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Millennial Media Reports 2013 Second Quarter Results

Stocks in this article: MM

Millennial Media, Inc. (NYSE: MM), the independent leader in mobile advertising, today reported financial results for the second quarter ended June 30, 2013. Please also refer to our earlier announcement of our acquisition of Jumptap.

Financial Results and Business Highlights for the Second Quarter of 2013

Revenue: For the second quarter of 2013, revenue increased to $57 million from $39.4 million for the second quarter of 2012, a year over year increase of 45%.

Gross Margin: For the second quarter of 2013, gross margin improved to 42.4% from gross margin of 39.7% for the second quarter of 2012.

Net Income (Loss): For the second quarter of 2013, net income (loss), on a GAAP basis, was $(3.1) million, compared to net income (loss) of $(2.2) million for the second quarter of 2012.

Adjusted EBITDA: For the second quarter of 2013, adjusted EBITDA, a non-GAAP financial measure, was $1.9 million compared to adjusted EBITDA (loss) of $(731) thousand for the second quarter of 2012.

Net Income (Loss) Per Share Attributable to Common Stockholders: For the second quarter of 2013, on a GAAP basis, basic and diluted net income (loss) per share attributable to common stockholders was $(0.04), compared to basic and diluted net income (loss) per share attributable to common stockholders of $(0.03) for the second quarter of 2012.

Non-GAAP Net Income (Loss) Per Common Share: For the second quarter of 2013, non-GAAP net income (loss) per common share basic and diluted was $0.02, compared to non-GAAP net income (loss) per common share basic and diluted of $(0.01) for the second quarter of 2012.

Other Business Metrics: As of June 30, 2013, Millennial Media reached over 450 million monthly unique users globally, including approximately 160 million monthly unique users in the United States alone. As of June 30, 2013, more than 45,000 apps were enabled by mobile app developers to operate on Millennial Media’s platform, and there were more than 450 million proprietary, anonymous user profiles developed.

“We had a solid growth quarter in 2Q with good showing in international and brand advertising,” said Paul Palmieri, Millennial Media’s President and CEO. “We had strong margins during the quarter with increased platform usage by some of the largest brand advertisers in the world. We are also very pleased to announce our acquisition of Jumptap and look forward to bringing our integrated capabilities to the global mobile advertising market.”

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