Big Stick Media Corporation Announces Financial Results for the Quarter Ended August 31, 2009
2009年10月8日 - 6:17AM
Marketwired
Big Stick Media Corporation (TSX VENTURE: BSM)("BSM" or the
"Company") announces today its financial results for the quarter
ended August 31, 2009.
For the quarter ended August 31, 2009, the Company incurred a
net loss of $1,583,200 versus a net loss of $1,067,444 for the
quarter ended August 31, 2008. The net loss figures include various
non-cash accounting items including amortization expense, stock
option compensation expense, accredited interest expense, losses on
asset dispositions and net foreign exchange gains and losses
emanating from the movement of the U.S. dollar. Excluding the
effects of the non-cash and one-time items as well as the ongoing
cash interest expense, the modified EBITDA for the third quarter of
fiscal 2009 was $114,916 versus $363,476 for the corresponding
quarter of fiscal 2008.
The financial results for the quarter ended August 31, 2009
reflect the following pertinent information:
- The third quarter of the fiscal year contains the tail-end of
the NBA basketball season and the start of the NFL football
pre-season. This quarter is traditionally slow from a cash receipts
basis as it contains neither the heart of the basketball nor
football seasons. As well, the large cash receipts from the
previous seasons' efforts have mostly been recognized as revenue by
June 15. Accordingly, the accounting results for the third quarter
are generally weaker than those of the other fiscal quarters. As a
partial mitigant, the Company does start to receive material
football season prepayments for handicapping advisory services as
well as Don Best information service subscriptions that bolster
cash reserves as at August 31, 2009. However, the bulk of the
revenue associated with these cash inflows is only recognized in
the subsequent two fiscal quarters.
- Third quarter cash flows within the Don Best division were
lower than those realized in the corresponding quarter of 2008 due
to the decision not to replicate the five month football season
special employed in 2008 that entailed a material discount for
subscribers effecting the prepayment. The cash inflow reduction
will be compensated for with stronger monthly cash flows in
September through January.
- The cash inflows within the Las Vegas call center that
specializes in the sale of handicapping advice saw its volumes fall
on a year-over-year basis as the effects of the weakening economy
were brought to bear on the business. The Company continues to work
to reduce its overhead within that business segment to compensate
for the reduced sales volumes.
- On September 9, 2009, the Company made the first interest and
principal payment owing in respect of the convertible debentures
issued on April 28, 2008. Following such payment, the principal
balance stands at $3.5 million to be repaid over the ensuing seven
fiscal quarters. In addition, it met its monthly debt service
requirements relative to the US$800,000 financing raised in April
of 2009. The balance of that debt as of the date hereof is
US$530,000. All debt service payments made in the third quarter or
immediately thereafter have been made via the use of free cash flow
from operations.
- During the third quarter of 2009, the Company did not effect
any share buybacks pursuant to its normal course issuer bid.
"The third quarter of fiscal 2009 reflected both positives and
negatives for BSM", stated Christopher Kape, President and CEO. "We
settled the outstanding litigation related to our Don Best business
which validated the legitimacy of our exclusive rights to publish
the most relevant live sports odds information. Furthermore, we
have made significant headway toward the development of a new
technological platform for the Don Best service and the
introduction of new products in 2010. Finally, we recently
completed the merger of our two Las Vegas offices thereby providing
significant cost savings on a go-forward basis. By contrast, we
continue to realize volume declines in our handicapping advisory
business and continue to look for new marketing initiatives to
re-energize this business unit.
Inclusive of funds held within reserves required by the
Company's payment processors, the balance sheet as at August 31,
2009 reflects aggregate cash of $1.708 million. However, $550,000
of such funds were used on September 9, 2009 to effect the
requisite principal and interest payment owing in respect of the
convertible debentures.
BSM is based in Vancouver, British Columbia and trades on the
TSX Venture Exchange under the trading symbol "BSM". Additional
information about BSM including the Company's unaudited
consolidated financial statements and management discussion and
analysis for the quarter ended August 31, 2009 is available under
the Company's profile at www.sedar.com.
As at the date hereof BSM has 23,992,020 issued and outstanding
common shares.
About Big Stick Media Corporation
BSM owns and operates a portfolio of assets that provide
fact-based and opinion oriented information relevant to the sports
industry. These assets include websites, client-server software,
publications and call centers. BSM generates revenues in a number
of ways, including various direct to consumer services and direct
to business sales through a portfolio of websites, the most
significant of which are www.JimFeist.com, www.donbest.com, and
www.g-picks.com. BSM also operates the Don Best Sports real-time
sports information systems for serious sports enthusiasts,
handicappers and bettors.
Cautionary Statement
This press release may contain certain forward-looking
statements with respect to the Corporation. These forward-looking
statements, by their nature, involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated. We consider the assumptions on which these
forward-looking statements are based to be reasonable, but caution
the reader that these assumptions regarding future events, many of
which are beyond our control, may ultimately prove to be incorrect.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Big Stick Media Corporation's expectations are various risks
detailed from time to time in the filings made by Big Stick Media
Corporation with securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy and
accuracy of this release.
Contacts: Big Stick Media Corporation Christopher S. Kape Chief
Executive Officer (604) 630-6550 ext. 111
chris@bigstickmedia.com
Big Stick Media Corp (TSXV:BSM)
過去 株価チャート
から 6 2024 まで 7 2024
Big Stick Media Corp (TSXV:BSM)
過去 株価チャート
から 7 2023 まで 7 2024