Last10K.com

Salon Media Group Inc (SLNM) SEC Filing 10-K Annual report for the fiscal year ending Friday, March 31, 2017

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: June 23, 2017

 

Salon Media Group Reports Full Year Fiscal 2017 Results

Large Non-Cash Charges Inflate Losses

 

NEW YORK, NY (June 23, 2017). Salon Media Group, Inc. (OTCQB: SLNM) (“Salon” or the “Company”) today announced its results for the twelve months ended March 31, 2017.

 

Highlights:

 

Net revenue fell 34% to $4.6 million for the fiscal year ended March 31, 2017

 

Net losses of $10.4 million included approximately $6.5 million in non-cash charges

 

25% increase in cost-per-thousand-impressions (“CPMs”) in the quarter ended March 2017 compared to the quarter ended March 2016

 

Operating costs reduced 4% from fiscal year 2016

 

Original editorial video expanded on the Salon.com website

 

In March 2017, Salon.com surpassed 965,000 Facebook “likes” and 953,000 Twitter followers

 

Net revenue from continuing operations for the twelve months ended March 31, 2017 was $4.6 million, a decrease of 34% from $7.0 million for the twelve months ended March 31, 2016. The decrease in revenues during fiscal year 2017 stemmed primarily from an industry shift in advertising dollars away from direct advertising campaigns toward software-based “programmatic” advertising. Following the market trend, in fiscal year 2017, 84% of the Company’s advertising revenue was generated by programmatic selling and 16% of the Company’s advertising revenue was generated by its direct sales team, which focused mostly on high impact and higher CPM custom video advertising. The Company has been making changes to its infrastructure to capture the greater programmatic opportunity for display and video advertising inventory, and will continue to focus its efforts to allow better management of its advertising inventory and targeting for advertisers. These efforts have allowed the Company to improve CPMs from programmatic advertising by 25% in the quarter ended March 2017 as compared to the quarter ended March 2016. However, the higher programmatic CPMs were offset by a decline in traffic from the same period last year, which led to a smaller inventory of ad products to sell and a decline in revenues.

 

Operating expenses for the twelve months ended March 31, 2017 declined by 4% to $8.5 million compared to $8.9 million for the same period last year. The Company’s loss from operations for the fiscal year 2017 was $3.9 million, compared to a loss from operations of $2.0 million for fiscal year 2016. Net loss attributable to common stockholders was $10.4 million, a 432% increase from $2.0 million in fiscal year 2016. The increase in net loss was mainly attributed to a $5.6 million increase in non-cash interest expense from the prior year and an approximate $0.9 million in non-cash preferred deemed dividends, both recorded for the beneficial conversion feature of capital raising transactions during the fiscal year 2017.

 

Salon has continued to roll out a strategy to produce original video content focused on news, politics, and entertainment under the banner of “Salon Talks,” with the goal to add high quality diversified content to Salon’s Website, and to attract premium video advertising that commands higher CPMs as compared to display advertising.

 

 
 

The following information was filed by Salon Media Group Inc (SLNM) on Friday, June 23, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Salon Media Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Salon Media Group Inc.

Continue

Assess how Salon Media Group Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Salon Media Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

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 Mazzanine Equity And Stockholders' Deficit
Statements Of Operations
Note 1 - The Company
Note 1 - The Company (details Textual)
Note 10 - Preferred Stock - Mezzanine Equity
Note 10 - Preferred Stock - Mezzanine Equity (details Textual)
Note 10 - Preferred Stock - Mezzanine Equity (tables)
Note 10 - Preferred Stock - Mezzanine Equity - Conversion Rate And Common Equivalent Shares Of Preferred Stock (details)
Note 11 - Subsequent Events
Note 11 - Subsequent Events (details Textual)
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 2 - Summary Of Significant Accounting Policies - Basic Loss Per Share (details)
Note 3 - Property, Software Development And Equipment
Note 3 - Property, Software Development And Equipment (details Textual)
Note 3 - Property, Software Development And Equipment (tables)
Note 3 - Property, Software Development And Equipment - Property And Equipment (details)
Note 4 - Borrowing Agreements
Note 4 - Borrowing Agreements (details Textual)
Note 5 - Accounts Payable And Accrued Liabilities (tables)
Note 5 - Accounts Payable And Accrued Liabilities - Accounts Payable And Accrued Liabilities (details)
Note 6 - 401(k) Savings Plan
Note 6 - 401(k) Savings Plan (details Textual)
Note 7 - Employee Stock Option Plans
Note 7 - Employee Stock Option Plans (details Textual)
Note 7 - Employee Stock Option Plans (tables)
Note 7 - Employee Stock Option Plans - Assumptions Used In The Determination Of Fair Value Of Share-based Payment Awards (details)
Note 7 - Employee Stock Option Plans - Stock Option Plan Activity (details)
Note 7 - Employee Stock Option Plans - Stock Options Outstanding (details)
Note 8 - Commitments And Contingencies
Note 8 - Commitments And Contingencies (details Textual)
Note 8 - Commitments And Contingencies (tables)
Note 8 - Commitments And Contingencies - Summary Of Office Lease Commitments And Short-term Borrowings (details)
Note 9 - Income Taxes
Note 9 - Income Taxes (details Textual)
Note 9 - Income Taxes (tables)
Note 9 - Income Taxes - Deferred Tax Assets (details)
Note 9 - Income Taxes - Income Tax Reconciliation (details)
Significant Accounting Policies (policies)
Ticker: SLNM
CIK: 1084332
Form Type: 10-K Annual Report
Accession Number: 0001437749-17-011772
Submitted to the SEC: Fri Jun 23 2017 4:29:52 PM EST
Accepted by the SEC: Fri Jun 23 2017
Period: Friday, March 31, 2017
Industry: Advertising

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/slnm/0001437749-17-011772.htm