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8-K - Onstream Media CORP | v204779_8k.htm |
Exhibit
99.1
Onstream
Media Previews Fourth Fiscal Quarter Results
Second
Consecutive Quarter With Positive Cash From Operations
POMPANO BEACH, FL – December 6, 2010
– Onstream Media Corporation (NASDAQ: ONSM), a leading online service
provider of live and on-demand Internet broadcasting, corporate web
communications and virtual marketplace technology, today provided a preview of
its revenues and operating cash flow for the fourth quarter of fiscal 2010, with
complete quarterly and full fiscal year results expected to be reported on or
before December 29, 2010.
Onstream
Media’s revenues for the fourth quarter of fiscal 2010 were approximately $4.1
million, as compared to revenues of approximately $3.7 million for the
corresponding period of fiscal 2009. Although the $4.1 million reflected the
seasonal revenue decline we have historically experienced in the fourth fiscal
quarter versus the immediately preceding third quarter, cash provided by
operating activities (before changes in current assets and liabilities) for the
fiscal 2010 fourth quarter was approximately $44,000, as compared to negative
(cash used) of approximately $415,000 from the same quarter last year and
compared to approximately $188,000 cash provided by operating activities (before
changes in current assets and liabilities) for the third quarter of fiscal
2010. This represents the first time in the company’s history that it
has had consecutive quarters with positive cash from operations (before changes
in current assets and liabilities).
Randy
Selman, Onstream’s CEO and President, stated “We were pleased to see not only an
improvement in our fiscal 2010 fourth quarter revenues over the same period of
last year, but also to see positive cash provided by operating activities
(before changes in current assets and liabilities) in the fiscal 2010 fourth
quarter, even when our revenues were approximately $370,000 lower than the
fiscal 2010 third quarter. As a result, we expect to see a continuation and
improvement of positive operating cash results as we expect our revenues to
improve from the seasonal low, starting in the first quarter of fiscal
2011.”
About
Onstream Media:
Onstream
Media Corporation (Nasdaq: ONSM) is a leading, online, service provider of live
and on-demand Internet broadcasting, corporate web communications and virtual
marketplace technology. Onstream Media's innovative Digital Media Services
Platform (DMSP) provides customers with cost-effective tools for encoding,
managing, indexing, and publishing content via the Internet. The company’s
MarketPlace365™ solution enables publishers, associations, tradeshow promoters
and entrepreneurs to rapidly and cost-effectively self-deploy their own online
virtual marketplaces. In addition, Onstream Media provides live and on-demand
webcasting, webinars, web and audio conferencing services. To date, almost half
of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used
Onstream Media's services. Select Onstream Media customers include: AAA, Dell,
Disney, Georgetown University, National Press Club, PR Newswire, Shareholder.com
(NASDAQ), Sony Pictures and the U.S. Government. Onstream Media's strategic
relationships include Akamai, Adobe, BT Conferencing, Qwest and Tradeshow News
Network (TSNN). For more information, visit Onstream Media at
www.onstreammedia.com or call 954-917-6655.
99.1-1
Cautionary
Note Regarding Forward Looking Statements
Certain
statements in this document and elsewhere by Onstream Media are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such information includes, without limitation, the business outlook,
assessment of market conditions, anticipated financial and operating results,
strategies, future plans, contingencies and contemplated transactions of the
company. Such forward-looking statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties and other
factors which may cause or contribute to actual results of company operations,
or the performance or achievements of the company or industry results, to differ
materially from those expressed, or implied by the forward-looking statements.
In addition to any such risks, uncertainties and other factors discussed
elsewhere herein, risks, uncertainties and other factors that could cause or
contribute to actual results differing materially from those expressed or
implied for the forward-looking statements include, but are not limited to
fluctuations in demand; changes to economic growth in the U.S. economy;
government policies and regulations, including, but not limited to those
affecting the Internet. Onstream Media undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise. Actual results, performance or achievements could
differ materially from those anticipated in such forward-looking statements as a
result of certain factors, including those set forth in Onstream Media
Corporation's filings with the Securities and Exchange Commission.
Media
Relations:
Chris
Faust
Fastlane
973-226-4379
cfaust@fast-lane.net
99.1-2