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NeuLion Reports 22% Year-Over-Year Increase in Second Quarter Revenue to $13.4 Million

PLAINVIEW, NY -- (Marketwired) -- 08/07/14 -- NeuLion, Inc. (TSX: NLN)

Second Quarter Year-Over-Year Highlights

  • Revenue increased 21.8% to $13.4 million versus $11.0 million
  • Non-GAAP Adjusted Gross Margin Percentage expanded to 74% versus 71%
  • Non-GAAP Adjusted EBITDA grew to $1.6 million versus $0.2 million
  • Consolidated Net Income was $0.6 million versus consolidated net loss of $(1.3) million
  • Trailing twelve month revenue reached $51.0 million, 19% greater than the comparable prior period
  • 7th consecutive quarter of positive Non-GAAP Adjusted EBITDA
  • 3rd consecutive quarter of net income

NeuLion, Inc. (TSX: NLN), a leading enabler and provider of live and on-demand content to Internet-connected devices, today reported financial results for the second quarter ended June 30, 2014.

Management Commentary

"NeuLion extended its track record of growth during the second quarter," said Nancy Li, chief executive officer. "With each customer category delivering revenue gains over last year on increased usage and new customer additions, we expanded margins and delivered a $1.9 million positive improvement in bottom line results."

"Our flawless delivery of the 2014 FIFA World Cup coverage for Univision Deportes through an all new interactive digital experience on multiple devices was a major success of the quarter. With 10 million unique viewers culminating in 73 million live video streams, we believe this achievement cements our leading position as a mission critical supplier of interactive streaming of live events. NeuLion is poised to continue to drive innovation and grow as the experience and consumption of digital content through Internet-connected devices gains traction," concluded Ms. Li.

Second Quarter Operational Highlights

TV Everywhere

  • Delivered the 2014 FIFA World Cup digital experience for Univision Deportes with unparalleled success as viewers watched a record total of 1.7 billion minutes of live game video.
  • Streamed the 2014 FIFA World Cup for CNTV in China. The premium service was well received with a record number of paid streaming subscribers for a live event in China.
  • Launched hybrid TV Everywhere strategy with the Tennis Channel, providing both an authenticated linear channel and subscription package for complete live and on-demand tennis coverage.

Professional Sports

  • Selected by the NBA and the NHL to design, develop and operate the all new Xbox 360 and Xbox One Apps for NBA International League Pass and NHL Game Center Live.
  • Major League Soccer saw double digit subscriber growth of the NeuLion-powered digital service, MLS Live, for soccer fans in the United States.
  • Partnered with the United Soccer League to launch new websites for the top two leagues, USL Pro and PDL.
  • Barclays Premier League expanded its distribution to New Zealand, Taiwan and Philippines through Coliseum Sports Media who licenses the NeuLion Sports Platform.
  • Hosted the NeuLion Sports Summit in Chicago, IL that for the first time included attendees from its professional sports partners including the NFL, NHL, NBA, UFC, Major League Soccer, and others.

College Sports

  • Extended partnership with the Southern Conference for an additional five years and added the streaming of all conference games through a conference-wide, unified digital network.
  • Added new ticketing and donor management partners, including the University of San Francisco and University of South Dakota.
  • Launched an all new multi-screen college live stats service that automatically adjusts to the viewing device's screen size, allowing fans seamless consumption of real-time stats across multiple devices.
  • Delivered select live content from the 2014 Sports Video Group College Sports Summit show floor in Atlanta to more than 500 college sports and technology attendees on multiple devices.

Second Quarter 2014 Financial Review

Total revenue was $13.4 million compared to $11.0 million for the second quarter of 2013, an increase of $2.4 million, or 22%, reflecting revenue growth across the TV Everywhere, Pro Sports and College Sports divisions.

Pro Sports revenue increased 19% to $5.7 million from $4.8 million for the three months ended June 30, 2013, primarily due to growth in fixed fees from new and existing customers. College Sports revenue increased 21% to $3.4 million compared to $2.8 million for the three months ended June 30, 2013. The increase was primarily driven by revenue generated from NeuLion's recent advertising agreement with USA Today as well as from new agreements with additional colleges and conferences. TV Everywhere revenue increased 39% to $3.9 million from $2.8 million for the three months ended June 30, 2013 primarily due to usage fees generated from the Univision Deportes agreement for coverage and exclusive content of the 2014 FIFA World Cup.

Cost of revenue was $3.5 million, or 26% of total revenue, compared to $3.2 million, or 29% of total revenue, for the same period last year. Selling, general and administrative expenses, including stock-based compensation, were $6.4 million, an increase of 7% from $6.0 million for the three months ended June 30, 2013. Research and development expenses were $2.2 million, a 16% increase compared to $1.9 million for the three months ended June 30, 2013. Operating income was $0.6 million compared to an operating loss of $1.0 in the second quarter of 2013. Consolidated net income was $0.6 million, or $0.00 per diluted share, compared with a consolidated net loss of $(1.3) million, or a loss of $(0.01) per diluted share, for the three months ended June 30, 2013.

