SOURCE: rVue Holdings, Inc.
CHICAGO, IL--(Marketwired - May 13, 2014) -
rVue Holdings, Inc. (OTCQB: RVUE), a premier advertising technology platform for digital place-based media and digital out of home, announced its financial results for the first quarter ended March 31, 2014.
First Quarter Highlights include:
- First Quarter core revenue increased 143.0% to $192,700, rVue's strongest quarter to date, from $79,300 last year. Core revenue increased 25.0% sequentially compared to the $154,100 for the fourth quarter of 2013.
- Total revenue increased 66.3% to $228,600 from $137,500 in the first quarter last year. Sequentially, total revenue increased 20.3% compared to the $190,000 for the fourth quarter of 2013.
- Total expenses decreased 62.0% to $528,600 from $1.4 million, reflecting continued focus on expense reduction. Sequentially, total expenses increased 15.0% due to audit and other accounting fees which disproportionally impact the first quarter of each year.
- Net loss for the first quarter was $300,000, or less than one cent per share, down 76.0% compared to a net loss of $1.3 million, or $0.01 per share, in the first quarter last year.
"For the second quarter in a row, rVue delivered year-over-year and sequential growth in core revenues -- our strongest level to date," commented Mark Pacchini, President and CEO of rVue Holdings, Inc. "This achievement is noteworthy, since the first quarter is historically a slow quarter for rVue and the industry. The continued growth in our core revenue -- which represents our primary source of growth going forward -- coupled with increasingly productive conversations with current and potential customers, reinforce our confidence that we are on the right path. The industry is increasingly recognizing the power of digital place-based media, especially as traditional media is becoming less impactful, particularly for attracting younger consumers. And we continue to see evidence that rVue's 'one source' positioning within this space provides tangible value to partners and advertisers, creating a sustainable competitive advantage in this growing industry."
Mr. Pacchini continued, "Simultaneously, we continued to make progress in our efforts to reduce and control operating expenses. The first quarter was impacted by higher accounting and audit fees, associated with the filing of our Annual Report on Form 10-K, but normalized expenses continue to trend down. We are positioned to achieve break-even at approximately $5 million in annualized revenue, and we are focused on growing our top line to reach this goal."
Eric Kristoff, rVue's chief technology officer, added, "Expanding our network relationships remains a key strategic priority for rVue, and I am encouraged with our progress thus far in 2014. We recently formed an invitation-only organization for our network partners, called the Network Technology Council, to facilitate synergies, build relationships and address common technical challenges collaboratively. We firmly believe that by helping the industry to more effectively standardize processes, clients will benefit. In addition, this should help our efforts to expand our network partnerships and keep our network data current and complete."
Management will host a conference call to discuss its financial results at 4:30 p.m. ET today, May 13, 2014. Details are as follows:
rVue Holdings, Inc. is an advertising technology company providing the digital distribution platform for the Digital Place-Based Advertising industry. The Company connects approximately one million digital screens across 190 networks delivering access to 250 million daily impressions in one simple platform. Backed by the industry's most intuitive and intelligent platform, rVue has the technology, data and expertise to connect brands and targeted consumers where and when it matters most. For more information, please visit http://www.rvue.com.
Forward Looking Statements:
This press release contains "forward looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not purely historical are forward-looking statements. Forward-looking statements give the Company's current expectations or forecasts of future events. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control, and could cause the Company's results to differ materially from those described. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward looking statements contained in this press release as a result of new information, future events or otherwise. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Important factors that could cause such differences include, but are not limited to, the Risk Factors and other information set forth in the Company's Quarterly Report on Form 10-Q to be filed today and in our other filings with the Securities and Exchange Commission.