|By Business Wire||
|June 27, 2014 12:41 AM EDT||
Salon Media Group, Inc. (OTCQB:SLNM) today announced its results for the twelve months ended March 31, 2014. Net revenue from continuing operations for the period was $6.0 million, an increase of 65% from $3.6 million for the twelve months ended March 31, 2013. The improvement in revenues during fiscal year 2014 stemmed primarily from increased advertising sold by Salon’s internal sales team, which rose 82% to $3.2 million for the twelve months ended March 31, 2014 compared to $1.7 million for the twelve months ended March 31, 2013.
Overall, Salon has been able to achieve revenue growth without a corresponding increase in operating expenses. Operating expenses for the twelve months ended March 31, 2014 rose 7% to $8.2 million compared to $7.6 million for the same period last year. The $0.6 million increase resulted primarily from higher stock compensation costs and commissions paid to the advertising sales team. Controlling the increase in expenses helped to narrow the Company’s loss from continuing operations for the twelve months ended March 31, 2014 to $2.2 million, a 48% reduction from the $4.2 million loss for the same period last year.
Unique visitors to the Salon.com Website are an important driver for Salon’s business. Unique visitors to the Salon.com Website during the March 2014 quarter increased 47% compared to the quarter ended March 31, 2013, and increased 8.5% compared to the prior quarter ended December 31, 2013, according to data compiled by Google Analytics. Unique visitors as measured by Comscore increased 38% compared to the quarter ended December 31, 2013, and no comparable data was available for the March quarter 2013. The Comscore analysis, which uses a panel-centric methodology to collect their data, is a new measurement that includes mobile traffic and has been compiled only since July 2013. Salon reached a new traffic milestone in March 2014, when it recorded monthly users for the Salon.com website of 14.2 million users, as measured by Google Analytics, and 9.23 million users as measured by Comscore.
Salon continues to experience strong increases in mobile browser traffic, which grew 51% in the March 2014 quarter, compared to the same quarter last year, and 22% compared to the December 2013 quarter. The Company continues to see a significant shift to readers accessing Salon from mobile devices, with 51% of users visiting the Website from mobile devices in March 2014.
Salon’s traffic has also been fuelled by social media referral traffic, which grew 18% in the March 2014 quarter versus the December 2013 quarter, and 64% compared to the same period in the prior year. Facebook continues to be the largest social media referral, and grew 203% compared to the fiscal year ended March 31, 2013. In December 2013, combined social media traffic surpassed search traffic for the first time, partly as a result of the increase in our mobile traffic.
“There has been a major shift underway in the media, and we are working hard to take advantage of that shift,” said Cynthia Jeffers, CEO of Salon Media Group. “The entire Company is focused on providing the best possible experience on mobile, from content delivery to unique advertising implementations. We are entering our most exciting period of growth yet, and are proud of our steady progress toward a sustainable and profitable business.”
About Salon Media Group
Salon Media Group (OTCQB:SLNM) operates the pioneering, award-winning news site, Salon.com. Salon.com covers breaking news, politics, culture, technology and entertainment through investigative reporting, fearless commentary and criticism, and provocative personal essays. Salon.com has been a leader in online media since the dawn of the digital age and has bureaus in San Francisco, New York City and Washington D.C.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made as of the date of this press release based upon our current expectations. All statements, other than statements of historical fact, including, but not limited to, statements regarding our traffic, strategy, plans, objectives, expectations, intentions, financial performance, financing, economic conditions, on-line advertising, market performance, and revenue sources constitute “forward-looking statements.” The words “may,” “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “potential” or “continue” and similar types of expressions identify such statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause such differences include, but are not limited to:
- Our cash flows may not meet expectations
- Our reliance on related parties for significant operating and investment capital
- Our principal stockholders exercise a controlling influence over our business affairs and may make business decisions with which non-principal stockholders disagree and may affect the value of their investment
- Our dependence on advertising sales for significant revenues
- The effect of online security breaches
- Our ability to promote the Salon brand to attract and retain users, advertisers and strategic partners
- Our ability to hire, integrate and retain qualified employees
- The impact of the potential loss of key personnel
- The success of our efforts to protect our intellectual property or defend claims of infringement by third parties
- Our technology development efforts may not be successful in improving the functionality of our network
- Our reliance on third parties to provide necessary technologies
This press release should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed with the SEC on June 26, 2014, including the “Risk Factors” set forth in such reports, and our other reports currently on file with the Securities and Exchange Commission, which contain more detailed discussion of risks and uncertainties that may affect future results. We do not undertake to update any forward-looking statements except as otherwise required by law.
|SALON MEDIA GROUP, INC.|
|CONSOLIDATED BALANCE SHEETS|
|(in thousands, except share and per share amounts)|
|Cash and cash equivalents||$||119||$||96|
|Accounts receivable, net of allowance of $60 and $62||1,475||720|
|Prepaid expenses and other current assets||289||318|
|Total current assets||1,883||1,134|
|Property and equipment, net||54||58|
|Other assets, principally deposits||96||107|
|Liabilities and Stockholders’ Deficit|
|Advances from related parties||2,791||9,171|
|Accounts payable and accrued liabilities||1,210||1,128|
|Total current liabilities||5,001||11,314|
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 1,075 shares issued and outstanding as of March 31, 2014 and 8,141 shares issued and outstanding as of March 31, 2013 (liquidation value of $2,426 as of March 31, 2014 and $21,803 as of March 31, 2013)
Common stock, $0.001 par value, 150,000,000 shares authorized, 76,245,442 shares issued and outstanding as of March 31, 2014 and 30,000,000 shares authorized, 29,573,265 shares issued and outstanding as of March 31, 2013
|Additional paid-in capital||115,605||106,408|
|Total stockholders’ deficit||(2,970||)||(10,027||)|
|Total liabilities and stockholders’ deficit||$||2,033||$||1,299|
SALON MEDIA GROUP, INC.
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Year Ended March 31,|
|Production and content||3,447||3,308||3,174|
|Sales and marketing||1,917||1,521||1,517|
|Information technology support||1,505||1,310||974|
|General and administrative||1,284||1,249||1,638|
|Total operating expenses||8,153||7,606||7,303|
|Loss from operations||(2,149||)||(3,965||)||(3,826||)|
|Loss from continuing operations||(2,186||)||(4,169||)||(4,158||)|
|Gain from discontinued operations, net of tax||-||233||60|
|Basic and diluted|
Weighted average shares used in computing basic and diluted net loss per share attributable to common stockholders
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 28, 2017 12:00 PM EDT Reads: 1,344
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...
Apr. 28, 2017 11:45 AM EDT Reads: 1,336
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 28, 2017 11:30 AM EDT Reads: 1,726
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 28, 2017 11:30 AM EDT Reads: 2,485
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 28, 2017 11:30 AM EDT Reads: 2,041
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 28, 2017 11:15 AM EDT Reads: 683
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 28, 2017 11:00 AM EDT Reads: 677
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Apr. 28, 2017 11:00 AM EDT Reads: 2,241
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Apr. 28, 2017 11:00 AM EDT Reads: 495
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
Apr. 28, 2017 11:00 AM EDT Reads: 2,019
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 28, 2017 10:30 AM EDT Reads: 844
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 28, 2017 10:30 AM EDT Reads: 966
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Apr. 28, 2017 09:58 AM EDT Reads: 155
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 28, 2017 09:45 AM EDT Reads: 859
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
Apr. 28, 2017 09:45 AM EDT Reads: 620