Bright Mountain Media Reports Record Second Quarter 2020 Financial Results
Company Expects Fiscal 2020 Revenues to Grow to $22.0 Million
Boca Raton, FL, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM), an end-to-end digital
media and advertising services platform, has provided its financial results for
the second quarter ended June 30, 2020.
Management Commentary
“The second
quarter of 2020 witnessed the addition of our newly acquired Wild Sky Media,
establishing new synergies and efficiencies that are further propelling
growth,” said Kip Speyer, Chairman and Chief Executive Officer of Bright
Mountain Media. “Our success in growing our platform over the last two months
has created a new perception within the industry, as we position ourselves as a
leading end-to-end digital media and advertising services platform. This
addition will enable us to capture more of the advertising spend within the
value chain – driving us toward our $22.0 million revenue guidance for fiscal
2020.
“Our most recent
acquisition, Wild Sky Media, an interactive media company that reaches over 30
million unique monthly users, has been immediately accretive and represents a
significant growth opportunity as we continue to integrate them into the Bright
Mountain Media platform. Their robust, complimentary portfolio of family-oriented
websites provides access to valuable demographics, further expanding our reach
as a Company. So far it has been a model acquisition by which we can measure
future success against.
“We have
continued to adapt to a changing digital advertising landscape in response to
the COVID-19 pandemic. We look forward to the second half of 2020 as commercial
accounts refocus their messaging and the political ad season ramps up.
“Finally, we
continue to explore potential acquisitions, during what we are finding to be a
buyers’ market. Given what we have accomplished to-date, taken in tandem with
our pipeline, I believe we are well positioned to deliver value to our
shareholders over the long-term. We look forward to sharing further updates on
our emerging story at upcoming investor conferences in the third quarter of
2020,” concluded
Second
Quarter 2020 Financial Summary
· Total revenue for the second quarter of 2020, was $2.3 million,
compared to revenue of $0.7 million in the same year-ago quarter. The increase
in revenue was due to the acquisitions of Wild Sky Media, Oceanside Media and
MediaHouse, in spite of the negative influence of Covid-19 on the digital
advertising market.
· Selling, general and administrative expenses for the second
quarter of 2020 were $4.4 million, compared to $0.8 million in the same
year-ago quarter. The increase in selling, general and administrative expenses
was due to the acquisitions of
· Net loss for the second quarter of 2020 was $3.1 million,
compared to a net loss of $0.7 million in the same year-ago quarter. The
increase in net loss was primarily related to an increase in operating expenses
from the aforementioned acquisitions, which are not reflected in prior period
expenses.
· Cash and cash equivalents and short-term deposits were $1.9
million as of June 30, 2020, compared with $1.0 million as of June 30, 2019.
· Cash used in operations for the second quarter of 2020 was $2.9
million, compared with cash used in operations of $1.1 million in the same
year-ago quarter.
About
Bright Mountain
Media, Inc. (OTCQB: BMTM) is an end-to-end digital media and advertising
services platform, efficiently connecting brands with targeted consumer
demographics. Through the removal of middlemen in the advertising services
process, Bright Mountain Media efficiently connects brands with targeted
consumer demographics while maximizing revenue to publishers. Bright Mountain
Media’s assets include
Forward-Looking Statements for Bright Mountain Media, Inc.
This press
release contains certain forward-looking statements that are based upon current
expectations and involve certain risks and uncertainties. Such forward-looking
statements can be identified by the use of words such as “should,” “may,”
“intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“expects,” “plans,” and “proposes, ” and similar words. These forward-looking
statements are not guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond our control and
difficult to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements, including,
without limitation, statements made with respect to expectations of our ability
to successfully integrate acquisitions., and the realization of any expected
benefits from such acquisitions You are urged to carefully review and consider
any cautionary statements and other disclosures, including the statements made
under the heading “Risk Factors” in Bright Mountain Media, Inc.’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2019 as filed with the
Securities and Exchange Commission on May 14, 2020 and our other filings with
the SEC. Bright Mountain Media, Inc. does not undertake any duty to update any
forward-looking statements except as may be required by law.
Investor Contact:
Greg Falesnik or Luke Zimmerman
MZ Group - MZ North
949-259-4987
BMTM@mzgroup.us
www.mzgroup.us
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