Mamma.com, the Mother of all Search Engines, in conjunction with the Pixsy Media Search Platform, now offers video search capabilities. By providing visual searching based on relevance, categories, photos and videos, Mamma claims that we are now given a key tool in today’s search experience. We can now enter a query into the Mamma.com search box, hit the Videos tab, and pull highly relevant results from numerous video content providers, which includes YouTube, Revver, StupidVideos.com, AddictingClips.com, Blastro, BusinessWeek, Grouper, MetaCafe, Reuters, Sharkle, Roo Media, and USA Today, among others.
Guy Faure, President and CEO of Mamma.com said, “Content is doubling on the Internet, but usership isn’t. We believe strongly in the meta-search platform as a means of aggregating content on vertical platforms, and allowing our users easy points of access and clean navigation to the most relevant content in the vertical markets we currently serve: www.mammahealth.com queries the in real-time the top medical web portals on the Internet. Recently released ww.mammajobs.com queries the most recent job postings from numerous job search engines. Mamma Videos is another example of our commitment to aggregate best-of-breed content into a simple navigational format for our users.”
About Mamma.com Inc.
Mamma Media Solutionsâ„¢ is a leading provider of award winning search technology for both the Web and desktop space, delivered through its properties, www.mamma.com and www.copernic.com respectively. The Company is also a top provider of online marketing solutions to advertisers, providing keyword and graphic ad placement on its large publisher network.
Mamma.com The Mother of All Search EnginesÂ® (www.mamma.com) is one of the most popular metasearch engines on the Internet, as it makes it easier and faster for people to find information by gathering the most relevant results from the best search engines on the Internet.
Through its award winning Copernic Desktop Search product, Copernic Technologies develops cutting edge search solutions bringing the power of a sophisticated, yet easy-to-use search engine right to the user’s PC. It allows for instant searching of files, emails, and email attachments stored anywhere on a PC hard drive. It’s desktop search application won the CNET Editors’ Choice Award as well as the PC World World Class award in 2005.
More information can be found at www.mammamediasolutions.com and www.copernic.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company’s filings with the United States Securities and Exchange Commission and the Ontario Securities Commission and include but are not limited to the extent to which the results of the SEC investigation or the purported securities class action lawsuits negatively impact the Company.
About Pixsy Corporation
Pixsy Corporation is a next-generation media search platform that powers private label image and video search engines for online publishers. Pixsy has offices in San Francisco, CA and Seattle, WA and was founded by a team of engineers and business leaders hailing from Microsoft, Sony, and ValueClick.
Mamma.com also recently released their Q3 2006 Financial Results:
Mamma.com Releases Q3 2006 Results
MONTREAL, QUEBEC — (MARKET WIRE) — November 14, 2006 — Mamma.com Inc. (NASDAQ: MAMA)
- Q3 net loss of $2.55 million ($0.18 per share) including write-downs of $0.983 million, class action lawsuit settlement and other costs of $0.70 million compared to loss of $1.51 million ($0.13 per share) in Q3 2005
- In November, Company enters into an agreement to settle the class action lawsuit for which it has made a provision in Q3 of 2006. The agreement is subject to court approval.
- Q3 revenues of $1.9 million compared to the same level in Q2 2006 and to $2.4 million in Q3 2005
- Operating activities provided cash of $69,000 compared to $45,000 in Q3 2005. Cash, cash equivalents and temporary investments remained at $8.5 million
Mamma.com Inc., (the “Company”), (NASDAQ: MAMA), reported its financial results for the third quarter ended September 30, 2006. Unless otherwise stated, all figures in this release are in US dollars.
The Company’s Q3 2006 net loss was $2,548,274 ($0.18 per share) compared to a net loss of $1,505,688 ($0.13 per share) for the same period in 2005. Net loss for the nine months ended September 30, 2006, was $4,689,554 ($0.33 per share) compared to $4,895,763 ($0.40 per share) for the same period in 2005. In Q3 2006, the Company recorded a $700,000 provision for the settlement and closure of the class action case and non-recurring non-cash expenses of $983,238 for write-downs due to significant decreases in the carrying values of certain assets such as the LTRIM investment due to delays in commercialization of its technology and assets related to graphic ads due to a significant decrease revenue in this area.
