2014

YOU On Demand Reports 2013 Q2 Results Investor Update Call Scheduled Today at 4:30 p.m. ET

NEW YORK, Aug. 14, 2013 /PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or the "Company"), the first national Video On Demand (VOD) platform in China, today announced its operating results for the three- and six-month periods ending June 30, 2013 (a full copy of its quarterly report on Form 10-Q will be posted at www.sec.gov).  Chairman Shane McMahon and President and CFO Marc Urbach are hosting an investor update conference call today at 4:30 p.m. ET to discuss the Company's recent results. The conference call dial-in is (800) 616-4018.

Marc Urbach, YOU On Demand's President & CFO, stated, "The cash and cash equivalents line item on our balance sheet at June 30 does not reflect two significant transactions that closed subsequent to the end of our most recent fiscal quarter which will ultimately provide gross proceeds totaling approximately $8.7 million:  C Media's Phase 1 strategic investment and the sale of YOU On Demand's legacy Jinan Broadband asset.  Further, as a result of the sale of Jinan Broadband, we are now exclusively focused on operating YOU On Demand's VOD platform."

Shane McMahon, YOU On Demand's Chairman, concluded, "With our liquidity position much improved, our management team better-aligned and key mobile partner C Media onboard, we believe YOD is in a strong position to further leverage its growing brand and catalogue of premium content, by exploring popular platforms such as mobile and internet, which will complement our existing digital cable platform."

It is important to note that YOU On Demand's revenues for the prior-year quarter and six-month periods principally reflect the operations of one of its two legacy businesses (Shandong Media), which has subsequently been sold (except for a 30% interest). Current quarter and six-month 2013 revenues do not reflect contributions from either holding.

About YOU On Demand Holdings, Inc. (www.yod.com)
YOU On Demand (NASDAQ: YOD) is the first national Video On Demand platform in China. The Company offers premium content, including leading Hollywood and China-produced movie titles, to customers across China through its Transactional Video On Demand (TVOD), Subscription Video On Demand (SVOD) and Near Video On Demand (NVOD) services. YOU On Demand has secured alliances with leading global media operators and content developers. The Company has a comprehensive end-to-end secure delivery system, governmental partnerships and approvals and offers additional value-added services. YOU On Demand has strategic partnerships with the largest media entities in China, a highly experienced management team with international background and expertise in Cable, Television, Film, Digital Media, Internet and Telecom. YOU On Demand is headquartered in New York, NY with its China headquarters in Beijing.

YOU On Demand currently has content deals in place with many of Hollywood's top studios including Disney Media Distribution, Paramount Pictures, Universal Pictures, Warner Bros., Miramax Films, Lionsgate and Magnolia Pictures, as well as a broad selection of the best content from Chinese filmmakers.

Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT:


Jason Finkelstein             

Robert Rinderman or Norberto Aja

YOU On Demand             

JCIR – Investor Relations/Corporate Communications

212-206-1216                

212-835-8500

jason.finkelstein@yod.com          

YOD@jcir.com

@youondemand 


- Financial Tables Follow –


YOU On Demand Holdings, Inc. and Its Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2013


2012


2013


2012


(unaudited)


(unaudited)


(unaudited)


(unaudited)









Revenue

$        50,619


$      931,458


$        51,557


$   1,695,526

Cost of revenue

790,019


1,064,554


1,638,604


2,024,782

Gross Loss

(739,400)


(133,096)


(1,587,047)


(329,256)









Operating expense:








Selling, general and administrative expenses

1,997,561


2,388,356


3,899,940


4,799,557

Professional fees

299,027


528,415


625,312


940,792

Depreciation and amortization

173,394


550,233


466,227


1,091,589

Impairments of long-lived assets

311,249


-


311,249


-

Total operating expense

2,781,231


3,467,004


5,302,728


6,831,938









Loss from operations

(3,520,631)


(3,600,100)


(6,889,775)


(7,161,194)









Interest & other income / (expense)








Interest income

225


1,215


574


2,403

Interest expense

(29,929)


(18,643)


(59,638)


(19,897)

Stock purchase right

-


(43,748)


-


(43,748)

Change in fair value of warrant liabilities

(4,885)


-


(30,290)


-

Change in fair value of contingent consideration

(42,046)


248,632


(83,694)


(463,433)

Gain (loss) on investment in unconsolidated entities

2,275


(8,314)


(719)


(12,506)

Loss on write-off of uncollectible loans

-


(473,698)


-


(473,698)

Other

71,777


(58,383)


70,596


(58,562)









Net loss before income taxes and noncontrolling interest

(3,523,214)


