Business
Yangaroo Announces Q2'2023 Results
Third Consecutive Quarterly Positive Normalized EBITDA Toronto, Ontario--(Newsfile Corp. - Augus...
About this update from Yangaroo Inc.
[{"type":"text","content":"Yangaroo Announces Q2'2023 ResultsThird Consecutive Quarterly Positive Normalized EBITDAToronto, Ontario--(Newsfile Corp. - August 29, 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 second quarter ended June 30, 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.The second 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. The Advertising Division increased delivery volumes in the quarter was mostly due to a significant client's increase in campaign activity, which has now been completed. The Awards Division results were down compared to this time in the prior year. The result is attributed to the timing of our award shows and is expected 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 major record labels. Music audio deliveries continue to be only marginally down on a year-over-year basis, attributed to a slower start to the year than historical trends.Advertising DivisionRevenue of $1,583,809 in Q2'23 versus revenue of $1,250,277 in Q2'22Entertainment Group (Music & Awards Divisions)Revenue of $588,721 in Q2'23 versus revenue of $665,030 in Q2'22Grant Schuetrumpf, CEO of Yangaroo, stated, \"We are pleased with the progress we've achieved in stabilizing our operations after the challenges of 2022. This progress is evident in the consecutive and sequential quarters of Normalized EBITDA generation. Additionally, we've observed modest advancements in business development and sales opportunities compared to last year's period. Our approach remains cautious and grounded as we strategically leverage these prospects for gradual growth in the future.\"To fuel new revenue streams across our divisions, we've taken a pragmatic and attainable approach to capitalize on emerging opportu...