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SIZMEK REPORTS THIRD QUARTER 2015 RESULTS
· Core Business Revenues Grow 30% on foreign currency adjusted basis
· Mobile Revenues Increase over 300% fueled by HTML 5 adoption
· Acquisition of Dynamic Creative Solutions business will leverages platform investment
Austin, TX. November 12, 2015 Sizmek Inc. (NASDAQ: SZMK), a global open ad management company that delivers multiscreen campaigns, today reported financial results for the third quarter ended September 30, 2015. Revenues for the three months ended September 30, 2015 were $40.3 million compared to $39.5 million in the prior year. On a constant currency basis, revenues grew 8% to $42.7 million when compared to the same period in the prior year and adjusted for the effect of changes in foreign currency. Core products, consisting of all products except rich media flash, grew 30% for the three months when adjusted for the effect of the change in foreign currencies, comprising 90% of the business for the third quarter.
Adjusted EBITDA for the three months ended September 30, 2015 was $0.1 million, or $0.4 million when adjusted for the effect of changes in foreign currency, compared to Adjusted EBITDA for the same period of 2014 of $4.5 million.
We made progress in growing our global customer base, while increasing our programmatic revenues and expanding our product suite, said Neil Nguyen, CEO and President of Sizmek. However, our investments this year into our new platform MDX NXT and the recently acquired mobile DSP is putting pressure on EBITDA. Yet, these capital investments are necessary as Sizmek continues to transform its platform and product offerings to establish itself as the leading independent advertising technology platform. As global advertisers seek an alternative to the publisher owned technology solutions, Sizmeks open ad management platform is gaining traction.
Third quarter highlights include:
· Core NAM product revenues grew 20% for the nine months ending September 30, 2015 when compared to the same period in the prior year;
· Mobile formats (or HTML5) revenues grew 303% from the third quarter of 2014, and grew 183% on a year to date basis over the prior year;
· In-stream video revenue increased 17% from the third quarter of 2014 and grew 16% on a year to date basis over 2014 on a constant currency basis;
· Flash based rich medias decline accelerated to 59% when compared to the third quarter of 2014, up from second quarters year over year decline of 35% and now representing approximately10% of total revenues in the third quarter;
· At September 30, 2015 the Company had $64.9 million of cash and cash equivalents on hand and has no long-term debt.
The following information was filed by Sizmek Inc. (SZMK) on Thursday, November 12, 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.
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