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Tremor Video Reports Second Quarter 2013 Financial Results

Stocks in this article: TRMR

Tremor Video, Inc. (NYSE: TRMR), a leading provider of technology-driven video advertising solutions, today announced financial results for the second quarter of 2013.

“Our strong results in Q2 reflect our leadership position in the online video market,” said Bill Day, President & CEO of Tremor Video. “We delivered record in-stream revenue and earnings, reflecting the strength of our technology and our business model. Our focus on brand performance technology and solutions, premium content partnerships and transparency is creating a solid foundation for long-term growth.”

Q2 2013 Financial Summary

Total Revenue: For the second quarter of 2013, total revenue was $35.5 million, a 41% year-over-year increase. In-stream revenue was $34.4 million, a 46% year-over-year increase.

Gross Margin: For the second quarter of 2013, gross margin improved to 46.5% from 40.6% for the prior year period.

Net Loss: For the second quarter of 2013, net loss was ($0.3) million compared to a net loss of ($4.8) million for the prior year period.

Adjusted EBITDA: For the second quarter of 2013, Adjusted EBITDA, a non-GAAP financial measure, which we define as net loss plus (minus): other (income) expense, net, interest expense, income tax expense, depreciation and amortization expense and stock-based compensation expense, was $2.0 million compared to an Adjusted EBITDA net loss of ($2.5) million for the prior year period.

EPS: For the second quarter of 2013, GAAP basic and diluted net loss per share was ($0.04). Non-GAAP basic and diluted Adjusted EBITDA per share was $0.26 and $0.05, respectively. GAAP basic and diluted net loss per share is based on 7.8 million weighted average shares of common stock outstanding as of June 30, 2013. Non-GAAP basic and diluted Adjusted EBITDA per share is based on 7.8 million and 44.6 million weighted average shares of common stock outstanding as of June 30, 2013, respectively.

A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying table entitled “Reconciliation of Non-GAAP Financial Information”.

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