Mr. Geoffrey Rotstein reports
EQ INC. ANNOUNCES 2014 FINANCIAL RESULTS
EQ Inc. has released its financial results for the fiscal year ended Dec. 31, 2014. Total revenue from operations for the year was $4.9-million, a decrease from the $8.0-million recorded in the previous year. The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the year was approximately $2.7-million, compared with a loss of $2.3-million for the previous year.
"Although 2014 was challenging in terms of our financial performance, the advancements in our audience targeting and data analytics platform have positioned us well for 2015. The number of campaigns executed in 2014 increased over the previous year, and our focus on targeting resulted in the strong performance, increased satisfaction and higher retention rates with our clients than we'd seen in the past," said Geoffrey Rotstein, president and chief executive officer.
The EQ proprietary platform is robust and can scale to handle exponentially more capacity than it experienced in 2014. By incorporating industry-leading analytics on data, viewability and fraud detection, and with an enhanced focus on mobile targeting and distribution, the company believes it can now focus its 2015 efforts on additional sales and marketing channels.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands of dollars, except per-share amounts)
Years ended Dec. 31,
2014 2013
Revenue $4,877 $8,044
Expenses
Publishing and advertising costs 2,322 4,228
Employee compensation and benefits 2,990 3,605
Other operating expenses 2,217 2,549
Depreciation of property and equipment 186 273
Amortization of domain properties
and other intangible assets 1,093 1,158
Impairment of goodwill and
other intangible assets 265 716
9,073 12,529
(Loss) from operations (4,196) (4,485)
Finance income 13 34
Finance costs (125) (257)
(Loss) before income taxes (4,308) (4,708)
Income tax recovery
Current 22 2
Deferred - 235
Net (loss) (4,286) (4,471)
Other comprehensive income
Foreign currency translation
adjustments to equity 156 436
Other comprehensive income, net of tax 156 436
Comprehensive (loss) (4,130) (4,035)
(Loss) per share
Basic and diluted (0.27) (0.28)
We seek Safe Harbor.
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