PITTSBURGH, PA / ACCESSWIRE / August 14, 2018 / Liberated Syndication (OTCQB: LSYN) announced today that revenue for the second quarter of 2018 increased by 112% over the second quarter in 2017, to $5,305,762. This was driven by the revenue addition from its acquisition of Pair Networks and from a 20% growth in Libsyn Podcasting revenue.
Operating expenses for the second quarter of 2018 were $4,400,476 million versus $1,531,732 million from the previous year's second quarter, resulting in net income of $822,566.
Cash on hand was $8,169,634 at June 30, 2018, an increase of $1,581,889 over the $6,587,745 on hand at March 31, 2018. Cash provided by operations for the three months ended June 30, 2018, was $ 2,151,814, an increase of $1,289,527 over the $862,287 cash provided by operations for the three months ended June 30, 2017. The contribution from Pair of this cash generation totaled $626,641, and Libsyn added $1,525,173. This increase is driven from our operating results of both segments of our business.
With the requirements of GAAP to value deferred revenue from the Pair Networks acquisition at Fair Market Value, the Company maintained its full year revenue projection of $20.0 million. The Company stated that it was continuing to project full year EBITDA of $7.0 million.
'We continue to see growth in the podcast business and we are very pleased with the initial integration progress with the recently acquired Pair Networks business,' commented Chris Spencer, Liberated Syndication CEO. 'We expect 2018 to be a very good year for our podcast hosting business and with the addition of Pair Networks, we anticipate growth across all aspects of our business.'
Further details about the Company's financial results are available in its quarterly report on Form 10-Q which is available on the website of the Securities and Exchange Commission at www.sec.gov.
Liberated Syndication to Host Shareholder Conference Call
Liberated Syndication also announced today that Chris Spencer, CEO, and John Busshaus, CFO, will host a conference call on Wednesday, August 15th, at 11:00 a.m. ET to discuss 2018 second quarter financial results and provide a general business update.
Shareholders and other interested parties may participate in the conference call by dialing 877-407-0782 (U.S. callers); 201-689-8567 (international callers) a few minutes before the start time.
Questions for consideration for the call can be emailed to investor@libsyn.com prior to 9:00 a.m. ET, on August 15th, 2018. A replay of the conference call will be accessible two hours afterwards and available for two weeks at https://investor.libsyn.com.
About Liberated Syndication
Libsyn is one of the world's leading podcast hosting network and has been providing publishers with distribution and monetization services since 2004. In 2017 Libsyn delivered over 7.2 billion downloads. As of June 30, 2018, we host over 4.42 million media files for more than 50,000 podcasts, including typically around 35% of the top 200 podcasts in iTunes. Podcast producers choose Libsyn to measure their audience, deliver popular audio and video episodes, distribute their content through smartphone Apps (iOS, and Android), and monetize via premium subscription services and advertising. We are a Pittsburgh based company with a world-class team. Visit us on the web at www.libsyn.com.
Pair Networks, founded in 1996, is one of the oldest and most experienced Internet hosting company providing a full range of fast, powerful and reliable Web hosting services. Pair offers a suite of Internet services from shared hosting to virtual private servers to customized solutions with world-class 24x7 on-site customer support. Based in Pittsburgh, Pair serves businesses, bloggers, artists, musicians, educational institutions and non-profit organizations around the world. Visit us on the web at www.pair.com.
Investor Relations Contact
https://investor.libsyn.com
Art Batson
Arthur Douglas & Associates, Inc.
407-478-1120
Use of Non-GAAP Financial Measures
Earnings before interest, taxes, depreciation and amortization ('EBITDA') is not a measure of financial performance under GAAP. Management believes EBITDA, in addition to operating profit, net income and other GAAP measures, is a useful indicator of the Company's financial and operating performance and its ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. The Company only provides EBITDA guidance on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for restructuring, integration and acquisition-related expenses, share-based compensation amounts, adjustments to inventory and other charges, the amount of which, based on historical experience, could be significant.
Legal Notice
'Forward-looking Statements' as defined in the Private Securities litigation Reform Act of 1995 may be included in some of the information or materials made available on this website. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to, risks associated with our change in business strategy towards more heavy reliance upon on our new talent segment and wholesale channels, actions of regulators concerning our business operations or trading markets for our securities, the extent to which we are able to develop new services and markets for our services, our significant reliance on third parties to distribute our content, the level of demand and market acceptance of our services and the 'Risk Factors' set forth in our most recent SEC filings.
SOURCE: Liberated Syndication
