Business
Yangaroo Announces Q3'2023 Results
Fourth Consecutive Quarterly Positive Normalized EBITDA Toronto, Ontario--(Newsfile Corp. - Nove...
About this update from Yangaroo Inc.
[{"type":"text","content":"Yangaroo Announces Q3'2023 ResultsFourth Consecutive Quarterly Positive Normalized EBITDAToronto, Ontario--(Newsfile Corp. - November 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 third quarter ended September 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.Yangaroo is pleased to announce that during the third quarter of 2023 the Company realized significant improvements with respect to operating income and cash-flow generation, as compared to losses incurred in prior periods. These improvements are largely attributable to a modest increase in sales volumes combined with stringent cost controls across the business. Historically, the Company's Q3 is a seasonally slow period. During the period, Advertising Division revenue remained flat year-over-year. The Awards Division results were behind compared to this time in the prior year, which is attributed to the timing of the award shows. The Music Division revenue continues to remain down year-over-year, which is mainly due to fewer audio and music video deliveries by our major record label clients.Advertising Division Revenue of $1,054,157 in Q3'23 versus revenue of $1,065,204 in Q3'22Entertainment Group (Music & Awards Divisions)Revenue of $654,774 in Q3'23 versus revenue of $667,936 in Q3'22Operating Expenses and Normalized EBITDAThe Company completed additional head-count reductions in the first half of the year and resulted in current quarter salary expenses of $1,097,390 or a savings of $236,108 versus the third quarter of 2023.General and administrative expenses continued to decline with savings of $109,682 versus the third quarter of 2023 resulting from continued efforts to reduce over-head expenditures.The Company generated $247,900 of normalized EBITDA in Q3'23 vs $2,205 in Q3'22.Fourth consecutive quarter of significant Normalized EBITDA; the Company has now generated $247,900 of Normalized EBITDA in Q3'23, $526,202 of Normalized EBITDA in Q2'23, $116,143 of Normalized EBITDA in Q1'23 and $833,974 of Norm...