SANTA BARBARA, CA — (Marketwired) — 04/23/13 — StreamTrack, Inc. (PINKSHEETS: STTK) (“StreamTrack” or the “Company”), a digital media technology services company operating within the internet radio and streaming media sectors, today announced its results of operations for the six and three months ended February 28, 2013, respectively.
Revenues increased 44% to $866,214, compared with $602,657
Non-GAAP gross margin was 20%
Operating loss increased 336% to $1,167,286, compared with $267,945
Net loss attributable to shareholders increased 549% to $1,881,118
Net loss per share attributable to shareholders increased to $8.06 per share, compared to $3.52 per share
Non-GAAP net loss attributable to shareholders for the six months ended February 28, 2013 totaled $779,664
Non-GAAP net loss per share attributable to shareholders for the six months ended February 28, 2013 was $3.34 per share
Revenues decreased 37% to $381,177, compared with $602,657
Non-GAAP gross margin increased over the prior quarterly reporting period to 26%
Operating loss increased 95% to $523,285, compared with $267,945
Net loss attributable to shareholders increased 233% to $964,200
Net loss per share attributable to shareholders increased to $3.60 per share, compared to $2.71 per share
Non-GAAP net loss attributable to shareholders for the six months ended February 28, 2013 totaled $335,246
Non-GAAP net loss per share attributable to shareholders for the six months ended February 28, 2013 was $1.44 per share
Michael Hill, Chairman and Chief Executive Officer of StreamTrack, stated, “Although our results for the year thus far have been modest, the past six months have been critical to our development and deployment as a globally-focused service provider within the internet radio and streaming media sectors. We are now one of the few service providers for internet radio companies that operate on a global scale. Recently announced, we have entered into agreements with both One World Media and China Mobile Entertainment to begin to service the Asian region. We have recently deployed our testing environment with a large publisher in the region. During the first two quarters of fiscal 2013 we witnessed strong continued listening across our broadcaster network. We will continue to commit our capital to growing and retaining our current listener capacity level, with our existing technology infrastructure allowing us to grow to approximately 15 million listener hours per month without additional capital investment. We began working closer with new partners in Asia, Europe and the U.S during the past quarter. Because of our unique patent-pending technologies, we believe our growth in the coming months and years will not be limited to just the U.S. domestic marketplace. We are confident and extremely excited about our growth prospects within the global marketplace both in 2013 and beyond.”
The following table contains selected statements of operations information, which is unaudited and should be read in conjunction with our financial statements and related notes included elsewhere in the Company-s Form 10-Q filed with the SEC on April 23, 2013. The Company-s financial statements filed on Form 10-Q for the quarterly period ended February 28, 2013 (“10Q”) are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The unaudited pro forma information included herein reflects adjustments to the Company-s GAAP-based financial statements included within the 10-Q to present the Net Loss Attributable to Common Shareholders on a non-GAAP basis, whereby the effect of all noncash accounting adjustments for each period presented for the change in the fair value of derivatives, accretion of debt discount, bad debt expense, depreciation and stock based compensation are net to -0- in order to calculate the pro forma adjusted Net Loss Attributable to Common Shareholders. The pro forma adjustments have also been used to calculate the pro forma basic and diluted earnings per share. The Non-GAAP pro forma operating results for the periods presented herein are not necessarily indicative of results for any future periods. Management is providing this calculation to clarify the Company-s operations and monthly capital needs on a non-GAAP cash only basis.
StreamTrack, Inc. (the “Company”) is a digital media and technology services company. The Company provides audio and video streaming and advertising services through its RadioLoyalty Platform (the “Platform”) to over 1,300 internet and terrestrial radio stations and other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads with video ads within the web player in a live or on-demand environment. The Company offers the Platform directly to its broadcasters and integrates or white labels its technologies with web-based internet radio guides and other web-based content providers. The Company is also continuing development of WatchThis, a patent-pending technology to provide web, mobile and IP television streaming services that are e-commerce enabled within streamed content.
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Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about StreamTrack-s industry, management-s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
StreamTrack, Inc.
Michael Hill
Chairman and Chief Executive Officer
+1 805-308-9151
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