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

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: November 9, 2017

 

Salon Media Group Reports Second Quarter Fiscal 2018 Results

 

NEW YORK, NY (November 9, 2017). Salon Media Group, Inc. (“Salon” or the “Company”) (OTCQB: SLNM) today announced its results for the six months ended September 30, 2017.

 

Highlights:

 

Revenue increased 20% to $1.2 million for the quarter ended September 30, 2017, year-over-year

 

Net losses of $0.8 million included approximately $0.2 million in one-time non-cash charges

 

56% increase in cost-per-thousand-impression (“CPMs”) in the quarter ended September 30, 2017, year-over-year

 

New website launched in September 2017 has increased traffic and revenues

 

In September 2017, Salon.com surpassed 980,000 Facebook “likes” and one million Twitter followers

 

Revenue for the quarter ended September 30, 2017 was $1.2 million, an increase of 20% from $1.0 million for the quarter ended September 30, 2016. Revenue for the six months ended September 30, 2017 was $2.6 million, an increase of 13% from $2.3 million for the six months ended September 30, 2016. The increase in revenue was a result of a continued significant industry shift in online advertising from advertising sold by a direct sales team to advertising increasingly being sold through software-based “programmatic” technology.

 

Net losses for the quarter ended September 30, 2017 decreased to $0.8 million as compared to $0.9 million for the quarter ended September 30, 2016. Net losses for the six months ended September 30, 2017 decreased to $1.4 million as compared to $1.7 million for the six months ended September 30, 2016. The decreased losses resulted from an increase in revenues and steady operating expense at $1.9 million for both the quarters ended September 30, 2017 and September 30, 2016. Operating expense reduced to $3.7 million for the six months ended September 30, 2017 compared to $4.0 million for the six months ended September 30, 2016. The net losses 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 accrued bonuses for prior employees.

 

The Company has been making changes to its advertising footprint to capture the greater programmatic opportunity for its display and video advertising inventory, allowing the Company to improve its CPMs from its programmatic advertising by 56% in the quarter ended September 30, 2017 as compared to the quarter ended September 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 ad products to sell, and consequently, a smaller relative increase in revenues.

 

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 and Salon Stage, with a goal to add high quality, diversified content to Salon’s Website and to attract video advertising that commands higher CPMs as compared to display advertising. Popular recent interviews on Salon Talks included Senator Al Franken, scientist Bill Nye, and actors Niecy Nash and Jay Ellis, while Salon Stage hosted acoustic sets by, among others, the Revivalists, Lukas Nelson, and Wyclef Jean. Salon has seen growth in its video views, reaching over 35 million video views during the quarter ended September 30, 2017, compared to about 12.8 million views during the quarter ended September 30, 2016.

 

 

The following information was filed by Salon Media Group Inc (SLNM) on Thursday, November 9, 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 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 - Assumptions Used In The Determination Of Fair Value Of Share-based Payment Awards (details)
Note 3 - Employee Stock Option Plans - Stock Option Plan Activity (details)
Note 4 - Net Loss Per Share Attributable To Common Shareholders (tables)
Note 4 - Net Loss Per Share Attributable To Common Shareholders - 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 - 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)
Ticker: SLNM
CIK: 1084332
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-17-018916
Submitted to the SEC: Thu Nov 09 2017 4:55:58 PM EST
Accepted by the SEC: Thu Nov 09 2017
Period: Saturday, September 30, 2017
Industry: Advertising

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