Interactive TV Company, Mirada, Hails Financial Results as Evidence of a "Clear Turnaround"

Mirada, the Anglo-Spanish interactive TV company that was formed via the merger of YooMedia and Fresh IT (for extensive background on the merger, see [itvt] Issue 7.87 Part 3), released financial results, Tuesday, for the 12-month period, ended March 31st. According to the company, the results--for the first full year of trading since the February, 2008 YooMedia-FreshIT merger that formed it--show that the integration of the two companies has been successful; that global operating expenses have been significantly reduced; that operations have been successfully streamlined and loss-making activities disposed of; that its new "product-led" strategy has been a success; and that there is "increasing global demand for interactive services":

• Revenues totaled £10.5 million, compared to £12.5 million for the 15-month period, ended March 31st, 2008.
• EBITDA before restructuring costs was a loss of £0.67 million, compared to a loss of £4.46 million for the 15-month period, ended March 31st, 2008.
• Gross margin earned was 57%, compared to 37% for the 15-month period, ended March 31st, 2008. In the CEO's Review document included with its financial results, Mirada stated that "historically, the old Yoomedia business was engaged in relatively low-margin activities, but since the creation of Mirada it has been management's aim to focus mainly on activities which generate higher margins."
• Other administrative expenses totaled £7.1 million, compared to £10 million for the 15-month period, ended March 31st, 2008.

"Today's results indicate a clear turnaround and a return to more favorable operational conditions," Mirada CEO, Jose-Luis Vazquez, said in a prepared statement. "The Group ended the year with most of its objectives achieved, namely an efficient operating cost structure, a strong international sales and operational team and extensive overseas activities. Moreover, after reducing overheads further since the year end and having seen a return to positive trading conditions, we are moving towards a sustainable cash flow-positive position. Accordingly, we are grateful for the support of our team and our partners during a lengthy transitional period in the face of a world economic crisis and we reaffirm our commitment to long-term profitable relationships within our marketplace."

Mirada claims to have deployed over 200 interactive TV services to date with a wide range of international customers and partners. The company's ITV technology offerings include EPG, VOD and PVR applications, audience measurement systems, voting and polling apps, and advertising and synchronization services. The company also provides interactive video gaming and gambling content for TV, mobile and the Internet; and an alternative return path service for interactive TV applications running on the UK's Sky platform. More detail on the company's operations during the 12 months ended March 31st is available here.