Tuesday, November 29, 2005

Limelight media announces Q3 results

From this press release:

Limelight Media Group, Inc. (OTC Bulletin Board: LMMG) today announced results for the third quarter ended, Sept 30, 2005. Revenues for the third quarter ended Sept 30, 2005 were $1,422,781 compared to $1,016,966 in the second quarter of 2005, an increase of 39.9% quarter over quarter.

Net income in the quarter was a net loss of ($821,467) compared to a net gain of $22,461 in the second quarter of 2005. The net operational losses were attributable to significant expense increases in three areas.

  • Professional expenses due to legal and accounting costs associated with the acquisition of IMPART, increased from $27,341 to $313,883, and were recorded as a one-time expense
  • An increase of $371,332 in cost of revenues and increased non-cash depreciation expenses of $96,333 related to continued operational investments including hardware and system purchases to support its expansion into new market segments such as the SeaTac Airport deployment previously announced
  • A key investment in the personnel needed to fulfill the company's enhanced vision and business model included direct expense increases of $77,250 quarter over quarter.

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