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