Revenues up 54%9 May 2013 13:31
Mood Media Corporation, one of the world's largest integrated providers of in-store customer solutions, saw revenues rise in the first three months of the year by 54% to $129m, compared to the same quarter in 2012. EBITDA increased 20% to $26m, reflecting gains in the North American business segment. Net loss per share from continuing operations was ($0.03) compared with net income of $0.01 in the prior-year period. Increased losses in the current period were driven by higher deferred income taxes and higher foreign exchange losses from financing transactions, which more than offset the improvement in EBITDA, reduced transaction and restructuring expenses, and lower expenses. Mood Media recently announced it has entered into a definitive agreement to dispose of the substantial majority of its retail point-of-sale assets, which had been classified as a discontinued operation earlier in 2012. The sale is subject to regulatory approvals and customary closing conditions. "We were successful in achieving some important milestones in the quarter," said Lorne Abony, Chairman and CEO of Mood Media. "These include progress with our integration activities, achievement of our first quarter financial guidance, and the successful resolution of our ownership position in our discontinued operation, Mood Entertainment. These factors bode well for us for the duration of 2013 and 2014. "We are accelerating our efforts to realise on the potential of our asset base by integrating our processes, innovating with our products and realigning our sales activity. We are working hard on executing more quickly and effectively and the results are starting to come through. I am more excited than ever about the opportunities in front of us and I believe the best days are still ahead. " At 12:01pm: Story provided by StockMarketWire.com
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