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YOU On Demand Reports Q4 and Full Year 2015 Results

- Full Year revenues increased 135% vs prior year
- Q4 2015 revenues increased 241% vs Q3 2015
- Investor Update Call Scheduled For Today at 4:30 p.m. EDT
YOU On Demand Holdings, Inc.
2016-03-30 20:50 2438

NEW YORK, March 30, 2016 /PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or the "Company" or "YOD"), a leading Video On Demand ("VOD") service provider in China delivering Hollywood movies and premium content to mobile and TV screens, announced today its year-end operating results for the period ended December 31, 2015 (a full copy of the Company's annual report on Form 10-K is also being posted at www.sec.gov).

Conference Call: Chairman Bruno Wu, Vice Chairman Shane McMahon, CEO Mingcheng Tao and VP of Finance Grace He will host a conference call at 4:30 p.m. EDT today.

To join the webcast, please visit the 'Webcasts and Events' section of the YOD corporate website, http://corporate.yod.com. Otherwise, the toll-free dial-in is: 877/407-3107; international callers should dial: 201/493-6796.

YOD Q4 and 2015 Operating Results

Revenue for the 12-month period ended December 31, 2015 was $4,606,000, as compared to $1,963,000 for the same period in 2014, an increase of 135% year-over-year. Revenue for Q4 2015 was $1,623,000 compared to $476,000 in Q3 2015, a 241% quarter-over-quarter increase.

Net loss was $1,963,000 for Q4 2015 compared to $2,371,000 in the comparable 2014 period. Basic and diluted loss per share for Q4 2015 was $0.08 cents as compared to a $0.10 cent loss per share in the same period in 2014. Net loss for the twelve-month period ended December 31, 2015 was $8,541,000 compared to $13,024,000 in the comparable FY 2014 period. For the twelve-month period ended December 31, 2015, basic and diluted loss per share was $0.34 cents as compared to a $1.47 loss per share for the same twelve-month period in 2014.

As of December 31 2015, the Company had cash of approximately $3.8 million and total current assets of approximately $10.1 million. It should be noted that cash as of December 31, 2015 does not include the $10.0 million in cash proceeds received by YOU On Demand in Q1 2016 from Bruno Wu's and Beijing Sun Seven Stars Culture Development Limited's initial investment in YOD.

Chairman Bruno Wu stated, "We are pleased to have finished 2015 with solid revenue performance, marking the successful completion of a year of both growth and transition. My team has begun steering YOU On Demand in a direction where we can leverage and optimize our current operations as a premium content Video On Demand service provider in China and evolve the brand into a global, mobile-driven, consumer management platform. By striving to establish the world's premier multimedia, social networking and e-commerce-enabled network, YOU On Demand, through this expanded, cloud-based, ecosystem of connected screens combined with strong partnerships with leading global providers, will be capable of delivering a vast array of YOD-branded products and services to both businesses and end-use consumers - anytime and anywhere, across multiple platforms and devices."

"And to YOU On Demand's current and patient investors, a priority for me this year is to communicate more consistently with all of you," continued Mr. Wu. "We have a vision and shared expectations for this Company and I count all of you as my partners in attaining those goals. I personally intend to make certain this Company, its brand and publicly-traded security, finally attain the attention they deserve, along with a fair and strong valuation."

About YOU On Demand Holdings, Inc. (http://corporate.yod.com)

YOU On Demand (NASDAQ: YOD), is a leading multi-platform entertainment service company delivering premium content, including leading Hollywood movie titles, to customers across China via Subscription Video On Demand and Transactional Video On Demand. The Company has secured alliances with leading global media operators and content developers. YOU On Demand has content distribution agreements in place with many of Hollywood's top studios including Disney Media Distribution, Paramount Pictures, NBC Universal and Twentieth Century Fox Television Distribution, Miramax, as well as a broad selection of the best content from Chinese filmmakers. The Company has a comprehensive end-to-end secure delivery system, governmental partnerships and approvals and offers additional value-added services. YOU On Demand has strategic partnerships with the largest media entities in China, a highly experienced management team with international background and expertise in Cable, Television, Film, Digital Media, Internet and Telecom. YOU On Demand is headquartered in both New York, NY and Beijing, China.

