NeuLion Reports Second Quarter 2012 Results
(firmenpresse) - PLAINVIEW, NY -- (Marketwire) -- 08/14/12 -- NeuLion, Inc. (TSX: NLN), the leading technology provider for delivering live and on-demand content to any Internet-enabled device, today announced financial results for the three months and six months ended June 30, 2012. Revenue was $8.7 million for the three months ended June 30, 2012. (All amounts are in U.S. dollars.)
Revenue decreased by $1.3 million, or 13%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $0.1 million, or 6%, as compared to the same period a year ago, and Consolidated Net Loss increased by $0.2 million, or 6%, as compared to the same period a year ago.
Revenue decreased by $0.8 million, or 4%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $0.2 million, or 5%, as compared to the same period a year ago, and Consolidated Net Loss improved by $0.2 million, or 3%, as compared to the same period a year ago.
"During the second quarter, we de-emphasized certain business initiatives that were not part of our core business, resulting in reduced revenue in the quarter. Consistent with our core business, we are pleased that we have secured new sports-related customers in the United States and Canada. In addition, we are very focused on our expansion into China through our partnership with China Network Television which debuted successfully with streaming coverage in China of over 5,600 hours of Olympic programming," said Nancy Li, Chief Executive Officer of the Company. "Our partnership with China Network Television opens new opportunities to capitalize on the growing marketplace in China and provide content owners worldwide with our leading technology and video platform infrastructure to seamlessly deliver their content to one of the world's largest consumer markets."
Multi-device content delivery
Signed multi-year deal with China Network Television (CNTV), a new media agency of CCTV, to develop and deliver the new premium HD streaming service called CNTV 5+ VIP. CNTV 5+ VIP is China's first sports media platform that integrates the content of the number one Chinese sports TV platform, CCTV5, with exclusive distribution rights for 80% of the new media intellectual property resources that cover the top sporting events.
Partnered with the Outdoor Channel to launch a new subscription service called My Outdoor TV (MOTV). Subscribers get unlimited access on multiple devices to current and back season television episodes featuring some of the most exciting outdoor enthusiast programming.
Interactive video experience delivering live and on-demand video
Unveiled a new online destination for Major League Soccer, called MLS Live, that features an enhanced user interface with easy navigation, scores and game selection as well as higher-quality live and on-demand game delivery with an option to re-watch the action in slow motion.
Partnered with USTA to deliver live and on-demand coverage of the Davis Cup featuring a full screen HD video player with instantly available highlights and DVR functionality.
Scholastic athletic portal and online destination for fans
Launched new partnerships with the University of North Carolina at Chapel Hill, the University of Miami and Clemson University to introduce a host of new interactive, digital services including revamped websites, live and on-demand video delivery to multiple devices with select events in HD, increased highlights and game content creation, new social media functionality and more.
Held first annual NeuLion Collegiate Partner Summit in Orlando, Florida, which featured a welcome reception, advisory board dinner and a full day of collaborative, educational and instructional sessions designed to maximize the partnerships and available technology to increase fan engagement.
Revenue was $8.7 million, as compared to $10.0 million for the three months ended June 30, 2011, marking a period-over-period decrease of $1.3 million, or 13%.
Cost of revenue, exclusive of depreciation and amortization, was $3.1 million (36% of revenue), as compared to $4.0 million (40% of revenue) for the three months ended June 30, 2011, marking a period-over-period decrease of $0.9 million (4% of revenue).
Consolidated net loss was $3.5 million, which includes $2.0 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $1.5 million, as compared to a consolidated net loss of $3.3 million, which includes $1.7 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $1.6 million for the three months ended June 30, 2011, marking a period-over-period improvement in non-GAAP Adjusted EBITDA Loss of $0.1 million, or 6%. Non-cash and/or non-operating charges consist of depreciation and amortization, stock-based compensation, interest income, income taxes and foreign exchange loss.
Revenue was $19.1 million, as compared to $19.9 million for the six months ended June 30, 2011, marking a period-over-period decrease of $0.8 million, or 4%.
Cost of revenue, exclusive of depreciation and amortization, was $7.6 million (40% of revenue), as compared to $8.0 million (40% of revenue) for the six months ended June 30, 2011, marking a period-over-period decrease of $0.4 million (no change as a percentage of revenue).
Consolidated net loss was $7.0 million, which includes $3.5 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $3.5 million, as compared to a consolidated net loss of $7.2 million, which includes $3.5 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $3.7 million for the six months ended June 30, 2011, marking a period-over-period improvement in non-GAAP Adjusted EBITDA Loss of $0.2 million, or 5%.
As of June 30, 2012, we had $5.1 million in cash and cash equivalents.
We report non-GAAP Adjusted EBITDA Loss because it is a key measure used by management to evaluate our results and make strategic decisions about our company, including potential acquisitions. Non-GAAP Adjusted EBITDA Loss represents consolidated net loss before interest, income taxes, depreciation and amortization, stock-based compensation, unrealized gain/loss on derivatives, investment income, non-controlling interests, loss on dissolution of majority-owned subsidiary and foreign exchange gain/loss. This measure does not have any standardized meaning prescribed by U.S. generally accepted accounting principles (U.S. GAAP) and therefore is unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with U.S. GAAP.
The below table reconciles our non-GAAP Adjusted EBITDA Loss to its most directly comparable U.S. GAAP measure, consolidated net loss:
Founded in 2000, NeuLion, Inc. (TSX: NLN) offers the true end-to-end solution for delivering live and on-demand content to any Internet-enabled device. NeuLion enables content owners and distributors, cable operators and telecommunications companies to capitalize on consumer demand for viewing video content on PCs, smartphones, iPads and other similar devices. NeuLion's customers include major entertainment, sports, global content and news companies. NeuLion is based in Plainview, NY. For more information about NeuLion, visit .
Forward-looking statements involve significant risk, uncertainties and assumptions. Although the forward-looking statements contained in this release are based upon what management believes to be reasonable assumptions, we cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and we assume no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: our ability to develop and execute on our business plan, including further diversifying our customer base; continuing to invest in and expand our sports-related business; our ability to increase revenue; general economic and market segment conditions; our customers' subscriber levels; the financial health of our customers; our ability to pursue and consummate acquisitions in a timely manner; our continued relationships with our customers; our ability to negotiate favorable terms for contract renewals; competitor activity; product capability and acceptance rates; technology changes; regulatory changes; foreign exchange risk; interest rate risk; and credit risk. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is available on and filed on .
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Datum: 14.08.2012 - 21:10 Uhr
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