Media Central Corporation Releases Financial Results for Three and Six Months Ending June 30, 2021
Media Central Corporation Inc.
5 min read
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Media Central Corporation, Inc. (CSE: FLYY, FSE: 3AT) (“Media Central” or the “Company” or “we” or “us”) today released financial results for three and six months ending June 30, 2021.
(Please note that investors are cautioned against inferring future final results based on the material effect that COVID-19 has had on the Company’s two most significant assets, NOW Magazine and Georgia Straight, at this point in time dating back to March 2020).
Financial results for the three months ending June 30, 2021 continue to reflect a significant reduction in prior year operating losses. Operating losses were reduced from $1,117 in Q2 2020 to $543 in Q2 2021 as a result of a $178 or 53.5 percent increase in revenue and a $408 decline in operating expenses.
For the six months ending June 30, 2021, operating losses have been reduced $1,577 from $2,516 to $909.
“We have continued the hard work of restructuring our business infrastructure that was necessary after the new board took control of the company in November 2020,” said Emmanuel Manos Pavlakis, Chairman of the Board. “Not only will it provide a strong foundation for the future of the company, it will enable cost efficient operations without unnecessary administrative overhead and allow us to broaden our focus on readers and advertisers.”
Nearly the entire gain in advertising revenue came from digital sales which is indicative of the changes advertisers have had to make in the COVID-19 environment as consumers move to on-line purchases. Digital advertising represented 93 percent of Media Central’s 2Q 2021 revenue increase and 73 percent of total 2Q 2021 ad revenue. NOW Magazine and Georgia Straight have both aggressively ramped up digital sales and as a percentage to total sales since March 2020. NOW Magazine and Georgia Straight increased digital sales 151 percent from $135 in 2Q 2020 to $340 in Q2 2021. The Company anticipates that the digital growth trend will continue. In addition, we are developing an e-commerce solution to incorporate into our digital sales ad stack late in 2021.
The Company also announced that CreatorNews.com launched on August 11, 2021 and is now fully operational. Media Central owns a 25 percent equity interest in Creator News and as a result will earn 25 percent of the revenue generated as the site matures from a content partner and audience perspective.
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com and ESports outlet ECentralSports.com.
www.mediacentralcorp.com Instagram: @mediacentralcorp Twitter: @mediacentralc Facebook: Media Central Corp.
About Vancouver Free Press Corp.,
Vancouver Free Press Corp., owns and operates Georgia Straight and straight.com. Established in 1967 as the news, lifestyle, and entertainment weekly in Vancouver, the Georgia Straight has been an integral part of the active urban West Coast lifestyle for over 50 years. The Straight’s print edition is published weekly on Thursdays and daily on-line at www.straightc.om The Georgia Straight delivers an award-winning editorial package of features, articles, and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis, and food, plus Vancouver's most comprehensive listings of entertainment activities and special events. Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT). www.straight.com Instagram: @georgiastraight Twitter: @georgiastraight Facebook: @georgiastraight
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981 NOW has been Toronto’s news and entertainment voice, published in print every Thursday, and daily at nowtoronto.com. NOW has been a leading publication, defining and pioneering the independent and alternative voice for more than 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations and expectations with respect to the focus of the new media Platform and its content. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of Media Central and the Creator Companies to implement their respective business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
