RNS Number:8778Q
JumpTV Inc.
27 March 2008
JumpTV Reports Q4 Revenue of US$4.7 Million
JumpTV's 2007 Revenue: $8.97 Million Up From $2.06 Million in 2006
TORONTO--(Marketwire - March 27, 2008) - JumpTV Inc. ("JumpTV" or the "Company")
(TSX: JTV) (AIM: JTV), a leader in broadcasting international television and
sports over the Internet, today announced quarterly and year-end results for the
period ended December 31, 2007 in U.S. dollars.
For the quarter ended December 31, 2007 revenue increased to $4,791,534 from
$748,864 in the same period a year ago. Sequentially, revenue increased from
$2,004,056 in the third quarter of 2007, primarily due to the acquisition of the
Broadband Network Division of XOS Technologies Inc. on August 31, 2007.
Of the $4.79 million in revenue in the quarter, $2.4 million was earned through
monthly, quarterly and annual subscriptions, approximately $0.7 million from pay
per view subscriptions, $0.45 million from advertising and $1.24 million from
other services such as JumpTV's net share of e-commerce transactions and
ticketing.
Revenue for the year ended December 31, 2007 was $8,974,659 up from $2,061,031
reported in 2006. The Company acquired the Broadband Network Division of XOS
Technologies Inc. on August 31, 2007.
The net loss for the three months ended December 31, 2007 was $10,504,582 or
$0.21 per basic and diluted share compared to $8,676,543 or $0.25 per basic and
diluted share in the same period a year ago and $6,466,061 or $0.13 per share in
the quarter ended September 30, 2007. The increase in net loss was primarily due
to non-cash expenses totaling approximately $3 million and the accrual of
approximately $400,000 relating to severance.
The net loss for the year ended December 31, 2007 was $30,570,111 up from the
loss of $25,597,096 reported in 2006.
As previously reported, the Company had $51 million in cash and equivalents as
of December 31, 2007.
Jordan Banks, newly appointed CEO of JumpTV said, "We are pleased to see our
revenue and subscriber base continue to grow though we recognize that the loss
levels are not sustainable. To that end, we developed an eight point strategic
plan announced February 14, 2008, which we are confident will lead the JumpTV to
cash breakeven by year end."
JumpTV had approximately 92,000 subscriptions at December 31, 2007 as compared
to 28,138 at December 31, 2006. As at December 31, 2007, approximately 57,000
subscriptions were subscriptions to JumpTV Sports and 35,000 were subscriptions
to the Company's international channels. In addition, the Company had a total of
approximately 52,000 pay-per view purchases during the three months ended
December 31, 2007. The Company launched a free-to-consumer offering of what were
previous subscription-supported international channels in mid 2007 and now
offers approximately 120 channels free-to-consumer in the US (and five in
Canada).
The following metrics for churn, SAC and ARPU are based solely on JumpTV
International's content offerings. The Company doesn't intend to report on these
subscription-based metrics in future periods. Metrics related to the company's
expanding advertising business are noted below.
========== ========== ==========
Quarterly
KPI Q4 2007 Change % Q3 2007
========== ========== ==========
ARPU $11.72 2% $11.54
========== ========== ==========
SAC $17.94 24% $14.49
========== ========== ==========
Churn 15.6% 18% 13.2%
========== ========== ==========
The Company reported the following traffic related average monthly metrics in
connection with overall user activity on JumpTV.com, our Jumper affiliates and
on JumpTV Sports-managed sites but not including third-party distributors of
JumpTV content such as AOL.com and Terra.com:
========== ========== ==========
Quarterly
KPI Q4 2007 Change % Q3 2007
========== ========== ==========
Average monthly stream views
(millions) 4.1 (10.9%) 4.6
========== ========== ==========
Average monthly minutes viewed
(millions) 100.8 18.0% 85.4
========== ========== ==========
Average monthly unique viewers
(millions) 10.0 47.1% 6.8
========== ========== ==========
Average monthly page views
(millions) 94.0 42.4% 66.0
========== ========== ==========
Average monthly advertising
impressions (millions) 207.4 77.4% 116.9
========== ========== ==========
Nada Usina, newly appointed President of JumpTV noted, "We have built a direct
ad sales force over the past few months to leverage the value of the inventory
resident across all of our content. To date, we are delighted with the traffic
metrics we are achieving together with the demographics of our users. This,
coupled with our unique content, leads us to believe JumpTV is on the cusp of
successfully monetizing these assets. We are also very excited to continue to
monetize as we add new sports and Latin American channel partnerships and
continue to grow our existing content relationships."
The Company reports quarterly and recent key developments for JumpTV:
-- Jordan Banks, former managing director of eBay Canada was appointed CEO on
October 29, 2007.
