PR-Inside.com: 2014-04-14 22:09:28
Santa Barbara, CA US, April 14, 2014 /FSC/ - StreamTrack Inc. (STTK - OTCQB"StreamTrack" or the "Company a digital media and technology services company operating within the internet radio and streaming media sectors, today announced results for its second fiscal quarter of 2014. The quarter was highlighted by:
* An increase in advertising revenues to $386,810 for Q2 2014 versus $292,095 for Q2 2013.
* A reduction in cost of revenue to $299,185 for Q2 2014 versus $411,818 for Q2 2013.
* An increase in gross profit to $95,875 for Q2 2014 versus a loss of ($30,641) for Q2 2013.
* A reduction in operating expenses to $315,056 for Q2 2014 versus $492,644 for Q2 2013.
* An increase in listening hours to 3,386,591 for Q2 2014, from 2,222,296 for Q2 2013 of, a quarter over quarter increase of over 52%.
* 11.4 cents revenue per listening hour in Q2 2014 compared to 6.7 cents in Q2 2013, a quarter over quarter increase of over 69%.
* 138,314 registered members as of 2/28/14 compared to 106,609 registered members as of 2/28/13, a year over year increase of over 29%.
* 5,456 active radio stations as of 2/28/14, compared to 1,344 active stations as of 2/28/13, a year over year increase of over 410%.
* 25,178,367 video impressions served in Q2 2014 compared to 12,618,338 in Q2 2013, a year over year increase of nearly 100%.
* Completion of core development work associated with the launch of an artist-based broadcasting platform.
Michael Hill, Chief Executive Officer of StreamTrack, stated, "We continue to see our business move in a positive direction. The numbers we are reporting for Q2 2014 versus Q2 2013 speak to the dramatic improvements made both to increased revenue and decreased expenses. The fundamental drivers of our business: listening hours and advertising rates have increased materially, driving our success. As our platform becomes more recognized, we have seen higher demand from advertisers resulting in increased advertising rates and demand for our platform inventory. We continue to onboard broadcasters and increase listening hours at aggressive rates. I look forward to continued positive traction in these areas as well as the release of key products including our music discovery platform StreamTrak, RobotFruit and WatchThis, which we project to contribute greatly to our future success."
About StreamTrack, Inc. StreamTrack, Inc. (the "Company") is a digital media and technology services company. The Company provides audio and video streaming and advertising services through its RadioLoyalty(tm) Platform (the "Platform") to over 5,000 internet and terrestrial radio stations and other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads with video ads within the web player in a live or on-demand environment. The Company offers the Platform directly to its broadcasters and integrates or white labels its technologies with web-based internet radio guides and other web-based content providers. The Company is also continuing development of WatchThis(tm), a patent-pending technology to provide web, mobile and IP television streaming services that are e-commerce enabled within streamed content.
For more information visit: www.streamtrack.com
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about StreamTrack's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Investor Relations Contact:
Chairman and Chief Executive Officer
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Source: StreamTrack Inc. (OTCQB: STTK) www.streamtrack.com
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