Click here to close now.

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
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
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 to 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...
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 development...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York