-- Mr Banks announced JumpTV's strategic realignment subsequent to quarter end
which will see the Company's resources focused on its 175 US college and other
sports content partnerships and its 40 Hispanic sports and entertainment
television channel partnerships. As a consequence of this focus, the Company is
evaluating alternatives to optimize value for all constituents with respect to
its content delivery network and its portfolio of non-Hispanic international
channels.
-- In December 2007, comScore ranked JumpTV as the #1 most engaging sports
website in the U.S. based on number of minutes watched per viewer. In addition,
comScore ranked JumpTV #3 -- trailing only the NFL.com and ESPN.com -- based on
total number of minutes viewed.
-- JumpTV announced a partnership with SCP Worldwide resulting in JumpTV having
a carried interest in 20 per cent of the net revenue earned from the fees
generated for 70 upcoming South American World Cup Qualifying matches to be
played in 2008 and 2009 leading up to the FIFA World Cup in 2010.
-- Subsequent to year end JumpTV announced a series of key executive hires Blair
Baxter as Chief Financial Officer; Elmer Sotto as Vice President, Product and
Business Operations; and Jay Howard as Vice President and General Counsel. In
addition, Nada Usina was appointed President of JumpTV, replacing Kaleil Isaza
Tuzman. Mr Tuzma additionally resigned from the Company's Board of Directors
effective March 26, 2008.
About JumpTV
JumpTV (www.jumptv.com), (TSX: JTV) (AIM: JTV), is a world leading broadcaster
of sports and international television over the Internet. JumpTV streams over
10,000 live sports events per year in partnership with over 175 sports
properties and also streams over 250 television channels from 70+ countries
around the world. JumpTV delivers its users full-screen sports, news and
entertainment content on a real-time basis to all corners of the globe via
ordinary Internet connections on their home computers and laptops.
Forward-looking statement
Certain statements herein may constitute forward-looking statements, including
those identified by the expressions "may," "will," "should," "could,"
"anticipate," "believe," "plan," "estimate," "potential," "expect," "intent" and
similar expressions to the extent they relate to JumpTV or its managements.
These statements reflect JumpTV's current expectations and are based on
information currently available to management. These forward-looking statements
are subject to a number of risks, uncertainties, assumptions and other factors
that could cause actual results or events to differ materially from current
expectations, including the matters discussed under "Risk Factors" contained in
JumpTV's prospectus (admission document) dated August 1, 2006 and the matters
discussed under "Risk Factors" contained in JumpTV's final short form prospectus
dated February 19, 2007. These forward-looking statements are made as of the
date hereof, and JumpTV assumes no obligation to update or revise them to
reflect new events or circumstances.
Key Performance Indicators and Other Measures
JumpTV is not aware of any uniform standards for calculating ARPU, SAC, Churn,
streams views, minutes viewed, page views, unique visitors, and advertising
impressions and we believe that JumpTV's presentation of these measures may not
be calculated consistently with other companies in the same or similar business.
Moreover, these measures are of operational performance and not measures of
financial performance under generally accepted accounting principles.
JumpTV Inc.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars, unless otherwise noted)
As at December 31
2007 2006
$ $
-------------------------------------------------------------------------
ASSETS
Current
Cash and cash equivalents 51,202,984 21,936,878
Short-term investments 130,640 28,115,378
Accounts receivable, net of allowance for
doubtful accounts of $395,175 (2006 - nil) 1,782,280 -
Interest receivable 726,995 117,947
Taxes receivable 659,000 602,152
Other receivables 79,385 3,522
Prepaid expenses and deposits 1,044,921 1,178,119
-------------------------------------------------------------------------
Total current assets 55,626,205 51,953,996
-------------------------------------------------------------------------
Property, plant and equipment, net 6,760,565 1,269,488
Intangible assets, net 18,305,881 312,140
Goodwill 47,970,833 102,069
Other assets 1,234,038 161,246
Deferred direct broadcast operating costs, net 76,409 61,605
-------------------------------------------------------------------------
Total assets 129,973,931 53,860,544
=========================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable 3,296,858 1,931,589
Other accrued liabilities 5,247,328 2,497,393
Bank indebtedness - 1,287,150
Due to related party 37,229 14,676
Current portion of notes payable 13,586 -
Current portion of obligations under
capital lease 120,465 -
Accrued stock appreciation rights - 1,087,760
Deferred revenue 1,980,169 205,314
Income taxes payable 115,050 61,800
-------------------------------------------------------------------------
Total current liabilities 10,810,685 7,085,682
-------------------------------------------------------------------------
Deferred rent 599,440 18,502
Notes payable 31,881 -
Obligations under capital lease 80,299 -
-------------------------------------------------------------------------
Total liabilities 11,522,305 7,104,184
-------------------------------------------------------------------------
Shareholders' equity
Share capital 172,697,828 75,227,648
Contributed surplus 7,740,531 2,937,219
Accumulated other comprehensive loss (40,355) (32,240)
