Liberated Syndication Inc. Reports Earnings Results for the First Quarter of 2018; Updates Guidance for Full Year 2018
With the requirements of GAAP to value deferred revenue from the acquisition at fair market value, the Company modified its full year revenue projection to $20.0 million from $23.0 million. A reduction of approximately $3 million in deferred revenue, which would have been recognized by Pair pre-acquisition, will not be recognized as revenue post acquisition due to GAAP accounting rules. The Company stated that it was continuing to project full year EBITDA of $7.0 million.