CHICAGO, IL--(Marketwired - August 11, 2016) - rVue Holdings, Inc. (OTC PINK: RVUE), a premier advertising technology platform for digital location video, announced its financial results for the second quarter ended June 30, 2016.
Second Quarter Highlights
- Second Quarter Core Revenue decreased 78% to $117,600 compared to $542,900 in the year ago quarter.
- Total revenue decreased 74% to $149,100 from $574,400 in the prior year second quarter.
- SG&A expense declined 15% to $310,600 from $365,900 in the year ago quarter.
- Total expenses were $415,500, down 52% compared to $867,700 one year ago.
- Net loss for the second quarter was ($266.4K), a narrowing of 9% compared to a net loss of ($293.3K) in the second quarter of last year.
Mark Pacchini, President and CEO of rVue Holdings, Inc., commented, "We continue to make progress with agencies and partners, demonstrating the value of digital place-based media and our platform, though this progress was not adequately reflected in this quarter's financial results. As with any new category, our revenue is heavily influenced by several smaller deals, so quarter-to-quarter results can fluctuate significantly. I am encouraged with our progress with larger accounts, as have had success with initial test plans and are now advancing to larger placements."
"The category itself continues to evolve and gain momentum, and while this progress is taking longer than we would like, anecdotal evidence from agencies is reinforcing our optimism for the future, and our sales dashboard suggests that better days are ahead," added Mr. Pacchini. "This confidence is based on the number of plan proposals, their relative size and quality, and the total dollar value of the aggregate proposals, all of which suggests a growth curve in terms of client interest and sales engagement. While growth in interest and engagement hasn't yet translated into buying, we continue to believe this buying will ultimately come as clients become more comfortable with the category and better understand the return on investment."
"I am also encouraged that we continued to narrow our net loss, by carefully managing expenses, despite the lower revenues," added Mr. Pacchini. "We are well-positioned to turn the corner to profitability as the category grows."
Management will host a conference call to discuss the results at 4:30 p.m. ET today, August 11, 2016. 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 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.