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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jumptv | LSE:JTV | London | Ordinary Share | CA48139P1071 | COM SHS NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.51 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:8774B JumpTV Inc. 10 August 2007 JumpTV Increases Revenue 17%, Reduces Loss in Q2 2007 vs Q1 2007 TORONTO--(Marketwire - August 10, 2007) - JumpTV Inc. ("JumpTV" or the "Company") (AIM: JTV) (TSX: JTV) a leader in broadcasting international television and sports over the Internet, today announced quarterly results and selected financial metrics for the quarter ended June 30, 2007. For the quarter ended June 30, 2007 revenue was US$1,175,924, an increase of 175% from US$426,998 in the same period a year ago. Sequentially, revenue increased 17% from US$1,003,146 in the first quarter 2007. Of the US$1.175 million in revenue approximately US$120,000 was advertising/syndication-related revenue. The net loss for the three months ended June 30, 2007 was US$6,514,301 or US$0.13 per basic and diluted share, a 1% increase compared to US$6,449,005 or US$0.31 per basic and diluted share for the same period a year ago. Quarter over quarter net loss decreased by 8% from US$7,085,166 or US$0.18 per basic and diluted share in the quarter ended March 31, 2007. The net loss during the quarter included approximately US$1.26 million of M&A and severance related expenses. As of June 30, 2007 JumpTV had 302 channel partnerships compared to 204 channels as of June 30, 2006 and 280 channels as of March 31, 2007. Subscriptions were 34,148 as at June 30, 2007 down 1% from 34,496 as at March 31, 2007 and subscribers were 29,968 as at June 30, 2007 down less than 1% from 30,062 as at March 31, 2007. The Company had expected a significantly higher reduction in subscriptions and subscribers during the period due to the free-to-consumer launch of approximately 100 of its heretofore subscription-based channels in the United States. However, the addition of new content and the growth in the Company's non-U.S. subscriber base compensated for the loss of U.S. subscribers. Churn for the three months ended June 30, 2007 was 13.3%, up 6% from 12.5% for the three months ended March 31, 2007. For the second quarter of 2007, JumpTV's subscriber acquisition costs (SAC) were US$33.69, a decrease of 34.9% compared to US$51.72 in the first quarter of 2007. The Company continues to test various marketing initiatives. An increased focus on search engine optimization (SEO) contributed to the decrease. Average monthly revenue per user (ARPU) was US$11.42 in the quarter ending June 30, 2007, a less than 1% decrease from US$11.52 in the first quarter of 2007. JumpTV chairman and chief executive officer G. Scott Paterson commented, "JumpTV is focused on our path to profitability. We believe we have put in place the strategic pieces and are focused now on execution and operations." He added, "Our free-to-consumer launch has resulted in viewership of free channels reaching approximately 40 million minutes per month within two months of launch. We are confident that this has positioned JumpTV to obtain advertising revenues over the next several quarters." The Company reports the following recent developments for JumpTV: 1. In late May 2007 we launched selected channels on a free-to-consumer, ad supported basis in the United States. As at June 30, 2007 we offered 108 channels free-to-consumers. During Q3 and Q4 2007 we intend to continue to add to the free offerings in the U.S. and assess the merits of offering selected content on a free-to-consumer basis in Canada and the United Kingdom (the Company's second and third largest markets). 2. Partially as a result of the free-to-consumer launch in the U.S., the Company has experienced, on average, 2.5 million viewing minutes per day, 2 million ad impressions per day while average duration of user session has remained at approximately 40 minutes. 3. We secured rights to additional cross-cultural content including channels in the Middle East, Sub-Saharan Africa and Europe, sporting properties such as the FIFA World Cup Matches in Canada and global production studios such as Arab Telemedia Services. 