Salon Media Group, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
February 15, 2017 at 03:34 am IST
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Salon Media Group, Inc. announced unaudited earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company's net revenue was $1.2 million compared with $1.95 million a year ago. Loss from operations was $0.98 million compared with $0.24 million a year ago. Net loss attributable to common stockholders was $6.3 million or $0.06 per basic and diluted share compared with $0.25 million or $0.00 per basic and diluted share a year ago.
For the nine months, the company's net revenue was $3.5 million compared with $5.3 million a year ago. The decrease in revenue as compared to a year ago was a result of both a decline in direct advertising revenues as the company shifted its advertising sales efforts to programmatic advertising, and a decline in traffic compared to the December 31, 2015 quarter that led to a reduction in inventory available for programmatic advertising sales. Loss from operations was $2.7 million compared with $1.4 million a year ago. The large increase in loss was primarily a result of non-cash charges of $5.3 million related to the recognition of non-cash interest expense and a preferred deemed dividend related to the conversion of Preferred to Common shares and the issuance of debt that were associated with a private placement of preferred stock in January 2017. Net loss attributable to common stockholders was $7.99 million or $0.09 per basic and diluted share compared with $1.4 million or $0.02 per basic and diluted share a year ago.
Salon Media Group, Inc. is an independent publication company. The Company covers news and politics, alongside its coverage of culture and entertainment, science and health, and food. The Company has driven the national conversation through journalism distributed across Salon.com, Salon TV, social media, news platforms, email newsletters and mobile applications. Its content, including its flagship show, Salon Talks, and other Salon TV programming, reaches an audience of approximately 10 million monthly new visitors. The Companyâs publication is free. It also offers monthly subscription for ad-free publication. The Company covers national news and politics, and science and health through investigations, insightful reporting, commentary and analysis. It covers television (TV), movies, books, entertainment and culture news through insightful reporting, criticism, commentary and analysis. Its Life Stories section features insightful commentary and essays about the human experience.