Non-GAAP Results

Adjusted Gross Margin Percentage was 74% compared with 71% for the three months ended June 30, 2013, reflecting improved broadcast operating costs. Adjusted EBITDA rose to $1.6 million from $0.2 million for the same period last year due to higher revenue and improved Adjusted Gross Margin Percentage. Please refer to the tables accompanying this release for the calculations of Adjusted Gross Margin Percentage and Adjusted EBITDA.

Use of Non-GAAP Financial Information

In addition to our U.S. GAAP results, this press release also includes certain non-GAAP financial measures as defined by the SEC. The Company defines Adjusted Gross Margin Percentage as consolidated operating income (loss) plus depreciation and amortization, research and development expenses and selling general administrative expenses divided by total revenue. It defines Adjusted EBITDA as consolidated net income (loss) before interest, income taxes, depreciation and amortization, investment income, stock-based compensation, discount on convertible note and foreign exchange loss. Adjusted Gross Margin Percentage and Adjusted EBITDA are key measures used by management to evaluate our results and make strategic decisions about the Company, including potential acquisitions. Management believes these measures are useful to investors because they are indicators of operational performance. Because not all companies use identical calculations, the Company's presentation of Adjusted Gross Margin Percentage and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. These measures do not have any standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance or changes in cash flows calculated in accordance with U.S. GAAP.

Pursuant to the requirements of Regulation G, we have provided reconciliations of Adjusted EBITDA to U.S. GAAP consolidated net income/(loss) and of Adjusted Gross Margin Percentage to U.S. GAAP consolidated operating income/(loss) as exhibits to this press release.

About NeuLion

NeuLion, Inc. (TSX: NLN) offers the true end-to-end solution for delivering live and on-demand content to Internet-enabled devices. NeuLion enables content owners and distributors, cable operators and telecommunications companies to capitalize on the massive consumer demand for viewing video content on PCs, smartphones, iPads and other similar devices. NeuLion's customers include professional sports, college sports and other content rights holders. NeuLion is based in Plainview, NY. For more information about NeuLion, visit www.neulion.com.

Forward-Looking Statements

Certain statements herein are forward-looking statements and represent NeuLion's current intentions in respect of future activities. Forward-looking statements can be identified by the use of the words "will," "expect," "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These statements, in addressing future events and conditions, involve inherent risks and uncertainties. Although the forward-looking statements contained in this release are based upon what management believes to be reasonable assumptions, NeuLion cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and NeuLion assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause NeuLion's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: our ability to realize some or all of the anticipated benefits of our partnerships; general economic and market segment conditions; our customers' subscriber levels and financial health; our ability to pursue and consummate acquisitions in a timely manner; our continued relationships with our customers; our ability to negotiate favorable terms for contract renewals; competitor activity; product capability and acceptance rates; technology changes; regulatory changes; foreign exchange risk; interest rate risk; and credit risk. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the "Risk Factors" section of NeuLion's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as amended, which is available on www.sec.gov and filed on www.sedar.com.


                               NEULION, INC.

                   CONDENSED CONSOLIDATED BALANCE SHEETS
                        (Expressed in U.S. dollars)

                                                  June 30,     December 31,
                                                    2014           2013
                                                (unaudited)
                                               -------------  -------------

ASSETS
Current
Cash and cash equivalents                      $  14,577,764  $  19,644,270
Accounts receivable, net of allowance for
 doubtful accounts of $83,022 and $85,882          5,000,463      5,289,136
Other receivables                                    400,911        364,797
Inventory                                            494,900        481,012
Prepaid expenses and deposits                      1,051,849      1,135,949
Due from related parties                             418,571        243,842
                                               -------------  -------------
Total current assets                              21,944,458     27,159,006
Property, plant and equipment, net                 3,113,987      3,357,626
Intangible assets, net                               941,745      1,649,959
Goodwill                                          11,327,626     11,327,626
Other assets                                          84,325         81,778
                                               -------------  -------------
Total assets                                   $  37,412,141  $  43,575,995
                                               =============  =============

LIABILITIES AND EQUITY
Current
Accounts payable                               $   6,952,169  $  13,002,104
Accrued liabilities                                4,759,201      5,338,418
Due to related parties                                11,285         16,743
Deferred revenue                                   5,606,416      8,856,629
                                               -------------  -------------
Total current liabilities                         17,329,071     27,213,894
Long-term deferred revenue                         1,150,642        725,853
Other long-term liabilities                          237,612        270,892
Deferred tax liability                             1,373,596      1,180,978
                                               -------------  -------------
Total liabilities                                 20,090,921     29,391,617
                                               -------------  -------------

