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Salon Media Group Inc (SLNM) SEC Filing 10-Q Quarterly report for the period ending Sunday, December 31, 2017

Salon Media Group Inc

CIK: 1084332 Ticker: SLNM

Exhibit 99.1

 

FOR IMMEDIATE RELEASE: February 8, 2018

 

Salon Media Group Reports Third Quarter Fiscal 2018 Results

Net revenues Up 10% for the Nine Months Ending December 31, 2017

 

 

NEW YORK, NY (February 8, 2018). Salon Media Group, Inc. (OTCQB: SLNM) today announced its results for the three and nine months ending December 31, 2017.

 

Highlights:

 

Net revenues up 10% for nine-month period, year-over-year

 

New website launched in September 2017 drove higher CPMs

 

Lower operating expenses helped reduce losses

 

Subscription product to be offered in March 2018 Quarter

 

Revenue for the three months ending December 31, 2017 was $1.2 million, consistent with the $1.2 million reported for the three months ending December 31, 2016. For the nine months ending December 31, 2017, revenue was $3.9 million, an increase of 10% from the $3.5 million reported for the nine months ending December 31, 2016. The increase in revenue was a result of a continued industry shift in online advertising from advertising sold by a direct sales team to advertising increasingly being sold through software-based “programmatic” technology. The Company has been making changes to its advertising footprint to capture the greater programmatic opportunity for its display and video advertising inventory. This has allowed the Company to improve its cost-per-thousand-impression (“CPMs”) from its programmatic advertising by 50% in the December 2017 quarter as compared to the December 2016 quarter. However, the higher programmatic CPMs were offset by a smaller ad footprint due to the redesign of the Website from the same period last year, which led to a smaller inventory of ad products to sell, so a smaller relative increase in revenues.

 

The Company’s operating expenses for the three months ending December 31, 2017 were reduced to $1.8 million compared to $2.2 million for the same period last year. For the nine months ending December 31, 2017, operating expenses were $5.5 million, compared to $6.2 million for the same period last year. Net losses from operations were $0.6 million during the three months ended December 31, 2017, and $1.7 million for the nine months ending December 31, 2017, a decrease from $1.0 million and $2.7 million, respectively, during the same periods last year. The decrease in losses resulted from a nominal increase in revenues and a decrease in operating expenses. In addition, the financials included several non-recurring items, including $0.4 million non-cash interest expense recorded for the beneficial conversion feature of capital raising transactions during the nine months ending December 31, 2017, as well as $4.4 million non-cash interest expense recorded for the beneficial feature of capital raising transactions in the nine months ending December 31, 2016.

 

Salon has continued to roll out a strategy to produce original video content focused on news, politics, and entertainment under the banner of Salon TV, Salon Talks and Salon Stage, with a 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. Featured guests on Salon Talks have included Senator Al Franken, scientist Bill Nye, Deepak Chopra, Dan Rather, Pearl Jam guitarist Mike McCready and Van Jones, among others, while Salon Stage hosted acoustic sets by, among others, the Revivalists, Josh Ritter, Lukas Nelson, Bela Fleck, Wyclef Jean and more.

 

 

The following information was filed by Salon Media Group Inc (SLNM) on Thursday, February 8, 2018 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 - 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: 0001437749-18-002061
Submitted to the SEC: Thu Feb 08 2018 4:02:04 PM EST
Accepted by the SEC: Thu Feb 08 2018
Period: Sunday, December 31, 2017
Industry: Advertising

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