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Salon Media Group Inc (SLNM) SEC Filing 10-K Annual report for the fiscal year ending Thursday, March 31, 2016

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: June 24, 2016

 

Salon Media Group Reports Full Year Fiscal 2016 Results

Increase in Revenues, Stable Traffic Reported

 

NEW YORK, NY (June 24, 2016). Salon Media Group, Inc. (OTCQB: SLNM) today announced its results for the twelve months ended March 31, 2016.

 

Highlights:

 

Net revenue increased 41% to $7.0 million for the fiscal year ended March 31, 2016

 

Improved revenues driven by programmatic and higher CPM pre-roll advertising

 

Salon.com reached an all-time high traffic of 19.6 million users during the fiscal year

 

In August 2015, we recognized the Writers Guild of America, East, Inc (WGAE) as the collective bargaining representative of our non-supervisory editorial staff

 

Original editorial video debuted and expanded on the Salon.com website

 

In March 2016, we surpassed 880,000 Facebook “likes” and 575,000 Twitter followers

 

Net revenue from continuing operations for the period was $7.0 million, an increase of 41% from $4.9 million for the twelve months ended March 31, 2015. The increase in revenues during fiscal year 2016 stemmed primarily from an industry shift in advertising dollars toward premium CPM video-based advertisements and programmatic advertising, which together resulted in a 59% increase in programmatic advertising sales compared to fiscal year 2015.

 

Operating expenses for the twelve months ended March 31, 2016 were stable at $8.9 million compared to $8.8 million for the same period last year. The Company’s loss from operations for the fiscal year was $2.0 million, compared to a loss from operations of $3.9 million for fiscal year 2015.

 

Salon was proud to be honored during the fiscal year for our excellence in journalism. Salon was an honoree for the 2016 Webby Awards for our Donald Trump/Big Lebowski mashup. Lindsay Abrams was honored by the Audubon Society as one of its “Women Greening Journalism” while columnist Brittney Cooper was identified as part of the “emerging black Intelligentsia” by The New Republic. Damon Tweedy’s “Being Black Can Be Bad for Your Health” was named as part of “The 13 Biggest Health Stories of 2015” by Healthline. We were also proud that Chauncey DeVega’s piece on race, terrorism and the Planned Parenthood shooting was named among the most essential writing by a person of color in 2015 by the Huffington Post.

 

In August 2015, Salon recognized the Writers Guild of America, East, Inc. (“WGAE”) as the collective bargaining representative of our non-supervisory editorial staff.

 

A key component of Salon’s business strategy is to drive audience growth across our platforms on desktop, tablet and mobile because achieving scale should increase the website’s attractiveness to advertisers. For the fiscal year 2016, unique visitors to Salon.com averaged 16.6 million per month according to data compiled by Google Analytics, which is a 2% decrease from a 16.9 million average in fiscal year 2015. According to comScore Media Metrix (U.S. only), unique visitors were 14.1 million in March 2016 compared to 12.9 million in March 2015.

 

The Company continues to see a significant shift to users accessing Salon from mobile devices, with 62% of users visiting the website from mobile devices in March 2016. Salon continues to have a company-wide focus on our users’ mobile needs, especially quick and easy access to fast-loading content optimized for better readability on smaller screens.

 

 
 

The following information was filed by Salon Media Group Inc (SLNM) on Friday, June 24, 2016 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Note 5 - Accounts Payable And Accrued Liabilities
Balance Sheets
Balance Sheets (parentheticals)
Statements Of Cash Flows
Statements Of Operations
Statements Of Stockholders' Deficit
Note 1 - The Company
Note 1 - The Company (details Textual)
Note 10 - Conversion Rate And Common Equivalent Shares Of Preferred Stock (details)
Note 10 - Preferred Stock
Note 10 - Preferred Stock (details Textual)
Note 10 - Preferred Stock (tables)
Note 11 - Subsequent Events
Note 11 - Subsequent Events (details Textual)
Note 2 - Basic Loss Per Share (details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (details Textual)
Note 2 - Summary Of Significant Accounting Policies (tables)
Note 3 - Property And Equipment
Note 3 - Property And Equipment (details Textual)
Note 3 - Property And Equipment (details)
Note 3 - Property And Equipment (tables)
Note 4 - Borrowing Agreements
Note 4 - Borrowing Agreements (details Textual)
Note 5 - Accounts Payable And Accrued Liabilities (details)
Note 5 - Accounts Payable And Accrued Liabilities (tables)
Note 6 - 401(k) Savings Plan
Note 6 - 401(k) Savings Plan (details Textual)
Note 7 - Assumptions Used In The Determination Of Fair Value Of Share-based Payment Awards (details)
Note 7 - Stock Option Plan Activity (details)
Note 7 - Stock Option Plans
Note 7 - Stock Option Plans (details Textual)
Note 7 - Stock Option Plans (tables)
Note 7 - Stock Options Outstanding (details)
Note 8 - Commitments And Contingencies
Note 8 - Commitments And Contingencies (details Textual)
Note 8 - Commitments And Contingencies (tables)
Note 8 - Summary Of Office Lease Commitments And Short-term Borrowings (details)
Note 9 - Deferred Tax Assets (details)
Note 9 - Income Tax Reconciliation (details)
Note 9 - Income Taxes
Note 9 - Income Taxes (details Textual)
Note 9 - Income Taxes (tables)
Significant Accounting Policies (policies)
Ticker: SLNM
CIK: 1084332
Form Type: 10-K Annual Report
Accession Number: 0001437749-16-034380
Submitted to the SEC: Fri Jun 24 2016 4:18:03 PM EST
Accepted by the SEC: Fri Jun 24 2016
Period: Thursday, March 31, 2016
Industry: Advertising

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