Redeemable preferred stock, net (par value:
 $0.01; authorized: 50,000,000; issued and
 outstanding: 28,089,083)
  Class 3 Preference Shares (par value: $0.01;
   authorized, issued and outstanding:
   17,176,818)                                    10,000,000     10,000,000
  Class 4 Preference Shares (par value: $0.01;
   authorized, issued and outstanding:
   10,912,265)                                     4,939,821      4,924,775
                                               -------------  -------------
Total redeemable preferred stock                  14,939,821     14,924,775
                                               -------------  -------------

Stockholders' equity (deficit)
Common stock (par value: $0.01; shares
 authorized: 300,000,000; shares issued and
 outstanding: 175,078,227 and 170,326,338,
 respectively)                                     1,750,782      1,703,263
Additional paid-in capital                        86,814,647     85,437,337
Promissory notes receivable                         (209,250)      (209,250)
Accumulated deficit                              (85,974,780)   (87,671,747)
                                               -------------  -------------
Total stockholders' equity (deficit)               2,381,399       (740,397)
                                               -------------  -------------
Total liabilities and stockholders' equity
 (deficit)                                     $  37,412,141  $  43,575,995
                                               =============  =============



                               NEULION, INC.

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
                        COMPREHENSIVE INCOME (LOSS)
                                (unaudited)
                        (Expressed in U.S. dollars)


                             Three months                Six months
                                ended                       ended
                               June 30,                   June 30,
                      -------------------------  --------------------------
                          2014         2013          2014          2013
                      ------------ ------------  ------------  ------------

Revenue               $ 13,408,876 $ 11,036,230  $ 26,878,458  $ 22,936,179
                      ============ ============  ============  ============

Costs and expenses
  Cost of revenue,
   exclusive of
   depreciation and
   amortization shown
   separately below      3,535,906    3,220,015     7,046,580     6,635,802
  Selling, general
   and
   administrative,
   including stock-
   based compensation    6,424,026    6,009,154    12,778,076    11,938,192
  Research and
   development           2,187,287    1,873,380     4,160,090     3,572,747
  Depreciation and
   amortization            709,636      972,047     1,395,440     1,997,189
                      ------------ ------------  ------------  ------------
                        12,856,855   12,074,596    25,380,186    24,143,930
                      ------------ ------------  ------------  ------------
Operating income
 (loss)                    552,021   (1,038,366)    1,498,272    (1,207,751)

Other income
 (expense)
  Gain (loss) on
   foreign exchange         11,965      (33,395)      (33,397)      (47,206)
  Investment income
   (expense), net            1,866       (2,141)      424,710        (6,445)
  Discount on
   convertible note              -     (155,847)            -      (233,769)
                      ------------ ------------  ------------  ------------
                            13,831     (191,383)      391,313      (287,420)
                      ------------ ------------  ------------  ------------
Net and comprehensive
 income (loss) before
 income taxes              565,852   (1,229,749)    1,889,585    (1,495,171)
  Income taxes              62,228      (87,845)     (192,618)     (105,290)
                      ------------ ------------  ------------  ------------
Net and comprehensive
 income (loss)        $    628,080 $ (1,317,594) $  1,696,967  $ (1,600,461)
                      ============ ============  ============  ============

Net income (loss) per
 weighted average
 number of shares of
 common stock
 outstanding - basic  $       0.00 $      (0.01) $       0.01  $      (0.01)
                      ============ ============  ============  ============

Weighted average
 number of shares of
 common stock
 outstanding - basic   173,781,312  165,005,548   172,326,735   164,608,553
                      ============ ============  ============  ============

Net income (loss) per
 weighted average
 number of shares of
 common stock
 outstanding -
 diluted              $       0.00 $      (0.01) $       0.01  $      (0.01)
                      ============ ============  ============  ============

Weighted average
 number of shares of
 common stock
 outstanding -
 diluted               216,810,911  165,005,548   213,293,074   164,608,553
                      ============ ============  ============  ============



                               NEULION, INC.

