Verizon and Synacor Launch New Startpage and Video Search and Discovery Products for Verizon's FiOS TV Subscribers
Jan 14 15
Verizon and Synacor launched new startpage and video search and discovery products for Verizon's FiOS TV subscribers. Verizon FiOS is a bundled Internet access, telephone, and television service. Through Synacor's technology, FiOS customers can use their smartphone or tablet to search and discover live or video on-demand TV.
Synacor, Inc. Presents at 17th Annual Needham Growth Conference, Jan-14-2015 02:10 PM
Dec 3 14
Synacor, Inc. Presents at 17th Annual Needham Growth Conference, Jan-14-2015 02:10 PM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, New York, United States. Speakers: Himesh Bhise, Chief Executive Officer and Director, William J. Stuart, Chief Financial Officer, Principal Accounting Officer and Corporate Secretary.
Synacor, Inc. Enters into First Amendment to the Loan and Security Agreement with Silicon Valley Bank
Nov 3 14
On October 28, 2014, Synacor, Inc. entered into the First Amendment to the Loan and Security Agreement with Silicon Valley Bank, which amends the financial covenants and certain definitions that are used in the financial covenants of the Loan and Security Agreement dated as of September 27, 2013 by and between Synacor and SVB. The changes to financial covenants and certain definitions are effective September 30, 2014. The Loan Agreement provides for a $10 million secured revolving line of credit with a stated maturity date of September 27, 2015. The secured revolving credit facility is available for cash borrowings and is subject to a borrowing formula based upon eligible accounts receivable. Borrowings under the Loan Agreement bear interest, at Synacor's election, at an annual rate of either 0.50% above the prime rate" as published in The Wall Street Journal or LIBOR for the relevant period plus 3.00%. Synacor's obligations to SVB are secured by a first priority security interest in all Synacor's assets, including its intellectual property.
Synacor Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Financial Guidance for the Fourth Quarter of 2014; Revised Financial Guidance for the Fiscal Year 2014
Oct 30 14
Synacor Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2014. For the third quarter of 2014, total revenue was $26.2 million, an increase of 8% over $24.2 million in the second quarter 2014. This compares to $26.6 million in the third quarter of 2013. Net loss was $2.6 million compared to a net loss of $0.8 million in the third quarter of 2013. Earnings per share, or EPS, was a loss of $0.09. Net loss includes stock-based compensation expense of $1.2 million, or $0.04 per share, in the third quarter of 2014, as compared to $0.7 million, or $0.02 per share, in the third quarter of 2013. Net loss in the third quarter of 2014 also includes restructuring costs of $1.3 million or $0.05 per share. Adjusted EBITDA was $0.1 million, excluding $1.3 million in restructuring costs and stock-based compensation expense of $1.2 million, compared to $0.9 million, excluding $0.7 million of stock-based compensation expense in the third quarter of 2013. Cash used by operating activities was $0.5 million, compared to a use of $4.6 million in the second quarter of 2014. Loss from operations was $3,556,000, compared to $918,000 a year ago. Loss before income taxes and equity interest was $3,645,000, compared to $972,000 a year ago.
For the nine months, revenue was $75,670,000, compared to $82,402,000 a year ago. Loss from operations was $8,113,000, compared to $1,501,000 a year ago. Loss before income taxes and equity interest was $8,299,000, compared to $1,671,000 a year ago. Net loss was $6,515,000 or $0.24 per diluted share, compared to $1,539,000 or $0.06 per diluted share a year ago. Net cash used in operating activities was $6,294,000, compared to net cash provided by operating activities of $760,000 a year ago. Purchase of property and equipment was $3,945,000, compared to $4,550,000 a year ago. Negative adjusted EBITDA was $1,792,000, compared to adjusted EBITDA of $3,748,000 a year ago.
Based on information available as of October 30, 2014, the company is providing financial guidance for the fourth quarter and fiscal 2014. Revenue for the fourth quarter of 2014 is projected to be in the range of $25.3 million to $27.3 million. The company expects to report adjusted EBITDA of $1.3 million to $2.3 million.
Revenue for the full year of 2014 is projected to be at the higher end of revenue range of $100 million to $103 million. The company expects to report adjusted EBITDA of ($0.5) million to $0.5 million, excluding one-time restructuring costs of $1.3 million and a $1.0 million pretax gain from the sale of a domain name in second quarter 2014. The company raised full year adjusted EBITDA guidance last month, and seeing early fourth quarter performance trends, the company is raising guidance upward again. The company believe that it will come in at the higher end of revenue guidance range, and are cautiously optimistic that it will be able to deliver positive adjusted EBITDA, excluding one-time items, for the full year.
Synacor Inc. Names Scott Murphy to the Board of Directors
Oct 29 14
Synacor Inc. announced it has appointed Scott Murphy to its board of directors, effective October 28, 2014. Murphy previously served on Synacor's Board from October 2004 until April 2009, when he won a special election to fill the vacated seat of then Representative Kirsten Gillibrand, when Gillibrand was named to Senator Hillary Rodham Clinton's vacated seat, when Clinton was appointed as U.S. Secretary of State.