[This post has been updated] ZoomerMedia has reported its first profitable quarter. In the three months ended September 30, the company -- which publishes Zoomer magazine -- had a profit of $ 2.33 million on revenues of $14.5 million. This compares with a loss of $561,142 in the comparable quarter a year ago.
The results are a sharp turnaround from its most recent complete year, during which the company had a net operating loss of $6.2 million on revenues of $10.3 million. Most of the turnaround is attributed to acquisitions the company made, including the Vision group of television channels and MZ Media radio stations.
"We are pleased to report our first profitable quarter. The recent additions of television and radio to our existing Zoomer - oriented magazine and web assets, positions us perfectly to ride the surging demographic wave which is the Zoomer market." said Moses Znaimer, President and Chief Executive Officer of ZoomerMedia Limited in a release.
[Update: You may be amused by a commentary by Shelley Fralic in the Vancouver Sun about the appearance of Moses Znaimer at the Vancouver Convention Centre.