Accumulated deficit (61,946,378) (31,376,267)
-------------------------------------------------------------------------
Total shareholders' equity 118,451,626 46,756,360
-------------------------------------------------------------------------
Total liabilities and shareholders' equity 129,973,931 153,860,544
=========================================================================
JumpTV Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. dollars, unless otherwise noted)
Years ended December 31
2007 2006
$ $
-------------------------------------------------------------------------
Revenue 8,974,659 2,061,031
Direct broadcast operating costs (10,422,335) (2,569,648)
-------------------------------------------------------------------------
(1,447,676) (508,617)
-------------------------------------------------------------------------
Other costs and expenses
Selling, general and administrative 28,205,105 21,690,938
Stock-based compensation and other
compensation payments 4,701,029 4,097,351
Interest 18,532 -
Amortization of property, plant and equipment 564,365 128,549
Amortization of intangible assets 91,790 22,401
-------------------------------------------------------------------------
33,580,821 25,939,239
-------------------------------------------------------------------------
Loss before the following: (35,028,497) (26,447,856)
Loss on foreign exchange (57,346) (186,990)
Investment income 4,568,982 1,083,050
-------------------------------------------------------------------------
Loss before income taxes (30,516,861) (25,551,796)
Provision for income taxes 53,250 45,300
-------------------------------------------------------------------------
Net loss for the year (30,570,111) (25,597,096)
=========================================================================
Net loss per weighted average number of shares
outstanding - basic and diluted $(0.66) $(0.99)
=========================================================================
Weighted average number of shares
outstanding - basic and diluted 46,586,730 25,848,396
=========================================================================
JumpTV Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars, unless otherwise noted)
Years ended December 31
2007 2006
$ $
-------------------------------------------------------------------------
OPERATING ACTIVITIES
Net loss for the year (30,570,111) (25,597,096)
Adjustments to reconcile net loss to cash
used in operating activities
Amortization 2,300,306 314,543
Unrealized gain on short-term investments (23,377) -
Stock-based compensation 5,763,357 4,123,974
Amortization of deferred direct broadcast
operating costs 75,581 87,920
Effect of foreign exchange rate changes
on cash and cash equivalents
-------------------------------------------------------------------------
(22,454,244) (21,070,659)
Changes in operating assets and liabilities
Accounts receivable (1,774,695) -
Other receivables 1,167,239 3,918
Interest receivable (484,673) (113,663)
Taxes receivable (45,239) (520,829)
Prepaid expenses, deposits and other assets 188,305 (1,219,337)
Accounts payable 75,496 1,411,416
Other accrued liabilities 1,537,855 1,670,360
Due to related party 22,553 (123,647)
Accrued stock appreciation rights payable (1,087,760) -
Obligations under capital lease (53,603) -
Note payable (37,139) -
Deferred revenue 507,745 149,046
Income taxes payable 53,250 45,000
Deferred rent 580,938 18,502
-------------------------------------------------------------------------
Cash used in operating activities (21,803,972) (19,749,893)
-------------------------------------------------------------------------
INVESTING ACTIVITIES
(Purchase) redemption of short-term
investments 28,000,000 (28,107,263)
Purchase of property, plant and equipment (3,783,306) (1,145,977)
Purchase of intangible assets - (12,500)
Acquisition of HV Media Limited (14,552) (440,847)
Acquisition of SportsYA, net of cash
acquired of $3,308 (180,917) -
Acquisition of Cycling TV Limited, net of cash
acquired of $77,237 (2,383,491) -
Acquisition of Broadband Network Division
of XOS Technologies Inc., net of cash
acquired of $77,487 (60,926,708) -
-------------------------------------------------------------------------
Cash used in investing activities (39,288,974) (29,706,587)
-------------------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds from share issuances, net 93,104,131 63,809,337
Bank indebtedness (1,287,150) 1,287,150
Proceeds from (redemption of) Class C
common share - (1)
Proceeds from exercise of stock options 503,861 713,381
Proceeds from exercise of warrants 14,800 180,000
Normal course issuer bid (1,614,738) -
-------------------------------------------------------------------------
Cash provided by financing activities 90,720,904 65,989,867
-------------------------------------------------------------------------
Effect of foreign exchange rate changes on
cash and cash equivalents (361,852) (71,561)
Net increase in cash and cash equivalents
during the year 29,266,106 16,461,826
Cash and cash equivalents, beginning of year 21,936,878 5,475,052
-------------------------------------------------------------------------
Cash and cash equivalents, end of year 51,202,984 21,936,878
=========================================================================
JUMPTV PR/IR CONTACTS:
North America:
Jennifer Barron
Director of Communications
JumpTV Inc.
T: 1.647.426.1243
jbarron@jumptv.com
or
Lewis Goldberg
KCSA Strategic Communications
T: 1.212.896.1216
UK:
Andrew Chubb
Canaccord Adams Limited
+44 207 050 6500
This information is provided by RNS
The company news service from the London Stock Exchange
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