NeuLion Reports 32% Increase in Revenue for Third Quarter 2011
(firmenpresse) - PLAINVIEW, NY -- (Marketwire) -- 11/10/11 -- NeuLion, Inc. (TSX: NLN), the true end-to-end technology service provider for delivering live and on-demand content to any Internet-enabled device, today announced financial results for the third quarter of 2011. Revenue increased 32% to $9.1 million for the three months ended September 30, 2011 as compared to the same period a year ago, primarily due to strong organic growth in our services revenue.
(all amounts are in U.S. dollars)
Services Revenue, which is our recurring revenue stream, increased by $1.5 million, or 22%, as compared to the same period a year ago.
Cost of Services Revenue, exclusive of depreciation and amortization, remained constant as a percentage of Services Revenue, at 40%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $1.1 million, or 32%, as compared to the same period a year ago, and Consolidated Net Loss improved by $0.8 million, or 16%, as compared to the same period a year ago.
"Management is pleased with the company's substantial 32% increase in revenue and new platform deployments that we have accomplished during the third quarter," stated Nancy Li, Chief Executive Officer of NeuLion, Inc. "The strong organic growth of $1.9 million, of which 79% is from our recurring services revenue stream, positively impacted our results. In addition, the dramatic increase in consumer demand for our premium live, interactive HD video service continues to be a key driver of our growth. We remain focused on increasing sales, expanding margins and improving overall profitability."
Multi-device content delivery
Launched Big Ten Conference's TV Everywhere service, BTN2Go. BTN2Go features a live feed of all BTN television programming, including live game telecasts and extra football game channels, as well as part-time channels available on football Saturdays when BTN airs more than one game simultaneously. BTN2Go is available to authenticated subscribers of participating cable, satellite and video providers.
Delivered Major League Soccer's "TV Everywhere" strategy bringing live and on-demand content in HD to Roku and Panasonic Viera Connect TVs and enabling subscribers to watch over 200 games live, as well as view on demand video such as previously broadcasted MLS games and highlights.
Announced a partnership with The Whistle to create the first multi-platform sports media destination for kids
Interactive video experience delivering live and on-demand video
Launched NFL Game Pass for iPad, iPhone and Android featuring live game broadcasts, live access to the NFL RedZone and NFL Network.
Delivered 6 UFC pay-per-view main events on UFC.TV and over 20 preliminary fights on Facebook and expanded their digital reach to include live events on Roku.
Launched the WNBA live streaming iPad app.
Athletic portal and online destination for fans
Was selected by the Big 12 Conference to provide live and on-demand conference game video for iPhone and Android platforms
Signed multi-year contract with Texas A&M University and launched new, interactive digital experience for viewing college sports on the official athletics website and 12thManTV.
Relaunched Columbia University official athletic website , with a new online experience for Lions fans.
Announced Facebook video platform for colleges and universities to seamlessly post broadcast-quality live and on-demand video.
Revenue was $9.1 million, as compared to $6.9 million for the three months ended September 30, 2010, marking a period-over-period increase of $2.2 million, or 32%.
Cost of revenue, exclusive of depreciation and amortization, was $3.9 million (43% of revenue), as compared to $2.9 million (42% of revenue) for the three months ended September 30, 2010.
Consolidated net loss was $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, as compared to a consolidated net loss of $5.0 million, which includes $1.6 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA loss of $3.4 million for the three months ended September 30, 2010, marking a period-over-period improvement in non-GAAP Adjusted EBITDA loss of $1.1 million, or 32%.
Revenue was $29.0 million, as compared to $22.1 million for the nine months ended September 30, 2010, marking a period-over-period increase of $6.9 million, or 31%.
Cost of revenue, exclusive of depreciation and amortization, was $11.9 million (41% of revenue), as compared to $9.8 million (44% of revenue) for the nine months ended September 30, 2010, marking a period-over-period improvement of 3%.
Consolidated net loss was $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, as compared to a consolidated net loss of $14.2 million, which includes $4.3 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA loss of $9.9 million for the nine months ended September 30, 2010, marking a period-over-period improvement in non-GAAP Adjusted EBITDA loss of $3.9 million, or 39%.
Non-cash and/or non-operating charges consist of depreciation and amortization, stock-based compensation, unrealized gain on derivative, loss on dissolution of majority-owned subsidiary, investment income and foreign exchange gain/loss.
As of September 30, 2011 we had $12.3 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, 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 the massive 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, 2010, which is available on and filed on .
Press Contact:
Chelsea Nunn
Corporate Communications
516-622-8381
Investor Relations Contact:
Marc Sokol
Executive Vice President
516-622-8386
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Datum: 10.11.2011 - 13:55 Uhr
Sprache: Deutsch
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