4. We signed and implemented distribution partnerships with AOL Video, which currently offers 108 JumpTV channels on a free-to-consumer basis in the U.S., and extended our relationship with Terra Networks to include Terra U.S., a leading Hispanic portal in the U.S., currently offering 50 JumpTV channels. 5. We launched and implemented our 'Jumper' API media player, introduced social networking features on JumpTV.com such as live chat alongside our channel feeds, built out our ad-serving infrastructure allowing us to serve video and banner ads from direct sales and third-party ad networks across the JumpTV website and deployed Jumpers on the Internet at large. 6. We further invested in and improved our global content delivery network (CDN), lighting up teleports/distribution points in Hong Kong, Singapore and Los Angeles while upgrading London and Miami hubs. 7. We filled executive roles in network operations, marketing and ad sales operations. 8. We went through a comprehensive operational review, resulting in process improvement, reduction in headcount and an approximate 30% cut in structural operating costs. Kaleil Isaza Tuzman, president & COO of JumpTV, stated, "JumpTV has gone through a number of changes over the last quarter, launching nearly a third of our ethnic TV channels for free in the United States, introducing the first-generation 'Jumper' on distribution partners' sites and reducing our structural operating costs by approximately 30% -- which should be clearer in Q3 and Q4 results given the cost reduction process was completed at the end of Q2." Isaza Tuzman continued, "We reduced our go-forward overhead expenses while improving network quality and making product development advances during the quarter. We are pleased that through this period of transition revenues have expanded modestly." Subsequent to the June 30 quarter close, JumpTV announced that it had entered into a definitive agreement to acquire the Broadband Network business unit of XOS Technologies Inc., based in Sanford, Florida, through an asset purchase agreement for US$60.25 million in cash. The Broadband Network business unit of XOS is one of the largest online global sports networks streaming thousands of NCAA games including football, men's and women's basketball, volleyball, baseball and track & field events. The Broadband Network business unit currently has more than 150 official and exclusive broadband relationships with U.S. colleges, universities, conferences and professional sports teams including programs within the SEC, Big 12 and Big 10, amongst other NCAA Division I conferences. In addition to live streaming, the XOS Broadband Network specializes in custom-brand site design and Web hosting for its partner teams and athletic departments with a technology platform that includes Internet publishing tools, streaming video and audio on demand, e-commerce solutions, online ticketing, mobile capabilities, and social networking technologies. The Company announced yesterday that an agreement has been reached to acquire Cycling TV (Cycling.tv), an online video network offering dedicated cycling content to the global cycling audience. Paterson commented on the recent acquisitions, "We have consistently stated that selected strategic acquisitions were part of our operating plan in order to augment relevant content, product capabilities and audience reach. The XOS Broadband Network and Cycling TV acquisitions underline our focus as a Company on hard-to-find live content, like sports and news, for out-of-market audiences." Isaza Tuzman continued, "Now whether you are a Peruvian living in Madrid, an Ohio State grad living in Oregon, or a professional cycling fan in Singapore, JumpTV is always on for you, delivering the content you love, on any IP-enabled device." In future quarterly financial releases, JumpTV anticipates augmenting its key performance indicators (KPIs) to better reflect its hybrid, subscription and ad-based business model. This will likely involves disclosure of quarter over quarter stream views and minutes watched, and may result in the elimination of one or more subscription-only operating metrics. The Company will hold a conference call to discuss Q2 results, as well as the details of its acquisition of Cycling TV today, August 