Today Pixman Nomadic Media released its second quarter Financial Results – reporting a doubling of revenue (103%).
We still haven’t seen as much of Pixman in the UK as we have say of Adwalker – if you license your business then make sure that the licensee is as excited about the business opportunities as you are – otherwise set up an office yourself and deal direct!
MONTREAL, QUEBEC–(Marketwire – Feb. 25, 2008) – Pixman Nomadic Media Inc. (TSX VENTURE:PMN) (the “Company”) announced today results for its second quarter of fiscal year 2008 confirming strong performance: 91% year-over-year total revenue growth for the second quarter and 103% growth for the first half.
For the three months ended December 31, 2007 (“Q2 2008”), the Company registered total revenue of $499,738 compared to total revenue of $262,362 for the corresponding period last year. This represents a growth of 91% continuing the very positive trends reported over the last three quarters. First half fiscal 2008 revenue amounted to $1,203,472 representing a growth of 103% over prior year revenue of $594,211. Moreover, first half revenue of fiscal 2008 already represents over 93% of total revenue registered the full year fiscal year 2007. The strong Q2 2008 performance was led by the Nomadic Media business segment where total revenue was $403,072 representing an increase of 121% versus the same period last year. The main contributor to this impressive year-on-year growth continues to be revenue realized through the Company’s developing “value added reseller” (VAR) business model in Europe and North America.
Total licensing revenue for the first half of fiscal 2008 was $155,764 versus $221,061 for the same period last year. The prior year period’s revenue included approximately $100,000 of sales of Pixman Systems to international licensees. “The reduction in revenue in the licensing business segment reflects the Company’s strategic priority to focus on Nomadic Media and implementation the VAR business model both in North America and internationally”, explained Philippe Gribeauval, the new President of Pixman Nomadic Media Inc. “The VAR model continues to prove to be very effective in terms of reducing variable operating expenses and improving the profitability of media event execution,” Mr. Gribeauval added. “Our margins have improved considerably and our overhead expenses have stabilized which combined should allow us to reach profitability as planned within the next three to four quarters”, he added.
“We have now reported three successive quarters with total revenue well above the prior year periods confirming that our previously announced VAR business model continues to improve our operating effectiveness,” said Daniel Langlois, Chairman of the Board and Chief Executive Officer of the Company. “The recently signed VAR agreements in the USA and India, two markets with tremendous potential for Pixman, will further accelerate revenue growth in the coming quarters,” he added.
Pixman Nomadic Media recorded a net loss of $877,301 or $0.03 per common share for the second quarter. This compares to a net loss of $1,184,028 or $0.06 per common share for the comparable period last year. For the first half of fiscal 2008, the company reported a net loss of $1,535,381 or $0.05 per share versus $1,556,559 or $0.08 per share for the prior year.
About Pixman Nomadic Media Inc.
Pixman Nomadic Media Inc. (www.pixman.com) is a Montreal-based tactical marketing company. The foundation of Pixman’s business, through its wholly-owned subsidiaries Pixman Corporation, Pixman Europe S.L. and Pixman U.S.A. Inc., is the Pixman® patented wearable multimedia system worn by brand ambassadors. Pixman creates innovative technology-based marketing experiences that bring new ways to promote brands, products and services. Pixman provides turnkey media services throughout North America and Europe, and licenses its products to partners active in over 25 countries around the world. Pixman is listed on the TSX Venture Stock Exchange (www.tsx.com) under the symbol “PMN”.