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Buzztime, Inc. Announces Fourth-Quarter
Full-Year 2008 Results
Calif., March 19/PRNewswire-FirstCall/ — NTN Buzztime, Inc. (NYSE Alternext US:
NTN) today announced results for the fourth quarter and 2008 fiscal year ended
December 31, 2008.
very busy fourth quarter, NTN Buzztime has begun laying the groundwork to return
to profitability in 2009 and to become more of an integrated media company that
attracts growing audiences to the iTV Buzztime Network. It is very exciting to
have been chosen the Company’s CEO to help lead this transformation,” commented
NTN Buzztime Board member and CEO Terry Bateman. “With our sales
showing considerable resilience in the face of once-in-a-generation economic
uncertainties, we have cut our net loss by more than half, improved our gross
margins and made fundamental improvements to our cost structure that should
reduce our selling, general and administrative expenses by $5 million in 2009.
These changes were essential and will give the company the runway to fully
develop the integrated media business that we envision, which will include a
heavy focus on developing our ad program and the development of our online and
mobile channels for launch in the second half of 2009.”
Bateman continued, “We have also restructured our Board of Directors and made
significant enhancements to our management team. New-media executive
and investor Jeff Berg is bringing timely and focused expertise to his
responsibilities as Chairman. Mary Beth Lewis, with her CFO and
growth company experience, and Kenneth Keymer, with his impressive
chain-restaurant management credentials, further enhance the strategic depth
that the Board provides to management. On the management side,
Michael Arzt, our new Executive Vice President of Marketing, and Jeffrey Lewis,
our new Executive Vice President of Advertising Sales, both have the solid
backgrounds, expertise and commitment necessary to contribute to making Buzztime
a powerful out-of-home advertising network.”
for the Fourth Quarter Ended December 31, 2008
decreased by $1.2 million or 15% to $6.5 million for the fourth quarter of 2008,
compared to revenues of $7.7 million for the fourth quarter of
2007. The Company’s site count was 3,746 as of the end of 2008,
consistent with the site count as of September 30, 2008. Loss from
continuing operations for the fourth quarter of 2008 was $690,000, a reduction
of approximately $844,000 or 55% from the loss from continuing operations of
$1.5 million recorded for the fourth quarter of 2007.
margin as a percentage of revenue improved to 75% for the fourth quarter of 2008
compared to approximately 70% for the fourth quarter of 2007.
The following information was filed by Ntn Buzztime Inc (NTN) on Thursday, March 19, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.