SOURCE: rVue Holdings, Inc.

rVue Holdings, Inc. Logo

May 12, 2016 16:20 ET

rVue Reports First Quarter 2016 Financial Results

Management to Conduct Conference Call at 4:30 P.m. EST on Thursday, May 12th

CHICAGO, IL--(Marketwired - May 12, 2016) -  rVue Holdings, Inc., (OTC PINK: RVUE), a premier advertising technology platform for digital location video, announced its financial results for the first quarter ended March 31, 2016.

First Quarter Highlights

  • First Quarter Core Revenue increased 159% to $189,000 compared to $73,000 in the year ago quarter.
  • Total revenue increased 111% to $220,900 from $104,600 in the prior year first quarter. 
  • SG&A expense increased 49% to $673,400 from $451,200 in the year ago quarter, due to costs associated with the payoff of the two convertible notes, including legal, loss on conversion of debt, loss on extinguishment of debt, interest expense, valuation and auditor fees.
  • Total expenses were $840,200, up 63% compared to $515,700 a year ago (due to the above and a rise in network costs which parallel revenue growth).
  • Net loss for the first quarter was ($619,300), an increase of 51% compared to a net loss of ($411,100) in the first quarter of last year (Again due to the SG&A costs associated with repayment of the two convertible notes).
  • As previously announced, the Company raised approximately $1.7 million in private placements of common stock in late 2015 and early 2016 to accelerate sales and marketing programs and fund technology advancements. Included in this was a $1.5 million transaction with Acorn Composite Corp. ("Acorn").
  • rVue utilized this raise to streamline its capital structure and prevent potential dilution by repurchasing its convertible promissory notes outstanding for an aggregate $132,356 in cash and eight million shares of rVue Holdings common stock.

Mark Pacchini, President and CEO of rVue Holdings, Inc., commented, "As expected, the first quarter of 2016 represented a solid start to 2016, reinforcing our optimism that this will be a strong year for rVue, ultimately pushing us closer to breakeven. We are starting to see the benefits of the sales partnerships built in the second half of 2015 and being chosen as the primary or secondary sales group for a couple of networks. Importantly, we continue to expand our network partnerships and intelligence, as well as our penetration with leading advertising agencies. All this validates our long-term strategic positioning in this emerging industry, and helps move rVue closer to sustainable and accelerating growth."

"Interest in the Digital Out Of Home (DOOH) market continues to grow, as both agencies and brands are seeing the benefits of digital location video," continued Mr. Pacchini. "Alternative advertising channels face ongoing headwinds, and this is leading to increased interest and a growing pipeline of proposals for rVue. Our recently reorganized sales organization is helping us capitalize on this trend, and both the number and size of proposals has increased significantly in the first few months of 2016. The recent infusion of capital has helped us accelerate our efforts and streamline our capital structure, helping further solidify our position."

David Esser, rVue's CTO added, "We continue to enhance and expand our technology platform. We recently released an integration API and automated data integration with screen venue network partners as well as substantial improvements to our venue search and mapping functionality. We also made further hosting infrastructure changes that will achieve savings of approximately $17,000 per year while at the same time improving our hosting services."

Conference Call

Management will host a conference call to discuss the results at 4:30 p.m. ET, on Thursday, May 12, 2016.

Details are as follows:

About rVue

rVue Holdings, Inc. is an advertising technology company providing the digital distribution platform for the Digital Place-Based Advertising industry. The Company connects approximately 1.5 million digital screens across 175 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 Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission.

Contact Information

  • CONTACT:
    Mark Pacchini
    President and CEO
    312-361-3368