Click here to close now.

Welcome!

Wireless Authors: Liz McMillan, Pat Romanski, Carmen Gonzalez, Lori MacVittie, Mike Kavis

News Feed Item

YOU On Demand Reports 2014 Q2 Results

Investor Update Call Scheduled Today at 4:30 p.m. ET

NEW YORK, Aug. 14, 2014 /PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or the "Company"), a leading Video On Demand service provider in China delivering Hollywood movies to mobile and TV screens, today announced its operating results for the three- and six-month periods ended June 30, 2014 (a full copy of its quarterly report on Form 10-Q will be posted at www.sec.gov).  Chairman Shane McMahon, CEO Weicheng Liu and President and CFO Marc Urbach are hosting an investor update conference call today at 4:30 p.m. ET to discuss the Company's recent results.  To join the webcast, please visit the 'Webcasts and Events' section of the YOD corporate website, http://corporate.yod.com.  Otherwise, the toll-free dial-in is: 877/407-3107; international callers should dial: 201/493-6796.

Shane McMahon, Chairman of YOU On Demand, commented, "During the first half of 2014 we successfully pivoted the Company's strategy and its resources to prioritize our IPTV, OTT and Mobile platforms. Given the exciting potential of these fast-growing distribution modes, which are increasingly popular amongst China's tech-savvy and most active consumers of entertainment, YOU On Demand expects to continue generating positive momentum from this strategic shift. As a result, we expect to generate both improved operating efficiencies and enhanced financial results during the second half of this year."

YOU On Demand CEO Weicheng Liu, stated, "Building on the growing popularity of our YOU Hollywood App with Huawei device users, Xiaomi OTT Box owners and other early adopters, we recently softly launched our Hollywood App independently via popular app stores and online channels.  We believe select advertising, marketing and social media outreach, combined with word-of-mouth recommendations and endorsements from satisfied App users, will help promote our unique, differentiated service to an appreciative audience of China's most ardent movie fans."

YOU On Demand President & CFO Marc Urbach commented, "During this critical phase in our organization's corporate development, the senior financial and operations teams will continue striving to combine our strong, unlevered balance sheet, with conservative expense management and moderate levels of fixed overhead costs. There are many opportunities that lie ahead and we expect to best leverage these by maintaining our fiscally prudent strategy for the long-term benefit of the Company's shareholders."

2014 Q2 Operating Results

Revenue for the quarter ended June 30, 2014 increased to $183,000, up from $51,000 in the year-ago Q2 and up 33% over Q1 2014.   Gross loss for the quarter declined to $674,000, down from $739,000 in the comparable 2013 period. Total operating expenses for the quarter fell 10.6% to $2.5 million, reflecting a combination of content revenue-sharing agreements and disciplined corporate overhead levels. The loss from operations of $3.2 million for the quarter was down from a $3.5 million loss from operations in the comparable 2013 period. The net loss from continuing operations for the quarter was $1.1 million – which included a $1.5 million change in the fair value of warrant liabilities – versus $3.5 million net loss from continuing operations in the comparable 2013 period. The net loss attributable to YOU on Demand shareholders amounted to $793,000, down from approximately $3.3 million net loss in Q2 2013. The basic and diluted per share loss was $0.05, compared to a $0.22 basic and diluted per share loss in the year-ago Q2.

Cash and cash equivalents increased from $3.8 million at December 31, 2013, to $15.6 million at June 30, 2014.

YOU On Demand is maintaining full-year 2014 revenue guidance of $3 million.  

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

About YOU On Demand Holdings, Inc. (http://corporate.yod.com)

YOU On Demand (NASDAQ: YOD), is a leading multi-platform entertainment company delivering premium content, including leading Hollywood and China-produced movie titles, to customers across China via Subscription Video On Demand and Transactional Video On Demand. The Company has secured alliances with leading global media operators and content developers.  YOU On Demand has content distribution agreements in place with many of Hollywood's top studios including Disney Media Distribution, Paramount Pictures, NBC Universal, Warner Bros., Miramax Films, Lionsgate and Magnolia Pictures, as well as a broad selection of the best content from Chinese filmmakers. The Company has a comprehensive end-to-end secure delivery system, governmental partnerships and approvals and offers additional value-added services. YOU On Demand has strategic partnerships with the largest media entities in China, a highly experienced management team with international background and expertise in Cable, Television, Film, Digital Media, Internet and Telecom. YOU On Demand is headquartered in New York, NY with its China headquarters in Beijing.

CONTACT:


Jason Finkelstein                  

Robert Rinderman or Norberto Aja

YOU On Demand                   

JCIR

212-206-1216                          

212-835-8500

[email protected]       

[email protected]

@youondemand


 

–      Financial Tables Follow –

 

YOU On Demand Holdings, Inc.,  Its Subsidiaries and Variable Interest Entity

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS












Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013










Revenue

$         182,696


$           50,619


$         320,377


$          51,557

Cost of revenue

857,179


790,019


1,733,117


1,638,604

Gross loss

(674,483)


(739,400)


(1,412,740)


(1,587,047)










Operating expense:









Selling, general and administrative expenses

2,270,657


2,073,537


3,911,297


4,050,767


Professional fees

76,231


223,051


261,715


474,485


Depreciation and amortization

139,590


173,394


289,550


466,227


Impairments of long-lived assets

-


311,249


-


311,249

Total operating expense

2,486,478


2,781,231


4,462,562


5,302,728










Loss from operations

(3,160,961)


