Chicago, IL (PRWEB) April 03, 2013
rVue Holdings, Inc. (OTCBB: RVUE) the premier advertising technology platform for digital outdoor media announced its preliminary financial results for the fourth quarter and full year ended December 31, 2012.
Summary Results for the Fourth Quarter of 2012:
- Total revenue was $249,203 for the fourth quarter of 2012, compared to $181,142 the prior year quarter, due to new customer media campaigns on the rVue Platform
- Gross Margin increased to 52% from 41% compared to the fourth quarter of 2011.
- Selling, general and administrative expenses was $296,450 in the fourth quarter of 2012, compared to $730,666 in the fourth quarter of 2011, a reduction of $434,216 in the quarter due to cost controls.
- Net loss for the fourth quarter of 2012 was ($253,818) compared to a net loss of ($788,217) in the 2011 fourth quarter.
Summary Results for the Full Year of 2012:
- Total revenue was $602,364 for fiscal 2012; down slightly from $643,483 compared to the prior year, the decrease in revenue was due to a shift to profitable media focused transactions fees.
- Gross Margin increased to 65% from 53% compared to the full year of 2011.
- Selling, general and administrative expenses was $2,239,983 in the full year of 2012, compared to $3,012,646 for the full year of 2011, a reduction of $772,662 in the year due to cost controls, change in management and a shift to more media focused transactions.
- Net loss for the full year of 2012 was ($3,839,433) compared to a net loss of ($3,616,973) in the 2011
- As of December 31, 2012 the company had $850,000 of cash.
“2012 has been a transformative year for the company. We established our leadership position as the largest outdoor digital media platform connecting over 770,000 screens across 180+ networks. We entered into long term strategic relationships with industry technology partners to expand our service offering, while executing on new sales opportunities that have begun to bear fruit in the 4th quarter,” stated Michael Mullarkey, Executive Chairman.
Our focus has been on our customers’ success and product innovation. Our team members have done a great job increasing revenue and bookings over the last 6 months, while concurrently reducing annual S.G.A. expenses by $2 million. With our reduced fixed cost and positive revenue prospects, we are increasing our investment in building out a world-class sales and marketing team in Chicago and continue to drive customer centric product innovation.
Conference Call Information:
A conference call will take place at 9:00 a.m. EST, on Wednesday, April 3, 2013. Anyone interested in participating should call *Toll-Free : (877) 664-6379 participants can then provide access code id: 32413436.
rVue Holdings, Inc. is an advertising technology company providing the digital distribution platform for the Digital Outdoor Advertising industry. The company connects 770,000 digital screens across 180 networks delivering access to 250 million daily impressions in one simple platform. Backed by the industry's most intuitive and intelligent platform, rVue has the technology, data and expertise to connect brands and targeted consumers where and when it matters most. For more information, please visit http://www.rvue.com.
Business and Press Inquiries:
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Forward Looking Statements:
This press release contains "forward looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not purely historical are forward-looking statements. Forward-looking statements give the Company's current expectations or forecasts of future events. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control, and could cause the Company's results to differ materially from those described. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward looking statements contained in this press release as a result of new information, future events or otherwise. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Important factors that could cause such differences include, but are not limited to, the Risk Factors and other information set forth in the Company's Annual Report on Form 10-K to be filed today and in our other filings with the Securities and Exchange Commission.