Adex Media, Inc. (ADXM) 10-Q Quarterly Report November 2009

MOUNTAIN VIEW, Calif., Nov. 12 /PRNewswire-FirstCall/ -- AdEx Media, Inc. (OTC Bulletin Board: ADXM) (the “Company”), a leading performance-driven, online marketing and distribution company, today announced results for the third fiscal quarter ended September 30, 2009.

The Company reported revenues for the third quarter of 2009 of approximately $6.5 million, a 261% increase over revenues of approximately $1.8 million from the same quarter for 2008 and revenues for the nine month period ending September 30, 2009 of approximately $18.2 million, a 469% increase over revenues of approximately $3.2 million for the same period last year.

Net loss to the shareholders for the quarter was approximately $1.2 million, compared with a net loss of approximately $1.3 million in the same quarter for 2008. Net loss for the quarter included approximately $409,000 in stock-based compensation, $26,000 in amortization of acquired intangible assets, and $122,000 in non-cash deemed dividends related to the Company’s recent financing through the sale of convertible series A preferred stock and warrants.

Net loss to the shareholders for the nine months ended September 30, 2009 was approximately $5.6 million, compared with a net loss of approximately of $1.9 million for the same period last year. Net loss for the nine months included approximately $905,000 in stock based compensation, $990,000 in impairment charges of acquired intangible assets, $171,000 in amortization of acquired intangible assets, and $1.1 million in non-cash deemed dividends related to the Company’s financings through the sale of convertible series A preferred stock and warrants.

Scott Rewick, Chief Executive Officer of AdEx, commented, “We are pleased with the strong year over year revenue growth we have posted in the first nine months of this year.” Rewick further stated, “Our significant investment in our technology platform and direct media buying relationships are setting the stage for continued growth into 2010.”

A copy of the September 30, 2009 Balance Sheet and Statements of Operations for the quarters ended September 30, 2009 and 2008 are reproduced below. The Company intends to file its financial statements for the period ended September 30, 2009 on Quarterly Report Form 10-Q with the Securities and Exchange Commission on November 16, 2009.

Corporate milestones and accomplishments during the third quarter of 2009 included:

·	Strong year over year revenue growth

·	Nine months revenues of $18.2 million

·	Gross margin expansion

·	Expansion of the Think technology platform

·	Operating efficiencies improved by outsourcing fulfillment and customer service functions moving these functions on a variable cost basis

·	Additional reduction of fixed payroll expenses by lowering headcount

·	Expansion of global media buying through direct purchase relationships with Microsoft, AOL and Yahoo

The Company will host an investor conference call on Friday, November 13, 2009, at 11:30 AM Eastern Time to answer questions regarding the results for the three months ended September 30, 2009, reported in our Quarterly Report Form 10-Q. US dialers: (877) 407-8031; International dialers (201) 689-8031. Interested parties may also listen via the Internet at www.investorcalendar.com. The call will be available for replay for 30 days by dialing (877) 660-6853 (US dialers); (201) 612-7415(International dialers), and entering the replay pass code 286 # and conference ID#337665 and on www.investorcalendar.com.

The following information was filed by Adex Media, Inc. (ADXM) on Friday, November 13, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ADXM
CIK: 1402531
Form Type: 10-Q Quarterly Report
Accession Number: 0001213900-09-003159
Submitted to the SEC: Fri Nov 13 2009 5:19:09 PM EST
Accepted by the SEC: Fri Nov 13 2009
Period: Wednesday, September 30, 2009
Industry: Business Services