Propel Media Reports $9.2MM of Adjusted EBITDA and $20.9MM of Revenue for the 1st Quarter of 2018
May 15, 2018
Irvine, California – May 15th, 2018. Propel Media, Inc. (OTCPink:PROM), a performance focused digital media and advertising company, today announced its financial results for the first quarter ended March 31, 2018. The Company achieved revenue of $20.9 million and adjusted EBITDA of $9.2 million in the first quarter of 2018.
Performance Highlights for the First Quarter 2018:
- Revenue of $20.9 million, which represents an increase of 12% as compared to $18.6 million in the first quarter of 2017
- Gross margin of 73%, which represents an increase of 17% as compared to 63% in the first quarter of 2017
- Operating income of $8.1 million, which represents an increase of 20% as compared to $6.7 million in the first quarter of 2017
- Adjusted EBITDA of $9.2 million, which represents an increase of 24% as compared to $7.4 million in the first quarter of 2017
- DeepIntent, the integrated data and programmatic buying platform which the Company acquired in June of 2017, continues to focus on delivering high-value campaigns for pharma and healthcare clients, as well as several other key initiatives.
“The Company’s first quarter performance was excellent. The business performed well, and we were able to reduce our user acquisition spend which, in turn, increased our gross margins. In addition, we continued to focus on building out DeepIntent’s product offerings and sales pipeline, particularly in the pharma vertical. Finally, last week, with payments of $4.4 million, we were able to fully satisfy what had been $18.5 million of future obligations, which better positions us as we move to the next steps in our plan to refinance our term and revolving loans” said Marv Tseu, Chief Executive Officer of Propel Media.
Further details concerning the results of operations for the three months ended March 31, 2018 is set forth in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2018.
About Propel Media
Propel Media connects digital marketers with unique audiences through intent-based technology that delivers superior performance with measurable results. We “Do Digital Differently” with a distinctive approach to digital powered by proprietary contextualization technology and a unique supply of ad inventory. Headquartered in Irvine, California, Propel Media is distinguished by its ability to deliver consistent results and its commitment to providing the highest level of client services to its partners.
For more information, visit: www.propelmedia.com