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Salon Media Group Inc (SLNM) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: August 11, 2017

 

Salon Media Group Reports June Quarter 2017 Results

13% YoY Revenue Growth and Reduced Losses

 

NEW YORK, NY (August 11, 2017). Salon Media Group, Inc. (“Salon,” the “Company” or “We”) (OTCQB: SLNM) today announced its results for the three months ended June 30, 2017.

 

Highlights:

 

Net revenue increased 13% to $1.5 million for the quarter ended June 30, 2017

 

Net losses of $0.6 million included approximately $0.1 million in net non-cash charges

 

Operating costs reduced 18% from the quarter ended June 30, 2016

 

19% increase in cost-per-thousand-impression (“CPMs”) in the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016

 

Revenue from continuing operations for the period was $1.5 million, an increase of 13% from $1.3 million for the three months ended June 30, 2016. The increase in revenue was a result of a continued significant industry shift in online advertising to advertising increasingly being sold through software-based “programmatic” technology. Salon’s advertising sold through networks that access these programmatic buys accounted for 83% of total advertising revenues for the quarter ended June 30, 2017. Salon has been making changes to its advertising footprint to capture the greater programmatic opportunity for its display and video advertising inventory and as a result improved its CPMs from programmatic advertising by 19% in the quarter ended June 30, 2017, as compared to the quarter ended June 30, 2016. The higher programmatic CPMs were offset, however, by a decline in traffic from the same period last year, which led to a smaller inventory of advertisement products to sell, and a smaller relative increase in revenues.

 

Net losses decreased to $0.6 million during the quarter ended June 30, 2017, compared to $0.8 million in the quarter ended June 30, 2016. The decreased losses resulted from an increase in revenues and a corresponding decrease in operating expense to $1.7 million, compared to $2.1 million in the same period last year. The financials included several non-recurring items, including $0.3 million non-cash interest expense recorded for the beneficial conversion feature of capital raising transactions during the quarter ended June 30, 2017, as well as the reversal of $0.2 million accrued bonuses for former employees.

 

The Company’s focus on growing traffic has shifted from volume to quality, in order to maximize its ability to monetize page views with higher CPM video and display advertising. According to data compiled by Google Analytics, average unique visitors to the Salon.com Website during the quarter ended June 30, 2017 decreased 23% and 9%, as compared to the quarters ended June 30, 2016 and March 31, 2017, respectively. The decline in traffic was due to several factors, including changes in the algorithms used by social media websites to promote news content, which led to lower referral traffic from Facebook and Twitter, and the implementation of software to remove non-human traffic. At the same time, the Company increased video views to 39 million in the quarter ended June 30, 2017, compared to approximately 15 million video views in the quarter ended March 31, 2017 as Salon’s editorial team placed greater emphasis on its video products. The Company has been refining its strategy in producing original video content, to emphasize video displayed on its Website instead of on social media platforms that have barriers to monetization. The Company’s goal continues to be to add high-quality, diversified content to Salon.com, in order to attract premium video advertising.

  

Social media continues to be a significant focus for the Company. Salon continues to make regular updates to its Website to optimize content to be shared on social media with a special focus on its mobile platforms. In June 2017, Salon had approximately 971,000 Facebook “likes” and 988,000 Twitter followers, an annual increase of 7% and 49% respectively.

 

The Company continues to see a significant shift to users accessing Salon.com from mobile devices, with 67% of users visiting the Website from mobile devices in June 2017. We continue 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. We also have increased focus on monetizing mobile traffic by implementing native and other mobile-optimized advertising.

 

Jordan Hoffner, Chief Executive Officer of Salon said, “I am pleased about our progress on both the quarter-over-quarter and year-over-year numbers as our plan is beginning to show tangible results. Our focus on optimizing the programmatic landscape is beginning to come to fruition.”

 

 
 

The following information was filed by Salon Media Group Inc (SLNM) on Friday, August 11, 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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Inside this 10-Q Quarterly Report

Document And Entity Information
Note 4 - Net Loss Per Share Attributable To Common Shareholders
Condensed Balance Sheets (current Period Unaudited)
Condensed Balance Sheets (current Period Unaudited) (parentheticals)
Condensed Statements Of Cash Flows (unaudited)
Condensed Statements Of Operations (unaudited)
Note 1 - The Company And Significant Accounting Policies
Note 1 - The Company And Significant Accounting Policies (details Textual)
Note 2 - Borrowing Agreements
Note 2 - Borrowing Agreements (details Textual)
Note 3 - Employee Stock Option Plans
Note 3 - Employee Stock Option Plans (details Textual)
Note 3 - Employee Stock Option Plans (tables)
Note 3 - Employee Stock Option Plans - Stock Option Plan Activity (details)
Note 4 - Net Loss Per Share - Basic And Diluted Net Loss Per Share (details)
Note 4 - Net Loss Per Share Attributable To Common Shareholders (tables)
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 - Mezzanine Equity
Note 6 - Preferred Stock - Mezzanine Equity (details Textual)
Note 6 - Preferred Stock - Mezzanine Equity (tables)
Note 6 - Preferred Stock - Mezzanine Equity - 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: 0001437749-17-014546
Submitted to the SEC: Fri Aug 11 2017 4:43:34 PM EST
Accepted by the SEC: Fri Aug 11 2017
Period: Friday, June 30, 2017
Industry: Advertising

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