YANGAROO, the industry’s leading secure digital media distribution company, has released its year-end financial results for 2007, as well as fourth quarter ending December 31, 2007 results. The company reported a 22% increase in revenue (which excludes interest income) over fiscal 2006, making this the fifth consecutive year of revenue growth. As of December 31, 2007, cash and cash equivalents were $6,497,000, setting another record for the company, which exceeded budgeted targets and is considerably greater than in any previous year.
The company also had a successful year in the USA as the volume of deliveries made by YANGAROO’s Digital Media Distribution System (DMDS) grew by 266%, to 1.3 million, which is considered another historic milestone for the company in the technology’s adoption. The company saw its first big increase in the third quarter, where the U.S. deliveries exceeded 300,000, a first for quarterly volumes. Then, compared to the fourth quarter of 2006, the number of U.S. deliveries made on DMDS doubled to 437,000 in the fourth quarter of 2007. The company is actively working with its U.S. users to monetize these growing volumes.
“Through our continued expansion in Canada, the U.S. and the U.K. markets, we experienced tremendous growth in 2007,” said YANGAROO President & CEO John Heaven. “In 2007 we completed the largest financing in the company’s history, increased revenues for the fifth year in a row, launched our U.K. based service, expanded our product offerings, re-branded the company, bolstered the management and technology team, moved the company’s stock exchange listing up to Tier 1, vigorously prosecuted our patent infringement claim against a competitor, moved to larger premises to accommodate growth, and aggressively pursued our pending US patent application. These developments and others make us confident that we will continue to see our business flourish in 2008.”
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