Monday, online video broadcaster JumpTV Inc. (JTV.TO) reported a wider net loss for the fourth quarter, hurt by non-cash charges.
An end-to-end IPTV service provider of live and on-demand sports, international and variety programming over the Internet, the company posted a fourth quarter net loss of US$7.2 million or US$0.13 per share, compared to a loss of US$0.2 million or breakeven per share in the comparable quarter a year ago.
Net loss for the quarter included $3.8 million of non-cash charges consisting of depreciation and amortization, stock based compensation, equity losses in affiliate and impairment charges.
For the three months ended December 31, 2008, the company's revenues totaled US$5.8 million, slightly up from US$5.3 million in the same period last year.
For the full year, net loss was US$11.6 million or US$0.21 per share, which included $2.6 million of non-cash charges. This compares to prior year's net loss of US$4.5 million or US$0.11 per share.
Revenues for the year totaled US$13.4 million in comparison with prior year's revenues of US$7.8 million.
Earlier, on October 21 2008, the company announced the closure of its merger with NeuLion, Inc. The merger was executed with JumpTV issuing 49.57 million common shares, 1.84 million of contingent shares representing approximately the entire issued and outstanding shares of JumpTV along with 5.0 million warrants exercisable, in exchange for their NeuLion securities.
Following the completion of the merger, the auditors of the company were changed from Ernst & Young LLP (Canada) to Ernst & Young LLP (U.S.).
As of December 31, 2008 the company had $27.3 million in cash and cash equivalents.
Shares of JumpTV ended Friday's regular trading session at $0.49 per share. The company's shares are trading in a range of $0.22 - $1.28 for the past 52-week period. Ahead of the announcement of its quarterly and full year results, the company's shares touched an intraday low of $0.46 and an intraday high of $0.49 on Friday on the Toronto stock exchange.
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