SOURCE: rVue Holdings, Inc.

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November 12, 2015 16:10 ET

rVue Reports Third Quarter 2015 Financial Results

Company Expands Sales Team and Network Partnership Initiatives; Management to Conduct Conference Call at 4:30 p.m.

CHICAGO, IL--(Marketwired - November 12, 2015) - rVue Holdings, Inc. (OTC PINK: RVUE), a premier advertising technology platform for digital location video, announced its financial results for the third quarter and year-to-date period ended September 30, 2015.

Third Quarter Highlights

  • Third quarter core revenue decreased 46.4% to $133,300 compared to $248,900 in the year-ago quarter.
  • Total revenue decreased 41.2% to $164,800 from $280,400 in the prior-year third quarter.
  • SG&A expenses increased 4.1% to $365,500 from $351,200 in the year-ago quarter. This increase was a result of legal fees related to the raising of capital and valuation costs related to the convertible notes. Total expenses decreased 15.8% year over year to $480,600 from $570,500 due to decreased network costs.
  • Net loss for the third quarter was $(315,800), or less than one cent per share, compared to a net loss of $(290,100), or less than one cent per share, in the third quarter last year.

Year-to-Date Highlights

  • Core revenue was $749,300 for the first nine months of 2015, up 16.9% from $641,100 in the year-ago period.
  • Total revenue was $843,800 for the nine months ended September 30, 2015, up 14.0% from $740,000 in the first nine months of 2014.
  • SG&A expenses increased 11.4% to $1.2 million from $1.1 million in the first nine months of last year. This increase was a result of legal fees related to the raising of capital and valuation costs related to the convertible notes. Total expenses were $1.9 million year-to-date, up 14.6%, compared to $1.6 million a year ago.
  • Net loss for the first nine months of 2015 was $1.0 million, or less than one cent per share, an increase of 15.2% compared to a net loss of $886,900, or less than one cent per share in the year-ago period.

Mark Pacchini, President and CEO of rVue Holdings, Inc., commented, "This quarter was challenging across the industry, and rVue is not immune to the drop in the stock market and a slowing economy. In addition, successful efforts to bolster our balance sheet and building out our sales organization required significant management attention during the quarter. However, we continue to make steady progress in our three key initiatives: network partnerships, our technology platform and winning new business."

Mr. Pacchini added, "We continued to methodically expand our capabilities to take advantage of the growing interest in digital location video with the addition of key personnel in the last 90 days -- even in the face of what was a challenging quarter for the advertising industry. We've added to the team a Director of Network Partnership. We've also added two salespeople on the West Coast, including one experienced associate who will target potential strategic partners in the on line space, one in the Midwest, one in Southeast, and one in New York, significantly broadening our sales efforts. The sales organization is predominantly commission based which allows us to keep fixed costs in line with revenue growth."

"It is important to note, rVue is currently pitching to be the primary or secondary sales group for a couple of networks and increasingly, our network partnerships are growing in numbers, reinforcing our confidence in long-term, sustainable growth," added Mr. Pacchini.

"We also made great strides with our technology platform during the quarter, continuing our commitment to continual upgrades on a regular basis," added David Esser, rVue's chief technology officer. "Our team continues to upgrade rVue's proprietary platform every 4-8 weeks, and by collaborating with InstantSys, rVue can access technology specialists in systems infrastructure, architecture, server-side development, and front-end development on an as-needed basis."

Conference Call

Management will host a conference call to discuss the results at 4:30 p.m. ET, today, November 12, 2015.

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 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 Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission.

Contact Information

  • Company Contact
    Mark Pacchini
    President and CEO
    312-361-3368