Welcome!

News Feed Item

SoMedia Files Financial Results for the Year Ending December 31, 2013

SoMedia Networks Inc. (TSX-V:VID) (“SoMedia,” “the Company”), the pioneer of globally scalable cloud-based video production solutions, today announced it has filed financial results for the year ended December 31, 2013.

HIGHLIGHTS

  • The Company completed an IPO on the TSX Venture Exchange
  • Added 3,351 new reseller partners during the year of which 588 integrated video marketing materials within their business
  • Recorded video orders from 331 separate reseller partners over the year, a 151% increase over the number of total active reseller partners in 2012
  • Officially launched SoMedia Enterprise Platform designed specifically for larger clients
  • During the fourth quarter appointed Ben Pickering as President and COO
  • Officially launched integrated Video Players, Campaign Management and Analytics Platforms
  • During the fourth quarter reduced headcount by approximately 30%

“2013 was the most pivotal year in our development to date” stated George Fleming, SoMedia’s Chief Executive Officer. “We completed an IPO giving us access to new sources of capital, signed over 3,000 reseller partners - with growth in new partner signups of over 400%, launched SoMedia Enterprise allowing us to focus on large corporate partners, developed and launched state of the art video players, campaign management and analytics platforms, and hired a new President and COO who possesses the experience necessary to not only oversee our continued progress on current initiatives, but also drive SoMedia’s future operational growth.

 

FINANCIAL PERFORMANCE

   
    2013   2012
Fourth quarter   Full year Fourth quarter   Full year
Revenues $ 77,579 $ 215,723 $ 46,278 113,373
Employment expenses 820,787 3,082,868 497,926 2,142,833
Other operating expenses 386,044 2,196,593 437,349 861,429
Non-operating expenses 73,589 1,726,321 465,561 1,133,219
Comprehensive loss for the period (1,026,896 ) (6,783,395 ) $ (1,354,557 ) $ (4,024,108 )
Loss per share (basic and diluted) (0.05 ) (0.36 ) $ (0.13 ) $ (0.37 )
 
                 
          As at December 31, 2013           As at December 31, 2012
Total assets $ 658,460 $ 563,596
Long-term financial liabilities $ 0 $ 2,635,721
 
 

KEY PERFORMANCE INDICATORS

       
      2013     2012
      Fourth quarter     Full Year     Fourth quarter     Full Year
Sales orders received     $ 117,366     $ 432,172     $ 76,665     $ 230,588
Total Partner Signups       216       3,351       327       668
New Activations in Period       80       300       26       96
Total Activated Resellers       511       511       132       132
Resellers Active in Period       112       331       33       132
 

The measures described in this table are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. They are provided to assist investors in determining the Company’s ability to generate profitability from its operations and to evaluate its financial performance. For further descriptions of these terms, please refer to either the Company’s Management’s Discussion and Analysis for the period or to the ‘Definition of Key Performance Indicators’ section at the conclusion of this document.

DEFINITIONS OF KEY PERFORMANCE INDICATORS

Reseller Signups: Denotes a reseller that has accepted the terms and conditions of the reseller relationship through an online digital acceptance form. The reseller agreement includes terms related to payment, scope of offerings, confidentiality, dispute resolution and corporate conduct.

New Activations: A reseller is considered active upon the completion of their initial video purchase.

Resellers Active: A reseller is considered active during a period if that reseller has purchased at least one video during that period.

Partner integration: The process of training and equipping a reseller to enable them to effectively market videos. The act of integration is considered completed when the partner updates their website to include video production as a service they offer to their clients.

ABOUT SOMEDIA NETWORKS

SoMedia Networks is a pioneer of integrated video content production, marketing and analytics solutions. Our scalable cloud-based video content production platforms provide resale, white-label, and on demand video production services to thousands of web marketers, digital agencies, corporate brands and media companies across North America.

Our technology first approach allows us to provide a range of ground breaking video production and marketing services and products that break down the traditional barriers of cost, volume and reach; making it easy for partners to deliver online video solutions to their clients simply and affordably, anywhere, at scale.

For more information visit: www.somedia.net

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.