NeuLion Reports 37% Increase in Revenue for Second Quarter 2011
(firmenpresse) - PLAINVIEW, NY -- (Marketwire) -- 08/11/11 -- 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 second quarter of 2011. Revenue increased 37% to $10.0 million for the three months ended June 30, 2011 as compared to the same period a year ago, 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 $2.1 million, or 32%, as compared to the same period a year ago.
Cost of Services Revenue, exclusive of depreciation and amortization, improved as a percentage of Services Revenue, by 4%, as compared to the same period a year ago.
Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $1.8 million, or 53%, as compared to the same period a year ago, and Consolidated Net Loss improved by $2.4 million, or 42%, as compared to the same period a year ago.
"Management is pleased with the company's impressive 37% increase in revenue and operational success that we have achieved during the second quarter," stated Nancy Li, Chief Executive Officer of NeuLion, Inc. "Our results were positively impacted by strong organic growth of $2.3 million, of which 91% is from our recurring services revenue stream. The continued growth in our sustainable and predictable recurring revenue will provide the foundation for the future financial success of our company. During the quarter we successfully added numerous new agreements to provide multiple partners with 'TV Everywhere' solutions as well as on-demand programming. In addition, we also entered into agreements with multiple professional sports franchises as well as colleges and universities to assist them in driving content to their global fan bases. We remain focused on increasing sales, expanding margins and improving overall profitability."
Announced the widespread adoption of its Live Highlight Editor, a tool that gives sports teams, leagues, and colleges the capability to cut, clip, and publish game highlights from live broadcasts and instantly publish them globally to any Internet-enabled device.
This tool benefits sports teams, leagues and college athletic departments as it condenses highlight packages and makes for easier syndication.
Formed, as the first of its kind, a College Advisory Board that brings together college executives and digital partners with the goal of providing increased customer service and a more robust fan experience.
Joining NeuLion on the initial College Advisory Board are Iowa State University, Louisiana State University, Duke University, The Big 12 Conference, Mississippi State University, Dartmouth College and James Madison University.
Announced a new multi-year partnership with ZON TVCabo that will use NeuLion's platform to enhance the reach and penetration of ZON's television content with new forms of distribution. As the main Pay-TV cable operator in Portugal, ZON serves over 1.6 million subscribers. NeuLion will provide ZON with a complete "TV Everywhere" service delivered through various platforms. The launch will allow ZON's live and on-demand content to reach viewers, for the first time ever, on multiple consumer devices.
NeuLion's digital platform was chosen to power the newly launched websites for DIRECTV Sports Networks' three regional sports channels at ROOTSPORTS.com. The three networks, formerly FSN Northwest, FSN Rocky Mountain and FSN Pittsburgh, were re-branded ROOTSPORTS™ in April 2011 with the start of the Major League Baseball season.
Renewed agreement with the Central Hockey League to provide live streaming video services for the 2011-12 season. The online video service, CHL-TV, will offer hockey fans live and on-demand coverage of CHL regular season and playoff games.
Partnered with the Canadian Hockey League to deliver live coverage of the 2011 MasterCard Memorial Cup to Android, iPhone, iPad and BlackBerry devices.
Revenue was $10.0 million, as compared to $7.3 million for the three months ended June 30, 2010, marking a period-over-period increase of $2.7 million, or 37%.
Cost of revenue, exclusive of depreciation and amortization, was $4.0 million (40%), as compared to $3.2 million (44%) for the three months ended June 30, 2010, marking a period-over-period improvement of 4%.
Consolidated net loss was $3.3 million, which includes $1.7 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA loss of $1.6 million, as compared to a consolidated net loss of $5.7 million, which includes $2.3 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 June 30, 2010, marking a period-over-period improvement in non-GAAP Adjusted EBITDA loss of $1.8 million, or 53%.
Revenue was $19.9 million, as compared to $15.1 million for the six months ended June 30, 2010, marking a period-over-period increase of $4.8 million, or 32%.
Cost of revenue, exclusive of depreciation and amortization, was $8.0 million (40%), as compared to $6.9 million (46%) for the six months ended June 30, 2010, marking a period-over-period improvement of 6%.
Consolidated net loss was $7.2 million, which includes $3.5 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA loss of $3.7 million, as compared to a consolidated net loss of $9.2 million, which includes $2.8 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA loss of $6.4 million for the six months ended June 30, 2010, marking a period-over-period improvement in non-GAAP Adjusted EBITDA loss of $2.7 million, or 42%.
Non-cash and/or non-operating charges consist of depreciation and amortization, stock-based compensation, unrealized gain on derivative, investment income and foreign exchange gain/loss.
As of June 30, 2011 we had $9.3 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 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 integrate the operations of TransVideo International Ltd. with our own; 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:
Jennifer Powalski
Corporate Communications
516-622-8334
Investor Relations Contact:
Marc Sokol
Executive Vice President
516-622-8386
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Datum: 11.08.2011 - 06:15 Uhr
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