Business
Yangaroo Reports Third Quarter Results
Revenues Up 31%, U.S. Deliveries Up 56%, Canadian Deliveries Up 74% TORONTO, Nov. 20 /CNW/ - YANG...
About this update from Yangaroo Inc.
[{"type":"text","content":"\n\n\n\nRevenues Up 31%, U.S. Deliveries Up 56%, Canadian Deliveries Up 74%\n\n\nTORONTO, Nov. 20 /CNW/ - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the\nindustry's leading secure digital media distribution company, today announced\nresults for the third quarter ended September 30, 2008. Revenues for the\nquarter ended September 30, 2008 were 31% higher than revenues for the same\nperiod in 2007, due to the growing use of YANGAROO's Digital Media\nDistribution System (DMDS) by the music and radio industries across North\nAmerica. Cash and cash equivalents were $3,626,000, representing over a year\nof funds on hand. In the United States market, the volume of deliveries made\nby YANGAROO's DMDS in the nine-month period increased by 56% to 1.3 million,\nalready matching the entire volume for 2007. In addition, deliveries made via\nDMDS in Canada increased by 74% in the nine month period. From the second\nquarter to the third quarter of this year, revenues grew 27% and the loss was\nreduced by 34%.\n\n\nHighlights from the third quarter of 2008 include the commencement of\nbilling to a U.S. based major record label for use of DMDS, reaching agreement\nwith the Examiner of our U.S. patent application with respect to the patent\nclaims, the launch of several new features for DMDS, an agreement with the\nCanadian Academy of Recording Arts & Sciences (CARAS) to distribute music and\npromotional materials submitted for Juno Award consideration to judges and\nCARAS' members via DMDS, and the appointment of seasoned U.S. based executive\nJosh Zieman, former Vice President of Marketing at Manhattan/Blue Note Label\nGroup, a division of EMI Music based in New York City, as Senior Vice\nPresident Business Development.\n\n\n"DMDS' adoption across North America continues to accelerate," said\nYANGAROO President & CEO John Heaven. "We look forward to the release in the\nnew year of DMDS 5.0, which we expect will set a new standard for digital\ndelivery of broadcast quality video, music, advertising and other digital\ncontent."\n\n\nSummary of operating results for the nine months and third quarter ended\nSeptember 30, 2008:\n\n-------------------------------------------------------------------------\n $CDN Nine Months 3rd Quarter\n-------------------------------------------------------------------------\n 2008 2007 2008 ...