Mr. Serge Blumenfeld reports

ZOOMERMEDIA LIMITED ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS

ZoomerMedia Ltd. has released its financial results for the second quarter ending Feb. 29, 2024.

Consolidated results

For the six months ending Feb. 29, 2024, the company generated revenues of $30.9-million, operating expenses of $30.1-million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $800,000. Net loss for the six months ending Feb. 29, 2024, was $1.9-million.

For the comparative six months ending Feb. 28, 2023, the company had revenues of $32.5-million, operating expenses of $29.4-million and adjusted EBITDA of $3.1-million. Net income for the six months ending Feb. 28, 2023, was $400,000.

EBITDA and adjusted EBITDA are non-IFRS (international financial reporting standards) earnings measures which do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with EBITDA or adjusted EBITDA presented by other companies. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA excludes the gain on sale of property and the unrealized gain or loss on equity instruments. These measures are important to management since they are used by potential investors to evaluate the company's operating performance and ability to incur and service debt, and as a valuation metric. Investors are cautioned that this non-IFRS financial measure should not be construed as an alternative to other measures of financial performance calculated in accordance with IFRS.

Additional information

Detailed financial information and management's discussion and analysis for the three months ended Feb. 29, 2024, can be found on SEDAR+'s website. The financial information included in this release is qualified in its entirety and should be read together with the interim consolidated financial statements for the three months ended Nov. 30, 2023, including the notes thereto.

About ZoomerMedia Ltd.

Founded by television and media icon Moses Znaimer in 2008, ZoomerMedia is a multimedia company devoted to creating content, services and experiences for Canada's most powerful audiences: the 18.1 million people aged 45 plus, also known as Zoomers, and the 15.1 million Millennials and Gen Zs, coincidentally also called Zoomers, who follow in their footsteps.

ZoomerMedia operates five TV, two radio, three print, three live event and 22 digital properties. ZoomerMedia produces original TV, radio and podcast programming, offers clients creative audio and video production services, and bespoke events on site at its 2.6-acre complex in Toronto's Liberty Village.

For specific ZoomerMedia property names and focus, please see below.

Television: VisionTV, available in 7.5 million households, is Canada's home for British comedy and drama series, plus uplifting movies, music, news, and multicultural and multilingual faith programming; ONETV, the exercise and entertainment channel, combines original yoga, pilates, tai chi and cardio fitness series with British serial soaps, dramas and American movies; JoyTV in Vancouver, Victoria, Surrey and the Fraser Valley, and Faith TV in Winnipeg are devoted to broadcasting Christian, multifaith and local content.

Zoomer Digital Network (ZDN) reaches 18.5 million monthly active users with over a billion annual page views and social media engagements. ZDN comprises Daily Hive in Western Canada, Ontario, Quebec and the Maritimes, one of Canada's most-followed news brands with over 10 million monthly active users, over 270 million annual page views, and 3.1 million followers across Instagram, Facebook, Twitter (X), TikTok and LinkedIn; blogTO, Toronto's unrivalled local publisher across digital and social media platforms, bringing in eight million monthly active users and over 213 million page views annually; Zoomer Magazine's EverythingZoomer, Canada's leading provider of on-line content targeting the 45 plus; The Peak, serving 150,000 Canadian professionals and business leaders with the top global business, finance and tech stories of the day packaged in smart, fast and easily digestible formats; and Ludwig Van, Canada's leading and fastest-growing digital voice for the latest classical, opera, chamber and choral music headlines, reviews, comments, and personality-driven features and interviews. ZoomerMedia amplified its digital presence in Canada even further with the recent acquisition of Curiocity, one of Alberta's leading hyperlocal digital media publishers, with a presence in other key markets in Canada.

Radio comprises The New Classical FM, Canada's only commercial all-classical music radio station broadcasting over three frequencies in a unique regional Ontario network: 96.3 FM CFMZ-FM Toronto (Greater Toronto Area), 103.1 FM CFMX-FM Cobourg (Eastern Ontario) and 102.9 FM CFMO-FM Collingwood (Southern Georgian Bay); and Zoomer Radio, the original greatest hits, the biggest broadcast footprint in Canada also reaching 28 American states, and broadcasting simultaneously both in AM (amplitude modulation) and FM in Toronto (740 AM CFZM-AM and 96.7 FM CFZM-FM); and the newly acquired CJOS Bounce 92.3 FM in Owen Sound playing adult hits. (The sale is subject to CRTC (Canadian Radio-television and Telecommunications Commission) approval and other closing conditions.)

Print comprises Zoomer Magazine, the company's flagship magazine and Canada's largest paid circulation magazine for the 45-plus market; On The Bay Magazine, a dominant regional lifestyle magazine published quarterly for the 20 towns and villages of Ontario's Southern Georgian Bay; and Tonic Magazine, a regional health and wellness magazine published bimonthly and distributed across the city of Toronto.

We seek Safe Harbor.