MeetMe expects Q2 adjusted EBITDA to be $1.5 million to $2 million
Geoff Cook, chief executive officer of MeetMe, stated, “Since resuming management of our advertising inventory, we have experienced stronger rates than we originally anticipated.
"Our daily mobile app advertising revenue in the first three weeks of June has increased 23% versus the May average, and in the seven days ending June 21st, we have experienced 53% higher daily mobile app advertising revenue than the May average. We continue to enhance and improve our current ad inventory and look forward to testing full-screen mobile video ad units in July.”
David Clark, chief financial officer of MeetMe, added, “We now expect second quarter revenue to be between $10.5 million and $10.7 million, above our previously revised guidance of $9 million to $9.5 million.
"Adjusted EBITDA for the second quarter is expected to be between $1.5 million and $2 million, compared to our previously provided revised guidance of adjusted EBITDA in the range of $250,000 to $750,000.
"All guidance amounts are subject to change based on our determination of the collectability of all amounts owed to us by Beanstock Media, Inc. Beanstock represents approximately $5.8 million in accounts receivable, of which approximately $2.25 million is overdue. We believe none of these amounts is in dispute.”
MeetMe expects to announce full second quarter 2015 results in early August at which point it expects to also furnish additional revenue and profitability related metrics and updated annual guidance for 2015. ■