TORONTO, ONTARIO--(Marketwire - May 29, 2009) - ZoomerMedia Limited (formerly Fifty-Plus.Net International Inc.) (TSX VENTURE:ZUM - News) today announced financial results for the third quarter ended March 31, 2009.
On December 28, 2007, Olympus Management Limited ("OML"), a private Ontario corporation, acquired control of Fifty-Plus.Net International Inc. ("FPN") through a reverse take-over ("RTO").
As a result of the RTO, the former controlling shareholder of Kemur (i.e. OML) acquired control of FPN. Under the purchase method of accounting Kemur has been identified as the acquirer, and, accordingly, the entity is considered to be a continuation of Kemur with the net assets of FPN at the date of the RTO deemed to have been acquired by Kemur. Since the RTO is accounted for as a reverse take-over, the comparative figures are those of Kemur. The earnings of Fifty-Plus.Net International Inc. and its wholly owned subsidiary, Fifty-Plus.Net Inc. have been included in the statements of loss and comprehensive loss from the date of acquisition, December 28, 2007. On June 10, 2008, Kemur was continued as a Federal corporation and changed its name to ZoomerMedia Limited ("ZoomerMedia"). On July 1, 2008, Fifty-Plus.Net International Inc. and its wholly-owned subsidiaries Fifty-Plus.Net Inc. and ZoomerMedia Limited amalgamated and now carry on business under the name ZoomerMedia Limited.
Third Quarter Results
For the quarter ended March 31, 2009, the Company had revenue of $2,222,716 and expenses of $3,783,632 with a net loss after tax of $1,143,522 after reflecting a recovery of future income taxes in the amount of $417,394. These results are in line with the Company's business plan for 2009 as it invests in the development of ZOOMER magazine and accompanying Zoomer-branded websites, to ensure that the Company maximizes its share of the growing media expenditures anticipated in 2009 and beyond aimed at the aging baby boomer cohort. For the comparable quarter ended March 31, 2008, the Company had revenue of $2,126,833 and expenses of $2,611,114 with a net loss after tax of $447,173 after reflecting a net recovery of current and future income taxes of $37,108.
Year-to-Date Results
For the nine months ended March 31, 2009, The Company had revenue of $7,576,509 and expenses of $11,269,805 with a net loss of $2,626,749 after reflecting a recovery of future income taxes in the amount of $1,066,547. For the comparable nine-month period ended March 31, 2008, The Company had revenue of $4,519,911 and expenses of $4,889,721 with a net loss after tax of $377,702 after reflecting a net expense of current and future income taxes of $7,892.