              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (unaudited)
                        (Expressed in U.S. dollars)

                               Three months               Six months
                                   ended                     ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
OPERATING ACTIVITIES

Consolidated net income
 (loss)                  $   628,080  $(1,317,594) $ 1,696,967  $(1,600,461)
Adjustments to reconcile
 consolidated net income
 (loss) to net cash used
 in operating
 activities:
  Depreciation and
   amortization              709,636      972,047    1,395,440    1,997,189
  Discount on
   convertible note                -      155,847            -      233,769
  Stock-based
   compensation              374,486      233,210      709,304      354,836
  Income taxes               (62,228)      80,000      192,618       97,444

Changes in operating
 assets and liabilities
  Accounts receivable        349,946    1,640,985      288,673    1,392,287
  Inventory                 (111,612)     242,725      (13,888)     108,926
  Prepaid expenses,
   deposits and other
   assets                    (72,281)     (61,372)      81,553      260,188
  Other receivables           15,030       (3,841)     (36,114)      (1,513)
  Due from related
   parties                   (35,071)      28,230     (174,729)     154,525
  Accounts payable        (4,313,000)  (6,528,600)  (6,049,935)  (3,286,056)
  Accrued liabilities        243,533      283,902     (579,217)     380,764
  Deferred revenue        (1,362,117)  (1,434,406)  (2,825,424)  (1,351,467)
  Long-term liabilities      (14,538)     (21,919)     (33,280)     (43,960)
  Due to related parties      (1,532)         638       (5,458)       1,185
                         -----------  -----------  -----------  -----------
Cash used in operating
 activities               (3,651,668)  (5,730,148)  (5,353,490)  (1,302,344)
                         -----------  -----------  -----------  -----------

INVESTING ACTIVITIES
Purchase of property,
 plant and equipment        (338,651)     (72,679)    (443,587)    (398,931)
                         ===========  ===========  ===========  ===========
Cash used in investing
 activities                 (338,651)     (72,679)    (443,587)    (398,931)
                         -----------  -----------  -----------  -----------

FINANCING ACTIVITIES
Proceeds from exercise
 of stock options            242,211           --      600,358           --
Proceeds from exercise
 of broker units               4,200          840      130,213          840
                         -----------  -----------  -----------  -----------
Cash provided by
 financing activities        246,411          840      730,571          840
                         ===========  ===========  ===========  ===========

Net decrease in cash and
 cash equivalents,
 during the period        (3,743,908)  (5,801,987)  (5,066,506)  (1,700,435)
Cash and cash
 equivalents, beginning
 of period                18,321,672   15,209,659   19,644,270   11,108,107
                         -----------  -----------  -----------  -----------
Cash and cash
 equivalents, end of
 period                  $14,577,764  $ 9,407,672  $14,577,764  $ 9,407,672
                         ===========  ===========  ===========  ===========

Supplemental disclosure
 of non-cash activities:
Par value of shares of
 common stock issued
 upon exercise of
 cashless warrants       $    18,822  $        --  $    25,521  $        --
                         ===========  ===========  ===========  ===========



                               NEULION, INC.

                    RECONCILIATION OF NON-GAAP MEASURES
                                (unaudited)
                        (Expressed in U.S. dollars)


Consolidated Statement of Operations Reconciliations:

The reconciliations from consolidated operating income (loss) to Non-GAAP
Adjusted Gross Margin % are as follows:

                         Three months ended           Six months ended
                              June 30,                    June 30,
                         2014          2013          2014          2013
                     ------------  ------------  ------------  ------------

Consolidated
 operating income
 (loss) on a GAAP
 basis               $    552,021  $ (1,038,366) $  1,498,272  $ (1,207,751)

Amortization and
 depreciation             709,636       972,047     1,395,440     1,997,189
Research and
 development            2,187,287     1,873,380     4,160,090     3,572,747
Selling, general and
 administrative,
 including stock-
 based compensation     6,424,026     6,009,154    12,778,076    11,938,192
                     ------------  ------------  ------------  ------------
Non-GAAP Adjusted
 Gross Margin        $  9,872,970  $  7,816,215  $ 19,831,878  $ 16,300,377
                     ============  ============  ============  ============

Total Revenue        $ 13,408,876  $ 11,036,230  $ 26,878,458  $ 22,936,179
                     ============  ============  ============  ============

Non-GAAP Adjusted
 Gross Margin % (as
 a % of total
 revenue)                      74%           71%           74%           71%
                     ============  ============  ============  ============


The reconciliations from consolidated net income (loss) to Non-GAAP
Adjusted EBITDA are as follows:

                         Three months ended           Six months ended
                              June 30,                    June 30,
                         2014          2013          2014          2013
                     ------------  ------------  ------------  ------------

Consolidated net
 income (loss) on a
 GAAP basis          $    628,080  $ (1,317,594) $  1,696,967  $ (1,600,461)

Depreciation and
 amortization             709,636       972,047     1,395,440     1,997,189
Stock-based
 compensation             374,486       233,210       709,304       354,836
Discount on
 convertible note                       155,847             -       233,769
Income taxes              (62,228)       87,845       192,618       105,290
Investment (income)
 expense, net and
 foreign exchange
 (gain) loss              (13,831)       35,536      (391,313)       53,651
                     ------------  ------------  ------------  ------------

Non-GAAP Adjusted
 EBITDA              $  1,636,143  $    166,891  $  3,603,016  $  1,144,274
                     ============  ============  ============  ============

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