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ZUM - ZoomerMedia News Story

C$0.145 0.0  0.0%

Last Trade - 15/04/21

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £22.2m
Enterprise Value £19.0m
Revenue £28.4m
Position in Universe 1279th / 2713

ZoomerMedia Limited Announces Financial Results for the Year Ended August 31, 2020

Sat 28th November, 2020 1:53am
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TORONTO, Nov. 27, 2020 (GLOBE NEWSWIRE) -- ZoomerMedia Limited (TSXV:ZUM) (the
“Company”), the leader in serving the interests of the 45+ “Zoomer”
market in Canada, today announced its financial results for the year ended
August 31, 2020.

Consolidated Results

For the twelve months ended August 31, 2020 the Company generated revenues of
$50.6 million, operating expenses of $40.2 million and Adjusted EBITDA of
$10.4 million from its continuing operations. Net income for the same period
was $4.6 million.

For the comparative twelve months ended August 31, 2019 the Company had
revenues of $52.5 million, operating expenses of $46.2 million and Adjusted
EBITDA of $6.3 million from its continuing operations. Net income for the year
was $2.9 million.

On August 19, 2020 the Company closed the sale for substantially all of the
net assets comprising the operations of Darwin CX, the Company’s
Software-as-a-Service (“SaaS”) division to Irish Studios LLC. Darwin CX
has been classified as held-for-sale tor the year ended August 31, 2020, and
its financial results, including the gain from the asset sale have been
presented separately from the result of the Company’s continuing operations
in the consolidated financial statements. For comparative purpose, the
financial results for the prior year has been restated. Darwin CX’s net
income for the twelve months ended August 31, 2020 was $2.6 million, including
the gain on sale of assets, compared to net loss of $1.4 million for the prior
year.

EBITDA and Adjusted EBITDA are non-IFRS earnings measures which do not have
any standardized meaning prescribed by IFRS and therefore may not be
comparable to EBITDA or Adjusted EBITDA presented by other companies. EBITDA
represents earnings before interest expense, income taxes, depreciation and
amortization. Adjusted EBITDA excludes the gain on sale of property and the
unrealized gain or loss on equity instruments. These measures are important to
management since they are used by potential investors to evaluate the
Company’s operating performance and ability to incur and service debt, and
as a valuation metric. Investors are cautioned that this non-IFRS financial
measure should not be construed as an alternative to other measures of
financial performance calculated in accordance with IFRS.

Additional Information
Detailed financial information and Management’s Discussion and Analysis for
the twelve months ended August 31, 2020 can be found on SEDAR’s website at
www.sedar.com. The financial information included in this release is qualified
in its entirety and should be read together with the consolidated financial
statements for the year ended August 31, 2020, including the notes thereto.

About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus “Zoomer”
demographic through television, radio, magazine, internet and trade shows.
ZoomerMedia’s television properties include; Vision TV, Canada’s only
multi-faith specialty television service; ONE: Get Fit, offering programs on
exercise, meditation, yoga, natural health and living a planet-friendly
lifestyle; JoyTV in Vancouver, Victoria, Surrey and the Fraser Valley, FAITH
TV, a lifestyle television service out of Winnipeg devoted to broadcasting
Christian programming and is available in approximately 6 million Canadian
homes, and TVL Channel 5, a linear television channel guide available to
Rogers households in Ontario and New Brunswick. ZoomerMedia’s radio
properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg
– The New Classical 103.1FM, CFMO-FM - Collingwood - The New Classical
102.9FM, Canada’s only commercial classical music radio stations serving the
Greater Toronto Area (GTA), eastern Ontario and Collingwood, CFZM-AM 740
Toronto and CFZM-FM 96.7FM Toronto - Zoomer Radio, Toronto’s “Timeless
Hits” Station. ZoomerMedia also publishes ZOOMER Magazine, the largest paid
circulation magazine in Canada for the mature market, as well as On The Bay
Magazine, a regional lifestyle magazine published quarterly for the 20 towns
and villages of Southern Georgian Bay, Ontario. ZoomerMedia is Canada’s
leading provider of online content targeting the 45plus age group through many
properties, the key one being www.EverythingZoomer.com. ZoomerMedia has trade
show and conference divisions that produce the ZoomerShows, annual consumer
shows directed to the Zoomer demographic and ideaCity, an annual Canadian
conference also known as 'Canada's Premiere Meeting of the Minds'. ZoomerMedia
also has Darwin CX, a software-as-a-service (SaaS) platform CX that manages
customer experience orchestration for external clients which was launched in
September 2018 and sold in August 2020.

Cautionary note on forward looking statements
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained
herein. Certain statements made in this report are ‘forward-looking
statements’ which may include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words ‘believe’, ‘anticipate’,
‘expect’, ‘estimate’, ‘project’, ‘will be’, ‘will
continue’, ‘will likely result’ or similar words or phrases.
Forward-looking statements involve risks and uncertainties, which may cause
actual results to differ materially from the forward-looking statements. The
risks and uncertainties are detailed from time to time in filings by
ZoomerMedia Limited with provincial securities commissions. New risk factors
emerge from time to time and it is not possible for management to predict all
such risk factors, nor can it assess the impact of all such risk factors on
the Company’s business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in
any forward-looking statements. Such risks, uncertainties and other factors
include, but are not limited to, the following:
* the risks inherent in magazine publishing;
* the risks inherent in the operation of Internet media properties;
* the risks inherent in the operation of television broadcast properties;
* the risks inherent in the operation of radio broadcast properties;
* the risks inherent in the operations of affinity partners with respect to
royalty revenue;
* the risks inherent in the operation of consumer shows generally,
* the competition within the media industry for the baby boomer generation’s
business;
* the risks associated with governmental regulation of the publishing,
internet, radio broadcasting and television broadcasting businesses;
* the results of legal claims made by or against the Company;
* the dependence of the business on the continuing operation of its computer
systems; and
* the dependence of the business on key personnel.
Given these risks, and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual results.
ZoomerMedia Limited does not intend and does not assume any obligation to
update these forward-looking statements.

For further information, please contact:

 Terence Chan Chief Financial Officer ZoomerMedia Limited +1 416-607-7704 t.chan@zoomermedia.ca  Leanne Wright Vice President Communications ZoomerMedia Limited +1 416-886-6873 leanne@zoomer.ca  


(https://www.globenewswire.com/NewsRoom/AttachmentNg/bb52c560-09f5-4223-9985-771d2ab719d1)



GlobeNewswire, Inc. 2020
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