10, 2007, at 9:00am EDT and 2:00pm GMT. To participate in the call, interested parties can use the following dial-in numbers: U.S. and Canada -- 800.657.1263 or International -- +1 973.633.8200; conference code -- 9123576. Callers are suggested to dial-in at least 5 minutes prior to the call. About JumpTV Live Television From Around the World -- online, anytime, anywhere. JumpTV (AIM: JTV) (TSX: JTV) is a leading distributor of live Internet television. With over 300 TV channels from 75+ countries, JumpTV delivers full-screen sports, news and entertainment content on a real-time basis from all corners of the globe to computers, Internet-enabled TV sets, IP set-top-boxes and cell phones with browser access. Forward Looking Statements This news release contains forward-looking statements that involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward looking statements. These forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance and achievements that may be expressed or implied by such forward looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk and currency exchange rates and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the "Risk Assessment" section included in the Company's MD&A in respect of the year ended December 31, 2006 posted on www.sedar.com. Key Performance Indicators and Other Measures JumpTV is not aware of any uniform standards for calculating subscriptions, subscribers, ARPU, SAC, Churn and channels signed and we believe that JumpTV's presentation of these measures may not be calculated consistently with other companies in the same or similar business. Moreover, these measures are of operational performance and not measures of financial performance under generally accepted accounting principles. All other financial measures referenced herein have been prepared in accordance with Canadian generally accepted accounting principles. JumpTV Inc. CONSOLIDATED BALANCE SHEETS (unaudited) (Expressed in U.S. dollars) As at June 30, December 31, 2007 2006 $ $ ----------- ---------- ASSETS Current Cash 127,638,918 21,936,878 Short-term investments 117,325 28,115,378 Accounts receivable 126,300 -- Other receivables 1,003,273 723,621 Prepaid expenses and deposits 1,213,844 1,178,119 Funds held in trust 14,884 -- Due from related party 6,863 -- ----------- ---------- Total current assets 130,121,407 51,953,996 ----------- ---------- Property, plant and equipment, net 3,486,958 1,269,488 Intangible assets 1,594,270 312,140 Goodwill 116,621 102,069 Other assets 729,401 161,246 Deferred direct broadcast operating costs, net 44,007 61,605 ----------- ---------- 136,092,664 53,860,544 =========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities 2,490,003 3,950,284 Bank loan -- 1,287,150 Due to related party -- 14,676 Accrued license fees 192,498 106,916 Accrued professional fees 1,176,751 371,782 Accrued stock appreciation rights 449,653 1,087,760 Deferred revenue 280,604 205,314 Income taxes payable 86,750 61,800 ----------- ---------- Total current liabilities 4,676,259 7,085,682 ----------- ---------- Deferred rent 277,092 18,502 ----------- ---------- Total liabilities 4,953,351 7,104,184 ----------- ---------- Shareholders' equity Share capital 171,689,822 75,227,648 Contributed surplus 4,465,580 2,937,219 Accumulated other comprehensive loss (40,355) (32,240) Accumulated deficit (44,975,734) (31,376,267) ----------- ---------- Total shareholders' equity 131,139,313 46,756,360 ----------- ---------- 136,092,664 53,860,544 =========== ========== JumpTV Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Expressed in U.S. dollars) Three months Six months ended ended June 30, June 30, 2007 2006 2007 2006 $ $ $ $ ---------- ---------- ---------- ---------- Revenue 1,175,924 426,988 2,179,070 777,496 Direct broadcast operating costs (1,551,330) (480,681) (2,911,589) (731,011) ---------- ---------- ---------- ---------- (375,406) (53,693) (732,519) 46,485 ---------- ---------- ---------- ---------- Other costs and expenses Selling, general and administrative 6,739,486 5,864,555 13,268,378 9,220,197 Stock-based compensation 793,737 561,199 1,949,839 1,327,380 Amortization of property, plant and equipment 136,707 25,918 215,883 47,851 Amortization of intangible assets 