Salon Media Group, Inc. Announces Earnings Results for the Year Ended March 31, 2017
June 23, 2017 at 04:32 pm EDT
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Salon Media Group, Inc. announced earnings results for the year ended March 31, 2017. Net revenue from continuing operations for the twelve months ended March 31, 2017 was $4.6 million, a decrease of 34% from $7.0 million for the twelve months ended March 31, 2016. The decrease in revenues during fiscal year 2017 stemmed primarily from an industry shift in advertising dollars away from direct advertising campaigns toward software-based “programmatic” advertising. Loss from operations for the fiscal year 2017 was $3.9 million, compared to a loss from operations of $2.0 million for fiscal year 2016. Net loss attributable to common stockholders was $10.4 million, a 432% increase from $2.0 million in fiscal year 2016. The increase in net loss was mainly attributed to a $5.6 million increase in non-cash interest expense from the prior year and an approximate $0.9 million in non-cash preferred deemed dividends, both recorded for the beneficial conversion feature of capital raising transactions during the fiscal year 2017. Basic and diluted net loss per share was $0.10 against $0.03 reported last year.
Salon Media Group, Inc. is an independent publication company. The Company covers news and politics, alongside its coverage of culture and entertainment, science and health, and food. The Company has driven the national conversation through journalism distributed across Salon.com, Salon TV, social media, news platforms, email newsletters and mobile applications. Its content, including its flagship show, Salon Talks, and other Salon TV programming, reaches an audience of approximately 10 million monthly new visitors. The Companyâs publication is free. It also offers monthly subscription for ad-free publication. The Company covers national news and politics, and science and health through investigations, insightful reporting, commentary and analysis. It covers television (TV), movies, books, entertainment and culture news through insightful reporting, criticism, commentary and analysis. Its Life Stories section features insightful commentary and essays about the human experience.