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Salon Media Group Inc (SLNM) SEC Filing 10-Q Quarterly report for the period ending Saturday, December 31, 2016

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: February 14, 2017

 

Salon Media Group Reports Third Quarter Fiscal 2017 Results

Advertising & Editorial Transition Continues

 

 

NEW YORK, NY (February 14, 2017). Salon Media Group, Inc. (OTCQB: SLNM) today announced its results for the three and nine months ending December 31, 2016.

 

Highlights:

 

Transition from direct to programmatic advertising revenue continues

 

Original editorial video expanded during the quarter; finalist for prominent editorial award

 

Net revenue decreased to $1.2 million from $2.0 million in the same period last year

 

Capital restructuring completed ahead of private placement in January 2017

 

Net revenue for the period was $1.2 million, a decrease of 37% from the $2.0 million reported for the three months ending December 31, 2015. For the nine months ending December 31, 2016, net revenue was $3.5 million, a decrease of 34% from the $5.3 million reported for the nine months ending December 31, 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 decline in traffic compared to the December 31, 2015 quarter that led to a reduction in inventory available for programmatic advertising sales.

 

Operating expenses for the December 2016 quarter were stable at $2.2 million compared to $2.2 million for the same period last year. For the nine months ending December 31, 2016, operating expenses were $6.2 million, compared to $6.7 million for the same period last year. The decrease in operating expenses for the nine-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 December 2016 quarter was $5.4 million, compared to a loss of $0.3 million for the same period last year. The company’s loss from operations for the nine months ending December 31, 2016, was $7.1 million, compared to a loss of $1.4 million for the same period last year. The large increase in loss was primarily a result of non-cash charges of $5.3 million related to the recognition of non-cash interest expense and a preferred deemed dividend related to the conversion of Preferred to Common shares and the issuance of debt that were associated with a private placement of preferred stock in January 2017.

 

We have continued to roll out our strategy to produce original video content focused on news, politics and entertainment under the banner of “Salon Talks.” Our goal is to add high quality diversified content to our Website, and to attract premium video advertising that commands higher cost-per-thousand-impression (CPMs) as compared to display advertising. We achieved nearly 30 million video views during the December 2016 quarter, compared to roughly 300,000 in the December 2015 quarter. We have begun a process to upgrade our video technology so we can better monetize these video views with high CPM pre-roll advertising. As a result of our efforts, we received positive critical recognition as we were selected as a finalist for Magazine Industry Newsletter’s (MIN) 2016 Best of the Web Awards in the category of Scripted/Unscripted Video or Series for our Salon Talks video series.

 

 
 

The following information was filed by Salon Media Group Inc (SLNM) on Tuesday, February 14, 2017 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: 0001437749-17-002459
Submitted to the SEC: Tue Feb 14 2017 5:23:24 PM EST
Accepted by the SEC: Tue Feb 14 2017
Period: Saturday, December 31, 2016
Industry: Advertising

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