9,908 -- 19,816 -- ---------- ---------- ---------- ---------- 7,679,838 6,451,672 15,453,916 10,595,428 ---------- ---------- ---------- ---------- Loss before the following: (8,055,244) (6,505,365) (16,186,435) (10,548,943) Loss on foreign exchange (132,117) (16,625) (86,303) (8,301) Investment income, net 1,682,560 84,985 2,698,221 156,102 ---------- ---------- ---------- ---------- Loss before income taxes (6,504,801) (6,437,005) (13,574,517) (10,401,142) Provision for income taxes 9,500 12,000 24,950 25,000 ---------- ---------- ---------- ---------- Net loss for the period (6,514,301) (6,449,005) (13,599,467) (10,426,142) ========== ========== ========== ========== Loss per weighted average number of shares outstanding - basic and diluted (0.13) (0.31) (0.31) (0.52) ========== ========== ========== ========== Weighted average number of shares outstanding - basic and diluted 48,531,087 21,054,579 44,326,196 19,871,859 ========== ========== ========== ========== JumpTV Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Expressed in U.S. dollars) Three months Six months ended ended June 30, June 30, 2007 2006 2007 2006 $ $ $ $ ----------- ---------- ----------- ---------- OPERATING ACTIVITIES Net loss for the period (6,514,301) (6,449,005) (13,599,467) (10,426,142) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Amortization 260,978 58,213 437,008 98,745 Unrealized gain on short-term investments (9,062) -- (10,062) -- Stock based compensation, excluding change in accrued stock appreciation rights as noted below 1,484,267 561,199 2,588,752 1,327,380 Amortization of deferred direct broadcast operating costs 31,396 8,800 62,790 17,599 ----------- ---------- ----------- ---------- (4,746,722) (5,820,793) (10,520,979) (8,982,418) Changes in operating assets and liabilities Accounts receivables (126,300) -- (126,300) -- Other receivables (266,041) (196,721) (306,093) (211,145) Prepaid expenses, deposits and other assets 43,957 (325,844) 329,021 (478,943) Funds held in trust 216,191 -- (14,884) -- Accounts payable and other accrued liabilities (1,253,887) 1,697,951 (1,613,228) 2,208,303 Due to related parties 558 (102,535) (21,539) (109,898) Accrued license fees 41,920 (3,513) 85,582 (37,795) Accrued stock appreciation rights (699,459) -- (638,107) -- Accrued professional fees (359,896) (68,264) 804,969 (65,675) Deferred revenue 3,709 13,889 75,290 24,585 Income taxes payable 9,500 12,000 24,950 25,000 Deferred rent 141,056 -- 258,590 -- ----------- ---------- ----------- ---------- Cash used in operating activities (6,995,414) (4,793,830) (11,662,728) (7,627,986) ----------- ---------- ----------- ---------- INVESTING ACTIVITIES Redemption of short-term investments, net -- -- 28,000,000 -- Purchase of equipment (359,904) (445,306) (2,439,840) (703,721) Acquisition, net of cash acquired of $3,308 4,202 (360,760) (147,638) (360,760) ----------- ---------- ----------- ---------- Cash provided by (used in) investing activities (355,702) (806,066) 25,412,522 (1,064,481) ----------- ---------- ----------- ---------- FINANCING ACTIVITIES Proceeds from share issuances, net (7,973) -- 93,096,698 7,998,646 Repayment of bank loan -- -- (1,287,150) -- Deferred share issue costs -- (270,875) -- (270,875) Redemption of Class C common share -- -- -- (1) Proceeds from exercise of stock options 51,634 12,500 127,898 600,046 Proceeds from exercise of warrants 14,800 -- 14,800 -- Other -- (5,317) -- -- ----------- ---------- ----------- ---------- Cash provided by (used in) financing activities 58,461 (263,692) 91,952,246 8,327,816 ----------- ---------- ----------- ---------- Net increase (decrease) in cash during the period (7,292,655) (5,863,588) 105,702,040 (364,651) Cash, beginning of period 134,931,573 10,973,989 21,936,878 5,475,052 ----------- ---------- ----------- ---------- Cash, end of period 127,638,918 5,110,401 127,638,918 5,110,401 =========== ========== =========== ========== PR / IR CONTACT INFORMATION: Lewis Goldberg KCSA Worldwide +1-212-896-1216 lgoldberg@kcsa.com NOMAD: Chris Bowman Canaccord Adams Chris.Bowman@CanaccordAdams.com This information is provided by RNS The company news service from the London Stock Exchange END FR GUUQURUPMURU
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