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "intends," "will" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT:
Jason Finkelstein
YOU On Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand

Financial Tables Follow

 

YOU On Demand Holdings, Inc., Its Subsidiaries and Variable Interest Entity


CONSOLIDATED STATEMENTS OF OPERATIONS



Twelve Months Ended



December 31,


December 31,



2015


2014








Revenue

$

4,606,380


$

1,962,622

Cost of revenue


3,673,895



2,756,363

Gross profit/(loss)


932,485



(793,741)

Operating expenses:







Selling, general and administrative expenses


8,237,056



7,459,192


Professional fees


715,723



653,646


Depreciation and amortization


390,373



536,689

Total operating expense


9,343,152



8,649,527

Loss from operations


(8,410,667)



(9,443,268)

Interest and other income/(expense)







Interest expense, net


(119,913)



(2,374,368)


Change in fair value of warrant liabilities


189,833



(621,239)


Change in fair value of contingent consideration


-



(160,766)


Equity share of loss on equity method investments


(156,135)



(20,717)


Impairment of equity method investments


(214,998)



-


Loss from disposal of consolidated entities


-



(622,939)


Others


136,511



(85,516)

Loss before income taxes and non-controlling interest


(8,575,369)



(13,328,813)

Income tax benefit


34,448



304,670

Net loss


(8,540,921)



(13,024,143)








Net loss attributable to non-controlling interest


439,648



615,683








Net loss attributable to YOU On Demand shareholders


(8,101,273)



(12,408,460)

Dividends on preferred stock


-



(16,402,161)








Net loss attributable to YOU on Demand common shareholders

$

(8,101,273)


$

(28,810,621)








Basic and diluted loss per share

$

(0.34)


$

(1.47)








Weighted average shares outstanding:







Basic and diluted


23,948,487



19,600,510









YOU On Demand Holdings, Inc., Its Subsidiaries and Variable Interest Entity


CONSOLIDATED BALANCE SHEET



December 31,


December 31,



2015


2014

ASSETS






Current assets:







Cash

$

3,768,897


$

10,812,371


Restricted cash


2,994,364



-


Accounts receivable, net


1,689,415



1,091,076


Licensed content, current


556,591



1,041,609


Prepaid expenses


362,421



196,474


Deferred issuance cost


551,218



-


Other current assets


157,594



22,442

Total current assets


10,080,500



13,163,972

Property and equipment, net


154,434



320,671

Licensed content, non-current


21,085



35,648

Intangible assets, net


2,412,591



2,320,103

Goodwill


6,648,911



6,648,911

Equity method investments


450,115



850,054

Other non-current assets


58,089



365,006

Total assets

$

19,825,725


$

23,704,365








LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY






Current liabilities:







Accounts payable

$

45,788


$

110,814


Deferred revenue


15,080



13,431


Accrued expenses


1,196,066



797,340


Accrued license fees


933,532



348,007


Convertible promissory note


3,000,000



3,000,000


Warrant liabilities


395,217



585,050


Deposit payable


2,994,364



-


Accrued salaries


1,058,124



970,821


Other current liabilities


312,170



278,622

Total current liabilities


9,950,341



6,104,085

Deferred tax liability


330,124



364,572

Total liabilities


10,280,465



6,468,657








Commitments and Contingencies













Convertible redeemable preferred stock, $.001 par value; 50,000,000 shares authorized







Series A - 7,000,000 shares issued and outstanding, liquidation preference of $3,500,000 at December 31, 2015 and 2014, respectively


1,261,995



1,261,995

Equity:







Series E Preferred Stock - $0.001 par value; 16,500,000 shares authorized, 7,254,997 and 7,365,283 shares issued and outstanding, liquidation preference of $12,696,245 and $12,889,250 at September 30, 2015 and December 31, 2014, respectively


7,255



7,365


Common stock, $0.001 par value; 1,500,000,000 shares authorized, 24,249,109 and 23,793,702 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively


24,249



23,794


Additional paid-in capital


97,512,542



96,347,272


Accumulated deficit


(86,457,840)



(78,356,567)


Accumulated other comprehensive loss


(414,910)



(66,032)

Total YOU On Demand shareholder's equity


10,671,296



17,955,832

Non-controlling interest


(2,388,031)



(1,982,119)

Total equity


8,283,265



15,973,713

Total liabilities, convertible redeemable preferred stock and equity

$

19,825,725


$

23,704,365

 

Source: YOU On Demand Holdings, Inc.
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