Mamma.com Reports Third Quarter Results
Mamma.com reported its financial results for the third quarter ended September 30, 2004.
The Company's Q3 2004 net earnings of $283,909 ($0.02 per share) compared to a Q3 2003 of $185,118 ($0.03 per share). Year to date net earnings of $1,775,974 ($0.17 per share - basic) compared to net loss of $364,581 ($0.06 per share) for the same period in 2003. The Company's revenue increased by 90% compared to Q3 of 2003. Revenue in the third quarter of 2004 of $3,764,492 compared to $1,983,262 for the same period in 2003. Year to date revenues at $11,941,400 were 103% above the $5,882,504 revenues for the same period in 2003.
The Company generated operating cash flow from continuing operations for the quarter of $643,098 compared to $287,156 for the same period in 2003. The improvement is mainly due to positive operating earnings and tight management of working capital. Financing activities provided cash of $242,570 due to exercise of 105,000 warrants. As a result, cash, cash equivalents and short-term deposits increased to $28,092,394, an increase of $877,701 from previous quarter.
Guy Faure, Mamma.com's President and CEO stated: "Our search and Ad network revenue streams continued their strong growth trend resulting in third quarter revenue improving 90% from the same period last year. We are especially pleased with the revenue growth of 56% for search and 86% for our Ad network from the same quarter last year. With our recent announcement where we offer our Ad Network publishers Web and site search features, we expect this to further improve our search revenue streams coming from this important group of publishers. This approach further strengthens our unique position in our ability to deliver integrated search and Ad network revenues from the same network of publishers. Q3 results were negatively impacted by a series of hurricanes which touched our Florida operations adversely affecting Opt-in e-mail revenue. Two hurricanes resulted in our offices being closed for several days. Revenues generated from Digital Arrow for Q3 were $473,287 with a net loss of $88,482 including $74,471 of amortization of intangible assets related to the acquisition transaction."
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