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|Millennial Media Reports 2014 First Quarter Financial Results|
First Quarter Revenue
Financial Results and Business Highlights for the First Quarter of 2014
Revenue: For the first quarter of 2014, revenue increased to
Gross Margin: Gross margin was 41.2% for the first quarter of 2014 on a GAAP basis and 41.2% for the first quarter of 2013 on a pro forma combined basis. For the first quarter of 2013, gross margin was 41.6% on a GAAP basis.
Net Income (Loss): For the first quarter of 2014, net loss was $(12.9) million, compared to net loss of $(3.8) million for the first quarter of 2013.
Adjusted EBITDA: For the first quarter of 2014, Adjusted EBITDA, a non-GAAP financial measure (see definition below), was $(4.7) million, compared to pro forma combined Adjusted EBITDA of $(4.8) million for the first quarter of 2013.
Net Income (Loss) per Share: For the first quarter of 2014, basic and diluted net loss per common share was $(0.12), compared to basic and diluted net loss per common share of $(0.05) for the first quarter of 2013.
Non-GAAP Net Income (Loss) Per Common Share: For the first quarter of 2014, non-GAAP net loss per common share was $(0.04), compared to non-GAAP net loss per common share of $(0.01) for the first quarter of 2013.
Other Business Metrics: As of March 31, 2014, Millennial
Media reached over 650 million monthly unique users globally, including
approximately 170 million monthly unique users in the
Based on information available as of today, Millennial Media expects
total revenue for the second quarter of 2014 to be in the range of $70
“Now into my first full quarter, I am pleased with my decision to join
EVP and CFO Michael Avon Steps Down
In addition, the Company today announced that
The Company has begun a search for a permanent replacement to fill this role.
"I want to thank Michael for his many contributions to
"I’ve very much appreciated the opportunity to serve in my roles at
First Quarter 2014 Financial Results Conference Call: Millennial Media will host a conference call today at 5:00 p.m. ET to discuss its first quarter financial results, developments in its business, and the Company’s expectations for the second quarter of 2014. A live webcast of the event will be available on the Investor Relations page of the Millennial Media website at http://investors.millennialmedia.com. A live domestic dial-in is available at 800-706-7745 (U.S.) or 617-614-3472 (international) using passcode 57784757. If you are unable to listen to the live conference call, a replay will be available through May 14, 2014, and can be accessed by dialing 888-286-8010 (U.S.) or 617-801-6888 (international) using passcode 96286770. An archived version of the webcast will also be available at http://investors.millennialmedia.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared
and presented in accordance with U.S. generally accepted accounting
The Company also presents Adjusted EBITDA on a pro forma combined basis.
Pro forma combined Adjusted EBITDA includes results of the Company’s
The statements in this press release that are not historical facts
constitute “forward-looking statements” that involve risks and
uncertainties and are made pursuant to the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
expectations regarding financial results for the second quarter of 2014.
The achievement or success of the matters covered by such
forward-looking statements involve risks, uncertainties and assumptions,
and if any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, our results could differ materially from
the results expressed or implied by the forward-looking statements we
make. These risks and uncertainties include, but are not limited to,
risks associated with our ability to continue to accelerate growth and
provide enhanced gross margin performance; our ability to expand our
developer and advertiser base and increase demand for our services; our
ability to keep pace with technological and market developments and
remain competitive against larger companies in our industry as well as
potential new entrants into our markets; and our recent acquisition of
Jumptap, including our ability to integrate the two businesses and
realize the expected benefits from the acquisition. Further information
on these and other factors that could affect our results is included in
our Annual Report on Form 10-K for the year ended
The statements made in this release are based on information available to us as of the date of this release, and we assume no obligation and do not intend to update these forward-looking statements, except as required by law.