CST: 24/09/2016 19:15:02   

rVue Reports Fourth Quarter and Full Year 2015 Financial Results

205 Days ago

Management to Conduct Conference Call at 4:30 p.m. ET

CHICAGO, IL --(Marketwired - March 03, 2016) -  rVue Holdings, Inc., (OTC PINK: RVUE), a premier advertising technology platform for digital location video, announced its financial results for the fourth quarter and full year period ended December 31, 2015.

Fourth Quarter Highlights

  • Fourth Quarter Core Revenue decreased 55% to $224,300 compared to $499,900 in the year ago quarter.
  • Total revenue decreased 52% to $255,800 from $531,400 in the prior year fourth quarter. 
  • SG&A expense increased 12% to $454,600 from $405,700 in the year ago quarter. This increase was a result of legal and accounting fees, valuation costs and interest expense related to raising of capital and specifically the convertible notes.
  • Total expenses were $653,300, down 20% compared to $816,500 in the year-ago quarter. This was due to a drop in network costs which parallels revenue. 
  • Net loss for the fourth quarter was ($383,800) or less than one cent per share, compared to a net loss of ($35,600) or less than one cent per share in the fourth quarter of last year. The difference was driven by an insurance payment of $249,500 in Q4 of 2014 and the above-mentioned legal, accounting and valuation fees, as well as interest expense related to raising of capital and specifically the convertible notes in Q4 of 2015.

2015 Full-Year Results

  • Core revenue was $973,600 for the 12 months ended December 31, 2015, down 15% from $1.14 million last year.
  • Total revenue was $1.1 million for the 12 months ended December 31, 2015, down 14% from $1.3 million last year.
  • SG&A expenses increased 12% to $1.6 million from $1.5 million a year ago. Again, this increase was a result of legal, accounting and valuation fees and interest expense related to raising of capital and specifically the convertible notes.
  • Total expenses were $2.5 million, up 3% compared to $2.4 million a year ago. 
  • Net loss for 2015 was ($1.4 million) or less the one cent per share, an increase of 52% compared to a loss of ($921,600) in 2014. That loss was driven by a decline in revenue and the above mentioned legal, accounting and valuation fees and interest expense related to raising of capital and specifically the convertible notes. The difference was also driven by an insurance payment of $249,500 in 2014.

Mark Pacchini, President and CEO of rVue Holdings, Inc., commented, "The fourth quarter was challenging, continuing the trend we felt during the third quarter of last year, as both the industry and rVue, in particular, were left vulnerable to a slowing economy. However, we remain optimistic about the category, which is showing promise due to both agencies and clients taking a harder look at digital location video. A recent article on 'ScreenMedia daily' discusses DOOH media reaching an inflection point, reinforcing our confidence and mirroring the increasing attention we are seeing in the space. Equally important, after several months of restructuring, expanding and training within our organization, and raising capital, we have begun to see our three key initiatives: 1. Network Partnerships/Intelligence, 2. Technology Platform and 3. New Business starting to manufacture strong leads. Both the number and size of proposals has increased significantly recently."

Mr. Pacchini added, "The first quarter of 2016 is off to a solid start and we believe this will be a strong year for rVue... pushing us even closer to breakeven fundamental levels. We're also proud to have been chosen to be the primary or secondary sales group for a couple of networks and increasingly, our network partnerships are growing in numbers, reinforcing our confidence in long-term, sustainable growth."

"We made a lot of progress with our technology platform during the quarter, continuing our commitment to continual upgrades on a regular basis," added David Esser, rVue's chief technology officer. "Our team continues to upgrade rVue's proprietary platform every 4-8 weeks, recently adding new functional capabilities, network data integration options, and usability improvements."  

Conference Call

Management will host a conference call to discuss the results at 4:30 p.m. ET, today, March 3, 2016. Details are as follows:

About rVue

rVue Holdings, Inc. is an advertising technology company providing the digital distribution platform for the Digital Place-Based Advertising industry. The Company connects approximately 1.5 million digital screens across 175 networks delivering access to 250 million daily impressions in one simple platform. Backed by the industry's most intuitive and intelligent platform, rVue has the technology, data and expertise to connect brands and targeted consumers where and when it matters most. For more information, please visit http://www.rvue.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this press release that are not purely historical are forward-looking statements. Forward-looking statements give the Company's current expectations or forecasts of future events. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control, and could cause the Company's results to differ materially from those described. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward looking statements contained in this press release as a result of new information, future events or otherwise. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Important factors that could cause such differences include, but are not limited to, the Risk Factors and other information set forth in the Company's Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission.

Company Contact
Mark Pacchini
President and CEO
312-361-3368