QYOU Media Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Management Changes
May 03, 2017 at 10:52 am EDT
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QYOU Media Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenue of CAD 844,187, a 22% increase from CAD 690,779 for the comparative quarter in 2015. The adjusted operating loss improved to CAD 871,033 from an operating loss of CAD 2,495,383 for the comparable quarter in 2015.
For the year ended December 31, 2016, the QYOU had revenue of CAD 2,513,542, a 144% increase from the comparative 12 months ended December 31, 2015 of CAD 1,028,101. The QYOU's adjusted net loss was CAD 5,360,788 compared to a net loss of CAD 4,341,448 in 2015. Cash used in operating activities was CAD 4,562,484.
In addition, the board of directors of QYOU Media announced the following executive and Board changes: Scott Ehrlich has stepped down as Co-CEO and as a director and Mr. Ehrlich's associate, Ken LaCorte, has also left the Board. Curt Marvis, Co-Founder and Co-CEO, assumes the role of CEO. Mr. Marvis has previously served as President of Digital for Lions Gate Entertainment Corp., as CEO and Co-Founder of CinemaNow, as President of NASDAQ listed game developer 7th Level and as CEO of The Company. Joining the Board effectively immediately, subject to regulatory approval, is Damian Lee. Continuing in their roles as Board members in addition to Messrs. Paterson, Marvis and Lee are Catherine Warren, a member of the Bell Fund board as well as a nominating member of the International Academy of TV Arts and Sciences and President and Founder of FanTrust; Tim Hogarth, former President and CEO of Pioneer Energy and board member of Parkland Fuel Corporation and James Swayze, CEO and Co-Founder of Symbility Solutions.
QYOU Media Inc. is a Canada-based media company. The Company is specialized in networks, original shows, and influencer marketing. It operates in India and the United States. It produces and distributes content created by social media stars and digital content creators. In India, via the Companyâs flagship brand, the Q and Q Marathi channel, it curates, produces, and distributes content, including television networks and video on demand for cable and satellite television, over-the-top, mobile and smart television-based platforms. Its India-based influencer marketing division, Chtrbox, is an influencer marketing platform connecting brands and social media influencers. In the United States, it creates and manages influencer marketing campaigns for various film studios, game publishers and brands. Its subsidiaries include QYOU Media Inc., QYOU Productions Inc., QYOU Limited, QYOUTV International Limited, QYOU USA Inc., QYOU Media India Private Ltd. and Chatterbox Technologies Private Ltd.