Welcome!

Mobile IoT Authors: Mauro Carniel, Rostyslav Demush, Pat Romanski, Elizabeth White, Liz McMillan

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
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.