KANGAROO MEDIA INC. Attention Business/Financial Editors:
KANGAROO MEDIA INC. RELEASES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2007
Revenues of $10.5 million in comparison with $3.0 million in Q1 2006, an increase of 247% -Net earnings of $831,000 in comparison with a net loss of 109,000$ in Q1 2006 -Working capital of $16.2 million at the end of Q1 2007
MONTREAL,QC,(rushprnews) May 13, 2007 – Kangaroo Media Inc. announced today results for its first quarter of 2007.
For the quarter ending March 31, 2007, revenues stood at $10.5 million and the company’s net earnings totaled $831,000 ($0.03 per share), as compared to revenues of $3.0 million and a net loss of $109,000 ($0.01 per share) in Q1 2006. Revenues in Q1 2007 are derived from the delivery of KTV units to Sprint Nextel. At March 31, 2007, the company’s working capital is $16.2 million.
“The first quarter was marked by the retail launch of the FanView by Sprint Nextel. The results represent the delivery of our backlog to NASCAR. We are very satisfied with our Q1 results and we continue to focus on delivering our business planâ€ said Marc Arseneau, President and CEO of Kangaroo Media Inc. â€œWe have introduced our technology to
enhance on-site spectators experience to some of the worldâ€™s top sports properties such as NASCAR, Formula 1 and the NFL. We are consolidating our leadership position in this new emerging mobile media market. In 2007, we will continue to focus on securing additional exclusive long-term on-site broadcasting rights in motor sports, stadium sports and multi-events sports properties, to further strengthen our position as leader in this emerging market,â€ he concluded.
With respect to the complaint from Immersion Entertainment, a response will be filed by Kangaroo by the end of May 2007. The Company intends to vigorously defend itself on this matter.
An analyst conference call on the Q1 2007 results will take place on Friday, May 11, 2007 at 8:30 A.M. To participate, or listen to the conference call, dial 1-800-531-3169 approximately 10 minutes prior to the start of the call the conference title is: Kangaroo Media Analysts call â€“ Q1 2007. A replay of the conference call will be available until May 18, commencing at 10:30 A.M. the day of the call. The instant replay number is 1-877-289-8525, passcode: 21232080#.
About Kangaroo Media Inc.
Kangaroo Media Inc., with its unique product, Kangaroo.TV, gives fans the superstar experience by letting them create their own live-action sporting event on site. Its technology delivers video, audio and data in real-time to each fan’s hand-held Kangaroo TV. Kangaroo Media is a market leader and currently available in several top tier sports properties, and partnered with internationally renowned brands. Headquartered near Montreal, Canada, Kangaroo Media is listed on the Toronto Stock Exchange (www.tsx.com) as KTV. For more information visit www.kangaroo.tv.
About Kangaroo Media Inc. This news release contains forward-looking information. These statements relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management of Kangaroo Media. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and Kangaroo Media does not assume any obligation to update or revise them to reflect new events or circumstances. (The TSX does not accept responsibility for the adequacy or accuracy of this release.)
(The TSX does not accept responsibility for the adequacy or accuracy of this release.)
For further information:
For media who wish to have a demonstration or to experiment Kangaroo TV, please contact Nadia Petrossi (below). For more information and images visit www.Kangaroo.tv
Chief Financial Officer
RUSH PR NEWS newswire and press release services at www.rushprnews.com
Anne Howard www.annehowardpublicist.com writer and publicist