Business
YANGAROO reports first quarter results
YANGAROO reports first quarter results
About this update from Yangaroo Inc.
[{"type":"text","content":"\n\n\n\n May 28, 2010 (Canada NewsWire Group) -- YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, today announced its results for the first quarter ended March 31, 2010. Revenues for the first quarter of 2010 increased 6% over revenues for the preceding fourth quarter of 2009, and increased 2% compared to the first quarter of 2009.\nHighlights from the first quarter of 2010 include: the Recording Academy's successful utilization of YANGAROO'S Digital Media Distribution System (DMDS) to distribute music submitted for the 52nd GRAMMY Awards to the more than 12,000 voting members throughout the U.S.; the signing of multi-year agreements with the Western Canadian Music Alliance (WCMA) and Music BC; and completion of the private placement of 818 Units at $1,000 per Unit for gross proceeds of $818,000. Shortly after the end of the first quarter the company signed a landmark agreement with MTV Networks, a division of Viacom International Inc., to use DMDS to receive artist and music-related audiovisual content and to integrate DMDS into MTV Network's internal workflow.\n"While Q1 did show moderate growth in revenues, we are not satisfied with these results," said YANGAROO President & CEO John Heaven. "We had targeted to have our agreement with MTV Networks in place earlier and revenue from music video deliveries in the U.S. to commence during the first quarter. The agreement with MTVN was announced on April 15, 2010 and we expect that revenues from music video deliveries in the U.S. will commence in the second quarter and grow rapidly throughout the remainder of the year. DMDS 5.0 is now the 'one stop shop' for music labels, artists and production houses to distribute both their broadcast quality audio and video releases. The next major vertical for us is television advertising delivery and we expect that revenues from this market will closely follow the rollout of music video delivery."\nSummary of operating results for the periods ended March 31st:\n\n\n >\n\n\nAn increase in total expenses of 9% accounted for the higher loss compared to the corresponding period in 2009. This increase was mostly accounted for by a 45% increase in amortization of intangible assets and a 29% increase in general and administrative expense for the protection of the company's Can...