Welcome!

API Journal Authors: John Basso, Elizabeth White, Kevin Benedict, Anders Wallgren, Amit Golander

News Feed Item

Salon Media Group Reports First Quarter Fiscal 2015 Results 60% Increase in Traffic Reported

Salon Media Group, Inc. (OTCQB:SLNM) today announced its results for the three months ended June 30, 2014.

Highlights:

  • Net revenue was $1.2 million
  • Unique visitors to Salon.com grew 60% compared to the same period last year
  • Salon.com reached all-time-high traffic of 17.6 million users for month of June 2014
  • Mobile readers grew 122% compared to same quarter last year
  • Social media referral traffic grew 121% compared to the same quarter last year and 37% compared to previous quarter

Net revenue for the period was $1.2 million, unchanged with the $1.2 million reported for the three months ended June 30, 2013.

Operating expenses for the three months ended June 30, 2014 rose 11% to $2.1 million compared to $1.9 million for the same period last year. The $0.2 million increase resulted primarily from higher stock-based compensation and an increase in professional fees. The Company’s loss from operations for the three months ended June 30, 2014 was $0.9 million, compared to a loss of $0.7 million for the same period last year.

Unique visitors to the Salon.com Website are an important driver for Salon’s business as achieving scale should increase the Website’s attractiveness to advertisers. Unique visitors to the Salon.com Website during the June 2014 quarter increased 60% compared to the quarter ended June 30, 2013, and increased 20% compared to the prior quarter ended March 31, 2014, according to data compiled by Google Analytics. Unique visitors as measured by comScore Media Metrix increased 24% compared to the quarter ended March 31, 2014, and no comparable data was available for the June 2013 quarter. The comScore analysis, which uses a panel-centric methodology to collect data, is a new measurement that includes mobile traffic and has been compiled only since July 2013. Salon reached a new traffic milestone in June 2014, when it recorded monthly users for the Salon.com website of 17.6 million users, an all-time high for the website, as measured by Google Analytics, and 12.4 million users as measured by comScore.

Salon continues to experience strong increases in mobile readers, which grew 122% in the June 2014 quarter compared to the same quarter last year, and 21% compared to the March 2014 quarter. The Company continues to see a significant shift to readers accessing Salon from mobile devices, with 56% of users visiting the Website from mobile devices in the month of June 2014.

Salon’s traffic has also been fueled by social media referral traffic, which grew 37% in the June 2014 quarter versus the March 2014 quarter, and 121% compared to the same period in the prior year. Facebook continues to be the largest social media referral, and grew 42% compared to the March 2013 quarter, and 231% compared to the June 2013 quarter. Twitter and Reddit also grew strongly in the June 2014 quarter, increasing 34% and 133% respectively over the March 2014 quarter.

During the June 2014 quarter, Salon writer, Heather “Digby” Parton, won a Hillman Prize for Opinion and Analysis writing. Salon was also a 2014 honoree by the Webby Awards for best writing. Both awards highlight Salon’s unwavering goal to achieve fearless journalism, brilliant writing and essential analysis.

“The growth and expansion of mobile platforms and social media continues to impact the way media companies are attracting and interacting with their audiences, as does the importance of delivering immersive content that keeps users engaged,” said Cynthia Jeffers, CEO of Salon Media Group. “We are responding to these market demands with a continued focus on high quality content, innovative sales products, upgraded user experiences on mobile, and strategic hires to continue delivering the quality content and advertising experiences our readers and partners have come to expect. This strategy is clearly paying off, with audience growth at an all-time high of 17.6 million unique visitors in June and 60% growth over last year. Our focus on these core principals continues to provide opportunity for future growth.”

About Salon Media Group

Salon Media Group (OTCQB:SLNM) operates the pioneering, award-winning news site, Salon.com. Salon.com covers breaking news, politics, culture, technology and entertainment through investigative reporting, fearless commentary and criticism, and provocative personal essays. Salon.com has been a leader in online media since the dawn of the digital age and has bureaus in San Francisco, New York City and Washington D.C.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made as of the date of this press release based upon our current expectations. All statements, other than statements of historical fact, including, but not limited to, statements regarding our traffic, strategy, plans, objectives, expectations, intentions, financial performance, financing, economic conditions, on-line advertising, market performance, and revenue sources constitute “forward-looking statements.” The words “may,” “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “potential” or “continue” and similar types of expressions identify such statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause such differences include, but are not limited to:

  • Our cash flows may not meet expectations
  • Our reliance on related parties for significant operating and investment capital
  • Our principal stockholders exercise a controlling influence over our business affairs and may make business decisions with which non-principal stockholders disagree and may affect the value of their investment
  • Our dependence on advertising sales for significant revenues
  • The effect of online security breaches
  • Our ability to promote the Salon brand to attract and retain users, advertisers and strategic partners
  • Our ability to hire, integrate and retain qualified employees
  • The impact of the potential loss of key personnel, including editorial staff
  • The success of our efforts to protect our intellectual property or defend claims of infringement by third parties
  • Our technology development efforts may not be successful in improving the functionality of our network
  • Our reliance on third parties to provide necessary technologies

This press release should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the SEC on August 14, 2014, and our Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed with the SEC on June 26, 2014, including the “Risk Factors” set forth in such reports, and our other reports currently on file with the Securities and Exchange Commission, which contain more detailed discussion of risks and uncertainties that may affect future results. We do not undertake to update any forward-looking statements except as otherwise required by law.

 
SALON MEDIA GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
 
  June 30,   March 31,
2014   2014 (1)
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 139 $ 119
Accounts receivable, net of allowance of $60 1,264 1,475
Prepaid expenses and other current assets 183   289  
Total current assets 1,586 1,883
Property and equipment, net 47 54
Other assets, principally deposits 301   96  
Total assets $ 1,934   $ 2,033  
Liabilities and Stockholders' Deficit
Current liabilities:
Short-term borrowings $ 1,000 $ 1,000
Related party advances 3,651 2,791
Accounts payable and accrued liabilities 1,079 1,210
Deferred revenues 12   -  
Total current liabilities 5,742 5,001
 
Deferred rent 2   2  
Total liabilities 5,744   5,003  

 

Stockholders’ deficit:

Preferred Stock, $0.001 par value, 5,000,000 shares authorized, 1,075 shares issued and outstanding as of June 30, 2014 and March 31, 2014 (liquidation value of $2,443 as of June 30, 2014 and $2,426 as of March 31, 2014)

- -

Common stock, $0.001 par value, 150,000,000 shares authorized, 76,245,442 shares issued and outstanding as of June 30, 2014 and March 31, 2014

76 76
Additional paid-in capital 115,651 115,605
Accumulated deficit (119,537 ) (118,651 )
Total stockholders' deficit (3,810 ) (2,970 )
Total liabilities and stockholders' deficit $ 1,934   $ 2,033  
 
(1) Derived from the Company’s audited consolidated financial statements.
 
 

SALON MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)
(Unaudited)
   
Three Months Ended
June 30,
2014   2013  
 
Net revenues $ 1,243   $ 1,197  
 
Operating expenses:
Production and content 938 810
Sales and marketing 406 415
Information technology support 398 380
General and administrative 377   271  
Total operating expenses 2,119   1,876  
 
Loss from operations (876 ) (679 )
Interest expense (10 ) (9 )
Net loss $ (886 ) $ (688 )
 
Basic and diluted net loss per share $ (0.01 ) $ (0.01 )
 

Weighted-average shares of Common Stock used in computing basic and diluted net loss per share

76,245   66,943  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.