Business
Yangaroo Announces Q1'2023 Results
Consecutive Quarterly Positive Normalized EBITDA Toronto, Ontario--(Newsfile Corp. - May 30, 202...
About this update from Yangaroo Inc.
[{"type":"text","content":"Yangaroo Announces Q1'2023 ResultsConsecutive Quarterly Positive Normalized EBITDAToronto, Ontario--(Newsfile Corp. - May 30, 2023) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (\"Yangaroo\", \"Company\"), a software leader in media asset workflow and distribution solutions, today announced its financial results for the first quarter ended March 31, 2023. The full text of the Financial Statements and Management Discussion & Analysis is available at www.yangaroo.com and at www.sedar.com. Please note that all currency in this press release is denominated in United States dollars, unless otherwise noted.We are pleased to report that the first quarter is off to a positive start for 2023. The first quarter of 2023 showed significant advancements with respect to operating income and cash-flow generation, as compared to prior-year quarter losses, and improved sales volume and revenue, when adjusted for seasonality. Although sales were down on a year-on-year basis, each division is showing positive signs of recovery from a challenging previous 12-months.The Advertising Division increased delivery volumes and sales on a per customer basis which is a positive sign of a market recovery in advertising creative production and campaign volumes. The Awards Division results were marginally down compared to this time in the prior-year, however, the result attributed to the timing of our award show customers and we expect to recover and exceed prior-year Awards Division revenue in 2023. The Music Division revenue was down, on a year-over-year basis, mostly due to fewer new music video deliveries by the major record labels. Music audio deliveries were relatively flat on a year-over-year basis. Advertising DivisionRevenue of $1,434,590 in Q1'23 versus revenue of $1,466,655 in Q1'22Entertainment Group (Music & Awards Divisions)Revenue of $410,663 in Q1'23 versus revenue of $522,387 in Q1'22Grant Schuetrumpf, CEO of Yangaroo, commented, \"We are encouraged by the progress made in stabilizing our business after a challenging 2022, as reflected in the consecutive and sequential quarters of Normalized EBITDA generation. Moreover, we have observed modest improvements in business development and sales opportunities compared to the same period in the previous year. With a cautious and realistic approach, we remain committed to carefully capitalizi...