared to $0.8 million in the quarter ended June 30, 2016.  The decreased losses resulted from an increase in revenues and a corresponding decrease in operating expense to $1.7 million, compared to $2.1 million in the same period last year. The financials included several non-recurring items, including $0.3 million non-cash interest expense recorded for the beneficial conversion feature of capital raising transactions during the quarter ended June 30, 2017, as well as the reversal of $0.2 million accrued bonuses for former employees. The Company’s focus on growing traffic has shifted from volume to qua...