SOURCE: Brazil Interactive Media, Inc.
MIAMI, FL--(Marketwired - Dec 16, 2013) - Brazil Interactive Media, Inc. (OTCQB: BIMI), a Brazil-based, interactive TV entertainment, production and broadcasting company, today announced its third quarter results for the period ended September 30, 2013, as reported in its most recent Form 10-Q filing.
For the three months ended June 30, 2013, Brazil Interactive Media reported revenue of $1.79 million and a net loss of ($702,868) vs. revenue of $909,740 and a net profit of $27,763 for the same period 2012. Total revenue for the nine months ended September 30, 2013 was $6.029 million and net loss of ($759,097) vs. revenue of $2.87 million and a net loss of ($135,498) for the same period 2012.
Brazil Interactive Media's CFO Jesus Quintero stated, "While we are pleased with our solid top-line growth, we experienced a decline in gross profit and net income during the quarter. First, we incurred certain media buys which did not produce the expected call minutes and revenue, due to technical issues within the system of our previous primary co-billing telecom partner, which negatively impacted our gross profit margin. In addition, we had several non-cash expenses associated with the issuance of our common stock, which had a further negative impact on net income."
Tim Psomiadis, Brazil Interactive Media's CEO, added, "We are very excited to announce a change in our primary telecom partner to IP Corp., which should positively impact our revenue beginning in Q4 of 2013. Our new billing rate with IP Corp. is 2.5x greater than our previous primary telecom partner's rate, increasing our per-minute call revenue from US$0.19 per minute to US$0.50 per minute. We are also pleased that our co-billing agreement with IP Corp. now provides both parties with exclusivity, greatly enhancing our ability to increase revenue. We believe this important relationship will assist us in maintaining our current growth rate into 2014."
About Brazil Interactive Media, Inc.
Brazil Interactive Media, Inc. is a U.S. holding company and the parent of Brazil Interactive Media Participações Ltda., which through its wholly-owned subsidiary, EsoTV Brasil Promoção Publicidade Licenciamento e Comercia Ltda., combines live television broadcasts with integrated telecommunications components to create live, interactive programming for the Brazilian marketplace. Through its integrated television production and telecommunications IT platform, the Company manages the entire process from studio to national broadcast and monetizes a call traffic volume generated through telecommunications partners. For more information, programming and air times, please visit www.bzinteractive.com.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.