ZoomerMedia Limited Announces Second Quarter 2024 Financial Results

TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- ZoomerMedia Limited (TSXV:ZUM) (the “Company”), the leader in serving the interests of the 17.2 million “Zoomers” aged 45plus, and the generations that follow in their footsteps, today announced its financial results for the second quarter ending February 29, 2024.

Consolidated Results

For the six months ending February 29, 2024, the company generated revenues of $30.9 million, operating expenses of $30.1 million and adjusted EBITDA of $0.8 million. Net loss for the six months ending February 29, 2024 was $1.9 million.

For the comparative six months ending February 28, 2023, the company had revenues of $32.5 million, operating expenses of $29.4 million and adjusted EBITDA of $3.1 million. Net income for the six months ending February 28, 2023 was $0.4 million.

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 three months ended February 29, 2024 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 interim consolidated financial statements for the three months ended November 30, 2023, including the notes thereto.

About ZoomerMedia Limited

Founded by television and media icon Moses Znaimer in 2008, ZoomerMedia Limited is a multimedia company devoted to creating content, services and experiences for Canada's most powerful audiences: the 17.2 million people aged 45-plus aka "Zoomers", and the 13.7 million Millennials and Gen Zs, coincidentally also called "Zoomers", who follow in their footsteps.