Revenues in the third quarter of 2006 were $1,891,068, 21% below the $2,390,634 revenues for the same period in 2005. The decrease of $499,566 was exclusively due to a significant reduction in business in graphic advertising where revenues declined by $987,161 from $1,136,580 in Q3 2005 compared to $149,419 in Q3 2006. Search advertising revenues increased by $303,244 from $1,254,054 in Q3 2005 compared to $1,557,298 in Q3 2006 due to general improvement of this revenue type and Copernic’s contribution. Software licensing and customized development and maintenance support increased by $184,351 due to Copernic’s contribution.
Revenues for the nine months ended September 30, 2006 were $6,029,981, 23% below the $7,805,543 revenues for the same period in 2005. The decrease of $1,775,562 was exclusively due to a reduction in the graphic advertising revenues of $3,213,524 offset by increases from other types of revenues: search advertising $797,548, software licensing $256,306 and customized development and maintenance support $384,108.
Loss from continuing operations in Q3 2006 was $2,553,202, including non-recurring expenses of $1,683,238 explained above, compared to $574,314 in Q3 2005. Payout costs in Q3 2006 over search and graphic advertising revenues were at 25%, compared with 44% in Q3 2005 mainly due to product mix between search and graphic, where search has an average payout cost lower than graphic, and due to the fact that for most of Copernic search revenues no payouts are incurred. General and administration expenses decreased by $214,408 mainly due to a reduction of $280,000 of professional fees related to the SEC investigation. Product development and technical support increased by $310,136 in Q3 2006 compared to Q3 2005 mainly due to the acquisition of Copernic. In Q3 2006 the amortization of intangible assets reflected the impact of the acquisition of Copernic.
Cash, cash equivalents and temporary investments at September 30, 2006 were $8,524,613 an increase of $101,446 compared with Q2 2006.
Guy Faure, the Company’s President and CEO stated: “During the third quarter we have concentrated our efforts on two objectives: the first was to develop our funnel for the Copernic Desktop Search (CDS) product and second was to continue to control costs. We released version 2.0 of our CDS offering and have had many favourable reviews about the product. Its new interface significantly improves user experience and we have enhanced the product in consideration of the private labelled program. Our search network business has delivered its best quarterly results yet this year. In order to recapture significant revenues for our Ad network, we continue to focus on premium advertisers that would potentially generate contracts with larger buys, higher CPM’s and therefore higher margins. The CDS business development plan remains a high priority for the future of our company. Finally, our cost controlling measures have also resulted in maintaining a solid cash position. We will continue to closely monitor our expense level and take action when necessary.” Mr. Faure added: “We are also pleased with the endorsements that we have had lately, where AOL announced the release of their OpenRide suite of products which include Copernic’s Desktop Search and the recent release by Pixsy, where through a partnership with them, Mamma will soon be releasing a video meta-search service that will enable users to search through multiple video data bases such as YouTube, Revver and many others.”
As announced on November 9 2006, the Company has entered into an agreement to settle the class action lawsuit currently pending in the U.S. District Court for the Southern District of New York. The settlement, which must be approved by the Court, would resolve all claims asserted against the Company and the individual officer defendants. Under the terms of the settlement agreement, plaintiffs would receive US$3.15 million, $2.5 million of which would be paid by the Company’s insurance carrier and $0.65 million from the Company. The settlement contains no admission of wrongdoing by the Company or the officers of the Company who are individual defendants. The Company has always maintained and continues to believe that neither the Company nor any of the individual officers named committed any wrongdoing. However, given the potential cost and uncertainty of continued litigation, the Company believes that the settlement is in the Company’s best interests. Third quarter 2006 results include a provision of $0.7 million for this pending settlement and related costs.
The unaudited financial statements for the third quarter ended September 30, 2006 will soon be available on SEDAR and EDGAR and on www.mammainc.com.
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