(3,520,631)


(5,875,302)


(6,889,775)










Interest & other income (expense):









Interest expense, net

(28,321)


(29,704)


(2,317,059)


(59,064)


Change in fair value of warrant liabilities

1,501,632


(4,885)


(937,386)


(30,290)


Change in fair value of contingent consideration

589,994


(42,046)


(113,132)


(83,694)


Gain (loss) on investment in unconsolidated entities

(5,349)


2,275


(10,257)


(719)


Gain (loss) on sale of subsidiary

-


-


755,426


-


Loss on dissolution of variable interest entity

-


-


(27,463)


-


Other

(15,015)


71,777


(67,681)


70,596










Net loss from continuing operations









before income taxes and noncontrolling interest

(1,118,020)


(3,523,214)


(8,592,854)


(6,992,946)










Income tax benefit

32,495


29,821


55,437


60,961










Net loss from continuing operations

(1,085,525)


(3,493,393)


(8,537,417)


(6,931,985)










Net loss from discontinued operations 

-


(97,823)


-


(334,398)










Net loss

(1,085,525)


(3,591,216)


(8,537,417)


(7,266,383)










Plus:  Net loss attributable to noncontrolling interests

292,560


310,771


527,344


641,173










Net loss attributable to YOU On Demand shareholders

(792,965)


(3,280,445)


(8,010,073)


(6,625,210)

Dividends on preferred stock

-


-


(16,402,161)


-










Net loss attributable to YOU on Demand common shareholders

$       (792,965)


$    (3,280,445)


$   (24,412,234)


$   (6,625,210)










Basic and diluted loss per share:









Loss from continuing operations

$              (0.05)


$              (0.22)


$              (1.50)


$             (0.44)


Loss from discontinued operations

-


 nil 


-


(0.01)


Basic and diluted loss per share

$              (0.05)


$              (0.22)


$              (1.50)


$             (0.45)










Weighted average shares outstanding:









Basic and diluted

16,598,990


14,938,780


16,267,036


14,771,261










 

 

YOU On Demand Holdings, Inc.,  Its Subsidiaries and Variable Interest Entity

UNAUDITED CONSOLIDATED BALANCE SHEETS




June 30,


December 31,



2014


2013

ASSETS




Current assets:





Cash and cash equivalents

$       15,671,408


$          3,822,889


Accounts receivable, net

182,601


175,211


Licensed content, current

725,450


428,322


Prepaid expenses

316,249


330,013


Debt issuance costs, net

-


128,879


Other current assets

58,994


48,928

Total current assets

16,954,702


4,934,242






Property and equipment, net

428,812


499,858

Licensed content, noncurrent

79,868


162,646

Intangible assets, net

2,456,201


2,621,527

Goodwill

6,105,478


6,105,478

Investment in unconsolidated entities

658,436


673,567

Other noncurrent assets

224,876


-

Total assets

$       26,908,373


$       14,997,318






LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY




Current liabilities:





Accounts payable

$             354,532


$             656,545


Deferred revenue

26,941


68,969


Accrued expenses and liabilities

1,301,692


1,075,944


Deferred license fees

1,364,716


1,200,764


Contingent purchase price consideration liability

691,876


578,744


Convertible promissory note

3,000,000


3,000,000


Warrant liabilities

901,197


1,344,440

Total current liabilities

7,640,954


7,925,406






Deferred income tax liability

70,372


125,809

Convertible promissory note

-


2,000,000

Total liabilities

7,711,326


10,051,215






Commitments and Contingencies









Convertible redeemable preferred stock, $.001 par value; 50,000,000





shares authorized





Series A - 7,000,000 shares issued and outstanding, liquidation preference





    of $3,500,000 at June 30, 2014 and December 31, 2013, respectively

1,261,995


1,261,995


Series C - 0 and 87,500 shares issued and outstanding, liquidation preference





    of $0 and $350,000 at June 30, 2014 and December 31, 2013, respectively

-


219,754


Series D 4% - 0 and 2,285,714 shares issued and outstanding, liquidation preference





    of $0 and $4,000,000 at June 30, 2014 and December 31, 2013, respectively

-


4,000,000






Equity:





Preferred Series E stock, $.001 par value; 16,500,000 shares authorized, 13,428,571 and 0 shares issued
and outstanding, liquidation preference of $23,500,000 and $0 at June 30, 2014 and December 31, 2013,
respectively

13,429


-


Common stock, $.001 par value; 1,500,000,000 shares authorized, 17,410,220 and 15,794,762 shares
issued at June 30, 2014 and December 31, 2013, respectively

17,410


15,794


Additional paid-in capital

111,566,478


67,417,025


Accumulated deficit

(90,346,752)


(65,856,053)


Accumulated other comprehensive loss

(1,402,245)


(715,090)

Total YOU On Demand equity 

19,848,320


861,676

Noncontrolling interests

(1,913,268)


(1,397,322)






Total equity

17,935,052


(535,646)






Total liabilities, convertible redeemable preferred stock and equity

$       26,908,373


$       14,997,318






SOURCE YOU On Demand Holdings, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - 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 20 years ago.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. 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 cycles that produce softw...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE