NeuLion Reports Third Quarter 2012 Results
(firmenpresse) - PLAINVIEW, NY -- (Marketwire) -- 11/08/12 -- NeuLion, Inc. (TSX: NLN), the leading enabler and provider of live and on-demand content to Internet-connected devices, today announced financial results for the three months and nine months ended September 30, 2012. Revenue was $9.4 million for the three months ended September 30, 2012. (All amounts are in U.S. dollars.)
Revenue increased by $0.3 million, or 3%, as compared to the same period a year ago.
Cost of revenue, exclusive of depreciation and amortization, improved by $1.0 million, or 26%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) was $0.6 million, an improvement of $1.7 million, or 74%, as compared to the same period a year ago, and consolidated net loss improved by $2.0 million, or 48%, as compared to the same period a year ago.
Revenue decreased by $0.6 million, or 2%, as compared to the same period a year ago.
Cost of revenue, exclusive of depreciation and amortization, improved by $1.4 million, or 12%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $1.9 million, or 32%, as compared to the same period a year ago, and consolidated net loss improved by $2.2 million, or 19%, as compared to the same period a year ago.
"Management is pleased with the Company's substantial improvement in our operating results in the third quarter. The Company's 74% improvement in quarter-over-quarter Non-GAAP Adjusted EBITDA Loss was a result of our continued emphasis on closely monitoring costs and de-emphasizing non-core business initiatives," said Nancy Li, Chief Executive Officer of the Company.
Raised CDN$5 million in the form of a private placement
The net proceeds of over CDN$4,750,000 from the private placement will be used by the Company for general working capital purposes.
Interactive video experience delivering live and on-demand video
Delivered over 5,600 hours of live Olympic coverage to Chinese consumers on their PCs and mobile devices through the first-ever premium subscription HD-streaming service in China.
Launched NFL Game Rewind for the 2012-2013 football season. This service provides US and worldwide fans with the ability to access the "All 22" Coaches Film with interactive telestrator.
Expanded UFC.TV's digital reach to all Apple products, including Apple TV®, the iPad®, iPhone® and the iPod touch®.
Multi-device content delivery
KyLinTV goes TV Everywhere with the 2.0 release of the world's first and largest Chinese IPTV service that now offers its customers KyLinTV's content through multiple devices, such as PCs, iPads®, Google TV boxes and smart TVs from Panasonic.
Leveraging the NeuLion TV Everywhere platform, Sky Angel, America's premier faith and family television provider, expanded its service so viewers could access programming on PCs and iPads®, along with other new interactive features.
Launched MSG Varsity's "Live Access," the first-ever live HD digital network targeting over 3 million homes in the New York metropolitan area.
Scholastic athletic portal and online destination for fans
Launched new college digital apps for PCs, smartphones and tablets with more HD video, in-game experiences and personalization and enhanced video recommendations.
Expanded partnership with Duke University with a new agreement offering fans easy online access on multiple devices and department personnel an extremely efficient way to handle their donor, ticketing and marketing needs.
Launched the University of North Carolina's new online sports video service, "GoHeels TV."
Revenue was $9.4 million, as compared to $9.1 million for the three months ended September 30, 2011, marking a period-over-period increase of $0.3 million, or 3%.
Cost of revenue, exclusive of depreciation and amortization, was $2.9 million (31% of revenue), as compared to $3.9 million (43% of revenue) for the three months ended September 30, 2011, marking a period-over-period improvement of $1.0 million (12% of revenue).
Consolidated net loss was $2.2 million, which includes $1.6 million of non-cash and/or non-operating charges, netting a Non-GAAP Adjusted EBITDA Loss of $0.6 million, as compared to a consolidated net loss of $4.2 million, which includes $1.9 million of non-cash and/or non-operating charges, netting a Non-GAAP Adjusted EBITDA Loss of $2.3 million for the three months ended September 30, 2011, marking a period-over-period improvement in Non-GAAP Adjusted EBITDA Loss of $1.7 million, or 74%.
Revenue was $28.4 million, as compared to $29.0 million for the nine months ended September 30, 2011, marking a period-over-period decrease of $0.6 million, or 2%.
Cost of revenue, exclusive of depreciation and amortization, was $10.5 million (37% of revenue), as compared to $11.9 million (41% of revenue) for the nine months ended September 30, 2011, marking a period-over-period improvement of $1.4 million (4% of revenue).
Consolidated net loss was $9.2 million, which includes $5.1 million of non-cash and/or non-operating charges, netting a Non-GAAP Adjusted EBITDA Loss of $4.1 million, as compared to a consolidated net loss of $11.4 million, which includes $5.4 million of non-cash and/or non-operating charges, netting a Non-GAAP Adjusted EBITDA Loss of $6.0 million for the nine months ended September 30, 2011, marking a period-over-period improvement in Non-GAAP Adjusted EBITDA Loss of $1.9 million, or 32%.
As of September 30, 2012, we had $17.3 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, investment income, 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 Internet-connected devices. NeuLion enables content owners and distributors, cable operators and telecommunications companies to capitalize on consumer demand for viewing video content on PCs, smartphones, tablets 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: 08.11.2012 - 12:00 Uhr
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