(3,953,039)


(6,992,946)


(8,230,635)









Income tax benefit

29,821


100,082


60,961


170,100









Net loss from continuing operations

(3,493,393)


(3,852,957)


(6,931,985)


(8,060,535)









Net loss from discontinued operations

(97,823)


(397,467)


(334,398)


(974,418)









Net loss

(3,591,216)


(4,250,424)


(7,266,383)


(9,034,953)









Plus:  Net loss attributable to noncontrolling interests

310,771


528,805


641,173


1,093,262









Net loss attributable to YOU On Demand shareholders

$ (3,280,445)


$ (3,721,619)


$ (6,625,210)


$ (7,941,691)









Basic earnings per share








Loss from continuing operations

$           (0.22)


$          (0.33)


(0.44)


$          (0.71)

Loss from discontinued operations

nil


(0.02)


(0.01)


(0.05)

  Basic earnings per share

$           (0.22)


$          (0.35)


(0.45)


$          (0.76)









Diluted earnings per share








Loss from continuing operations

$           (0.22)


$         (0.33)


(0.44)


$          (0.71)

Loss from discontinued operations

nil


(0.02)


(0.01)


(0.05)

  Diluted earnings per share

$           (0.22)


$         (0.35)


(0.45)


$          (0.76)









Weighted average shares outstanding








Basic

14,938,780


10,530,916


14,771,261


10,499,247

Diluted

14,938,780


10,530,916


14,771,261


10,499,247













YOU On Demand Holdings, Inc. and Its Subsidiaries

CONSOLIDATED BALANCE SHEETS






June 30,


December 31,


2013


2012


(Unaudited)



ASSETS




Current assets:




Cash and cash equivalents

$             291,804


$          3,277,891

Marketable equity securities, available for sale

1,371


2,229

Accounts receivable, net

16,344


-

Licensed content, current

994,125


681,457

Prepaid expenses

308,394


412,669

Other current assets

80,678


135,486

Current assets of discontinued operations

1,226,294


1,498,852

Total current assets

2,919,010


6,008,584





Property and equipment, net

611,431


729,763

Licensed content, noncurrent

280,505


530,367

Intangible assets, net

2,786,345


3,416,858

Goodwill

6,105,478


6,105,478

Investment in unconsolidated entities

667,855


655,834

Non-current assets of discontinued operations

4,803,367


5,011,161

Total assets

$       18,173,991


$       22,458,045





LIABILITIES AND EQUITY




Current liabilities:




Accounts payable

$          2,434,474


$             885,366

Accrued expenses and liabilities

1,412,708


953,134

Deferred license fees, current

856,467


-

Other current liabilities

69,907


708,367

Contingent purchase price consideration liability, current

410,475


368,628

Convertible promissory note

3,000,000


3,000,000

Warrant liabilities

908,670


878,380

Current liabilities of discontinued operations

4,982,826


5,197,450

Total current liabilities

14,075,527


11,991,325









Deferred license fees, noncurrent

-


460,547

Contingent purchase price consideration liability

410,475


368,628

Deferred tax and uncertain tax position liabilities

176,114


237,075

Non-current liabilities of discontinued operations

68,774


68,774

Total liabilities

14,730,890


13,126,349





Commitments and Contingencies








Convertible redeemable preferred stock, $.001 par value; 50,000,000








Shares authorized




Series A - 7,000,000 shares issued and outstanding, liquidation preference of $3,500,000 at June 30, 2013 and December 31, 2012, respectively

1,261,995


1,261,995





Series B - 0 and 7,866,800 shares issued and outstanding, liquidation preference of $0 and $3,933,400 at June 30, 2013 and December 31, 2012, respectively

-


3,223,575





Series C - 250,000 shares issued and outstanding, liquidation preference of $1,000,000 at June 30, 2013 and December 31, 2012, respectively

627,868


627,868





Equity:




Common stock, $.001 par value; 1,500,000,000 shares authorized, 15,288,040 and 13,742,394 shares issued at June 30, 2013 and December 31, 2012, respectively

15,288


13,742

Additional paid-in capital

66,886,440


62,388,502

Accumulated deficit

(65,466,874)


(58,841,664)

Accumulated other comprehensive income

686,568


604,632

Total YOU On Demand equity

2,121,422


4,165,212

Noncontrolling interests

(568,184)


53,046





Total equity

1,553,238


4,218,258





Total liabilities and equity

$       18,173,991


$       22,458,045













 

SOURCE YOU On Demand Holdings, Inc.



RELATED LINKS
http://www.yod.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.