Please wait while we load the requested 10-Q report or click the link below:
For more information contact:
Market Street Partners
SIZMEK REPORTS FIRST QUARTER 2015 RESULTS
· Company Accelerates its Programmatic Strategy with Acquisition of StrikeAd
· Mobile Revenues Increase 103% Over Prior Year
· PF Adjusted EBITDA Grows 23% on a Constant Dollar Basis Over Prior Year
Austin, TX. May 14, 2015 Sizmek Inc. (NASDAQ: SZMK), a global open ad management company that delivers multiscreen campaigns, today reported financial results for the first quarter ended March 31, 2015. Revenues for the three months ended March 31, 2015 decreased 4% to $36.8 million compared to the same period of 2014. On a constant currency basis, revenues increased to $39.0 million or 2% higher than the prior year period when adjusted for the effect of changes in foreign currency. Core products, consisting of all products except rich media, grew 15% for the three months when adjusted for the effect of the change in foreign currencies, and comprised 79% of the business for the first quarter. Adjusted EBITDA for the three months ended March 31, 2015 increased 17% to $2.3 million compared to Proforma Adjusted EBITDA for the same period of 2014, or a 23% increase over the prior year when adjusted for the effects of changes in foreign currency.
We made solid progress in the first quarter toward achieving many of our full year objectives, including migrating over 70 beta clients to our new MDX platform, completing the restructuring of our sales organization, and building out our programmatic platform, which we accelerated with todays definitive agreement to acquire StrikeAd. All of this was accomplished while exceeding our Adjusted EBITDA goals for the quarter, said Neil Nguyen, CEO of Sizmek. While the revenue impact of foreign currency largely masked the strength of the quarter, we added a number of new multi-national clients that are providing good momentum for the second half of the year. We are on track to meet our 2015 financial outlook, and are pleased with our continued progress in building the largest independent open ad management platform.
First quarter highlights include:
· First quarter revenues, on a constant currency basis, were $39.0 million or 2% higher than the same period last year.
· Adjusted EBITDA increased 23% to $2.4 million on a constant currency over Proforma Adjusted EBITDA for the first quarter of 2014.
· Core products, including mobile, video, and data driven products, saw high growth despite the significant impact from foreign currency:
· Mobile formats (or HTML5) revenues grew 103% from the first quarter of 2014;
· Data driven products, such as programmatic decisioning, viewability and verification revenue grew 32% from the first quarter of 2014; and
· In-stream video revenue increased 10% from the first quarter of 2014.
The following information was filed by Sizmek Inc. (SZMK) on Thursday, May 14, 2015 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.
View differences made from one quarter to another to evaluate Sizmek Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Sizmek Inc..