Cyberplex Reports Second Quarter 2011 Results
Significant Progress in Rebuilding and Strategic Initiatives Underway
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/10/11 -- Cyberplex Inc. (TSX: CX) a leader in online publishing and customer acquisition strategies today announced its financial results for the second quarter ended June 30, 2011. Total revenue for the quarter was $14.4 million, a decrease from the $18.2 million recorded in the same quarter of 2010, and adjusted EBITDA for the quarter was approximately $812,000 as compared to $523,000 in the same period of 2010. The net loss for the quarter was $2.0 million as compared to a net loss of $2.2 million in the same period a year ago.
"Our results this quarter show that we have made significant progress in rebuilding the organization and resetting the foundation for future growth" said Geoffrey Rotstein, Chief Executive Officer of Cyberplex. "Although there is still much work to be done, by expanding our internal capabilities and direct access to traffic sources, while forging new and strategic partnerships that emphasize quality, we can now consistently deliver highly targeted audiences in a way that is resonating extremely well with our advertisers and agency clients."
The Company also reported that negotiations with Tsavo Media's principal lender, American Capital, remain ongoing. Although the Company had hoped to have had a resolution in place by this time, there are details that remain subject to further discussions. "We need to ensure that any proposed resolution with our lender will address the future needs of Tsavo and will be in the best interests of our shareholders", said Mr. Rotstein. "While negotiations remain productive and have advanced considerably over the past several weeks, we cannot conclude that we have an agreement in place with the lender at this time. It is our intention to keep all of our shareholders informed and we expect to hold a conference call when there is more information to share."
"The second quarter was quite a rebound for our organization, but it was just the beginning" said Ted Hastings, President of Cyberplex. "As we continue to execute on our strategy of growth and revenue diversification, we remain focused on providing advertisers with solutions across various forms of distribution, online, video and mobile."
Cyberplex is also pleased to announce that Jeffrey Collins has joined Cyberplex in the role of Chief Financial Officer. Jeffrey has served in various senior financial roles in private technology companies in Canada for over 10 years. Most recently, Jeffrey served as Chief Financial Officer of Shoplogix Inc. Jeffrey will fill the role previously served by Richard Maisel. "We are excited to welcome Jeff to our leadership team. Jeffrey's knowledge and experience working with technology companies makes him an extremely valuable addition to our leadership team", said Geoffrey Rotstein, Chief Executive Officer. "We also would like to take the opportunity to thank Richard for his contribution to Cyberplex. He has been an important member of our team during a difficult period and we are very appreciative for all that he has done for the Company."
Non-GAAP Financial Measures
This press release includes a discussion of "Adjusted EBITDA," which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss) before (a) Finance costs (income), net; (b) income tax expense (recovery); (c) depreciation of property and equipment and amortization of intangible assets; (d) stock-based compensation expense related to the Company's grant of stock options and (e) employee termination costs. Management uses Adjusted EBITDA as a measurement of the Company's operating performance because it provides information related to the Company's ability to provide cash flows for acquisitions, capital expenditures and working capital requirements. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry.
The non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with the Company's GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
The table below reconciles net income (loss) and Adjusted EBITDA for the periods presented:
About Cyberplex
Cyberplex Inc. () is a North American leader in online publishing and customer acquisition strategies. The Company, through its subsidiaries, leverages over 300 proprietary web properties and its vast publisher network to efficiently connect advertisers to their most relevant online customers and prospects. By combining high quality publishing initiatives with efficient technology solutions and online marketing expertise, the Company is able to deliver the optimal targeted audience to online advertisers. Cyberplex delivers measurable results that improve advertiser ROI, monetize the value of online properties and build targeted, loyal online audiences.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cyberplex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Contacts:
Cyberplex Inc.
David Katz
EVP Corporate Development
416.597.8889
416.597.2345 (FAX)
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Datum: 10.08.2011 - 20:01 Uhr
Sprache: Deutsch
News-ID 44823
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