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MILLENNIAL MEDIA REPORTS 2014 FIRST QUARTER FINANCIAL RESULTS
First Quarter Revenue $72.6 million; EVP and CFO Michael Avon Stepping Down
Baltimore, MD (May 7, 2014) Millennial Media, Inc. (NYSE: MM), the leading independent mobile advertising platform company, today reported financial results for the first quarter ended March 31, 2014.
Financial Results and Business Highlights for the First Quarter of 2014
Revenue: For the first quarter of 2014, revenue increased to $72.6 million from $49.4 million on a GAAP basis, a year over year increase of 46.9%. Revenue increased from $64.6 million on a pro forma combined basis, a year over year increase of 12.4%. Pro forma combined revenue is calculated as the sum of Millennial Media and Jumptap revenue for the entire first quarter of last year.
Gross Margin: Gross margin was 41.2% for the first quarter of 2014 on a GAAP basis and 41.2% for the first quarter of 2013 on a pro forma combined basis. For the first quarter of 2013, gross margin was 41.6% on a GAAP basis.
Net Income (Loss): For the first quarter of 2014, net loss was $(12.9) million, compared to net loss of $(3.8) million for the first quarter of 2013.
Adjusted EBITDA: For the first quarter of 2014, Adjusted EBITDA, a non-GAAP financial measure (see definition below), was $(4.7) million, compared to pro forma combined Adjusted EBITDA of $(4.8) million for the first quarter of 2013.
Net Income (Loss) per Share: For the first quarter of 2014, basic and diluted net loss per common share was $(0.12), compared to basic and diluted net loss per common share of $(0.05) for the first quarter of 2013.
Non-GAAP Net Income (Loss) Per Common Share: For the first quarter of 2014, non-GAAP net loss per common share was $(0.04), compared to non-GAAP net loss per common share of $(0.01) for the first quarter of 2013.
Other Business Metrics: As of March 31, 2014, Millennial Media reached over 650 million monthly unique users globally, including approximately 170 million monthly unique users in the United States alone. As of March 31, 2014, approximately 60,000 apps and mobile sites were enabled by mobile app developers to operate on Millennial Medias platform, and Millennial Media had more than 650 million proprietary, anonymous active user profiles used for delivering the most relevant ads to consumers.
Based on information available as of today, Millennial Media expects total revenue for the second quarter of 2014 to be in the range of $70 million to $75 million and Adjusted EBITDA to be a loss between $(5) million and $(6) million.
Now into my first full quarter, I am pleased with my decision to join Millennial Media and drive this Company to the next level, said Michael Barrett, President and CEO, Millennial Media. While I would have liked to have seen stronger performance in the quarter, we have developed an aggressive strategy and I have high confidence that we can execute and capitalize on the growth and promise of mobile.
The following information was filed by Millennial Media Inc. (MM) on Wednesday, May 7, 2014 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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