Q3 was “glorious” for Light Media Holdings declared CEO Danny Wilson. It was the company’s first full quarter with ownership of WZBN-FM “Power 105.5/The King” Albany, GA, which gave a boost to revenues.
Q3 revenues were $42,739, just shy of double (up 99.7%) from $21,405 in Q2. Light Media provided the sequential quarter comparison because its business has been changing so much as it moved into radio in Q2 in addition to its websites, music and related media assets – all falling under the umbrella of “Inspirational Urban” media.
Cost of sales was $9,139 in Q3, up 53.9% from $5,938 in Q2. Selling, general and administrative expenses increased 45.3% to $66,702 in Q3 from $45,902 in Q2. Thus, the net loss increased 8.8% to $33,102 from $30,435.
“Q3 was glorious and exciting on multiple fronts: from battling head-to-head with Clear Channel Radio in Albany, GA, via our newly-acquired FM Station Power 105.5/The King, to gaining a strategically monumental place in history by replacing Citadel Broadcasting as the 20th publicly-traded radio/multi-media conglomerate in the United States on the prestigious RBR-TVBR Media Index. Simultaneously while advancing in radio, Light Media also firmed up its core digital assets and databases in Q3 (e.g. www.GospelCity.com, www.GospelEngine.com, www.GospelHipHop.com, www.PrayerWall.com, www.PrayerMail.com) for greater synergy. Light Media remains focused on its strategic plan to create a seamless, integrated multimedia platform and ascending to higher ground,” said CEO Danny Wilson in announcing the quarterly results.
The company recently announced that it was near a deal on a second FM station. It LMAs an AM in the Atlanta market and owns 49% of an AM CP.
Light Media Holdings trades on the pink sheets as LGMH. It has 38,273,500 common shares issued of 100,000,000 authorized.
RBR-TVBR observation: As noted when we added LGMH to our daily stock list, Light Media Holdings displaced Debut Broadcasting as the smallest publicly traded radio stock. It is a penny stock company with big aspirations, so we’ll track its quarterly results to see how well it does in realizing those aspirations.