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Salon Media Group Inc (SLNM) SEC Filing 10-Q Quarterly report for the period ending Friday, September 30, 2016

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: November 14, 2016

 

Salon Media Group Reports Second Quarter Fiscal 2017 Results

Advertising & Editorial Transition Continues

 

NEW YORK, NY (November 14, 2016). Salon Media Group, Inc. (OTCQB: SLNM) today announced its results for the three and six months ending September 30, 2016.

 

Highlights:

 

Transition from direct to programmatic advertising revenue continues

 

Original editorial video expanded during the quarter

 

Net revenue decreased to $1.0 million from $1.7 million in the same period last year

 

Peak monthly traffic for the quarter was 14.2 million users in July

 

Net revenue for the period was $1.0 million, a decrease of 41% from the $1.7 million reported for the three months ending September 30, 2015. For the six months ending September 30, 2016, net revenue was $2.3 million, a decrease of 32% from the $3.4 million reported for the six months ending September 30, 2015. The decrease in revenue as compared to a year ago was a result of both a decline in direct advertising revenues as we shifted our advertising sales efforts to programmatic advertising, and a short-term reduction in inventory available for programmatic advertising sales.

 

Operating expenses for the September 2016 quarter were $1.8 million compared to $2.2 million for the same period last year. For the six months ending September 30, 2016, operating expenses were $4.0 million, compared to $4.5 million for the same period in 2015. The decrease in operating expenses for the six-month period resulted primarily from changes made to the advertising sales team to better match costs with revenue potential, and other cost-cutting measures. The company’s loss from operations for the September 2016 quarter was $0.9 million, compared to a loss of $0.5 million for the same period last year. The company’s loss from operations for the six months ending September 30, 2016, was $1.7 million, compared to a loss of $1.1 million for the same period last year.

 

Salon has begun refining its strategy to produce original editorial video content focused on news, politics and entertainment, in order to add high-quality diversified content to its website, and to attract premium video advertising that commands higher CPMs as compared to display advertising. Salon’s approach features a combination of long-form video interviews and commentary that are released on Facebook Live and other social media platforms, and short-cuts from these segments tailored for its website. Salon is rebuilding its video efforts around a general approach that every piece of content will be adapted for use as a text article, a video and a podcast. These videos complement Salon’s brand of fearless journalism that makes the conversation smarter, and are designed for maximum shareability on social media sites.

 

Average unique visitors to the Salon.com website during the September 2016 quarter decreased 22% compared to the September 2015 quarter, and 15% compared to the June 2016 quarter, according to data compiled by Google Analytics. Traffic was impacted by algorithmic changes in the social media landscape and by changes to our editorial team that resulted in a short-term reduction in the number of stories published daily on our website. Subsequent to the quarter ending September 30, 2016, Salon has returned to higher traffic levels, tracking at 12% above the average for the June 2016 quarter.

 

 
 

The following information was filed by Salon Media Group Inc (SLNM) on Monday, November 14, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Note 4 - Net Loss Per Share
Balance Sheets (current Period Unaudited)
Balance Sheets (current Period Unaudited) (parentheticals)
Statements Of Cash Flows (unaudited)
Statements Of Operations (unaudited)
Note 1 - The Company And Significant Accounting Policies
Note 1 - The Company And Significant Accounting Policies (details Textual)
Note 1 - The Company And Significant Accounting Policies (tables)
Note 1 - The Company And Significant Accounting Policies - Assumptions Used In The Determination Of Fair Value Of Share-based Payment Awards (details)
Note 2 - Borrowing Agreements
Note 2 - Borrowing Agreements (details Textual)
Note 3 - Stock Option Plans
Note 3 - Stock Option Plans (details Textual)
Note 3 - Stock Option Plans (tables)
Note 3 - Stock Option Plans - Stock Option Plan Activity (details)
Note 4 - Net Loss Per Share (tables)
Note 4 - Net Loss Per Share - Basic And Diluted Net Loss Per Share (details)
Note 5 - Commitments And Contingencies
Note 5 - Commitments And Contingencies (details Textual)
Note 5 - Commitments And Contingencies (tables)
Note 5 - Commitments And Contingencies - Summary Of Office Lease Commitments And Short-term Borrowings (details)
Note 6 - Preferred Stock
Note 6 - Preferred Stock (details Textual)
Note 6 - Preferred Stock (tables)
Note 6 - Preferred Stock - Conversion Rate And Common Equivalent Shares Of Preferred Stock (details)
Note 7 - Subsequent Events
Note 7 - Subsequent Events (details Textual)
Significant Accounting Policies (policies)

Material Contracts, Statements, Certifications & more

Salon Media Group Inc provided additional information to their SEC Filing as exhibits

Ticker: SLNM
CIK: 1084332
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-16-042061
Submitted to the SEC: Mon Nov 14 2016 4:06:42 PM EST
Accepted by the SEC: Mon Nov 14 2016
Period: Friday, September 30, 2016
Industry: Advertising

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