Digital Shelf Space Corp. (TSX VENTURE:DSS)(OTCQX:DTSRF) (the
"Company" or "DSS") announces unaudited financial results for the
nine months ended September 30, 2011.
Highlights
-- Steady revenue growth during the nine months ending September 30, 2011
results in total revenues to date in excess of $1.8 million dollars.
-- Revenues for the third quarter ending September 30, 2011 were $669,533,
a 15% increase over the previous quarter and a 19% increase over the
first quarter of 2011.
-- The growth this quarter is very encouraging in what is traditionally the
slowest season for fitness products of this nature.
-- Retail expansion in Canada and the US continued this quarter with a
number of large retailers being added, including but not limited to,
Canadian Tire, Zellers, National Sports, Sport Chek, Sports Experts,
Academy Sports and Outdoors, and The Sports Authority.
Revenue
The total revenue for the nine months of $1,813,611 (October 31,
2010 - $6,557) continued to be driven primarily by the Company's
new product GSP RUSHFIT, an 8-week home-based DVD workout program
starring Mixed Martial Arts ("MMA") welterweight world champion
Georges St-Pierre. In addition to the product sales directly
through the GSP RUSHFIT website (www.gsprushfit.com), wholesale
revenues grew by 26% this quarter alone, when compared to total
wholesale revenues for the previous six months, through the
Company's partnership with Northern Response (International) Ltd.
("Northern"). Distribution was increased to include but not limited
to Zellers, Sport Chek, National Sports, Sports Experts and
Canadian Tire in Canada and in the US, The Sports Authority - the
largest retailer in the American sporting goods channel - as well
as Academy Sports and Outdoors. Plans for international expansion
continue to move forward and the Company anticipates new markets to
be opened up starting next quarter.
Mr. Jeffrey Sharpe, CEO and President of DSS stated, "We are
very pleased with the financial results for our third quarter and
for the 9 month period ending September 30, 2011. For us to
increase our revenue in the third quarter by 15% over the second
quarter and 19% over the first quarter is a very positive sign that
GSP RUSHFIT is gaining significant traction in the retail market
place. Typically revenues for health and fitness products
experience seasonal trends with the first quarter of the calendar
year most often generating the largest proportion of annual sales.
Retail sell through of GSP RUSHFIT has happened very quickly and is
now for sale in over 4000 stores across Canada, as well as is for
sale in the US with strategic sporting goods retailers. We look
forward to expanding our distribution channels internationally and
extending our marketing and advertising reach throughout the
balance of 2011." GSP RUSHFIT was launched on December 10, 2010 and
has quickly established itself as a premium brand in the lucrative
home fitness market.
Expenses
During the nine month period ending September 30, 2011,
operating expenses increased to $2,259,902 (October 31, 2010 -
$1,029,161). Contributing factors to this increase of $1,230,711
were those directly related to the increased revenue generated in
this quarter by the sales of the GSP RUSHFIT program and expenses
of $415,284 related to the publicly traded status of the Company
for which there were no comparative expenses in 2010.
Net Loss
Although expenses more than doubled on a period to period
comparison, the loss for the nine months ended September 30, 2011
was $416,025, a decrease of $606,612 from the net loss of
$1,022,637 for nine months ended October 31, 2010. The loss of
$70,441 this quarter is a decrease of $159,587, down from a loss in
the second quarter of $230,028.
Selected Financial Highlights
Selected Period Information
---------------------------------------------------------------------------
Nine months Nine months
ended ended
Sept. 30, 2011 Oct. 31, 2010
(Unaudited) (Unaudited)
---------------------------------------------------------------------------
Net loss $ (416,025) $ (1,022,637)
Weighted average number of shares outstanding 46,539,863 18,946,694
Net loss per share (1) $ (0.009) $ (0.054)
Total assets $ 2,212,567 $ 727,534
Total liabilities $ 252,129 $ 1,667,638
Shareholders equity $ 1,960,438 $ (940,104)
(1) Basic and fully diluted net loss per share are the same.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent producer of home
entertainment content and online delivery technology provider to
digital retailers, content owners and aggregators. Digital Shelf
Space's proprietary technology platform has been custom built to
deliver home entertainment content directly to consumers. The
platform blends e-commerce functionality and paid DVD, digital
download and streaming video delivery. For more information please
visit www.digitalshelfspace.com and to view our project with
Georges St-Pierre, please visit www.gsprushfit.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of the Canadian securities laws. Forward-looking
information is generally identifiable by use of the words
"believes", "may", "plans", "will", "anticipates", "intends",
"budgets", "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about expected revenue as a result of the addition of new outlets,
the Company entering into additional markets, the expansion of
existing advertising strategies and the implementation of new
marketing methods; the expansion of the GSP RUSHFIT brand and
distribution channels; the impact and profitability of digital
delivery of the Company's products; increased seasonal sales during
the fourth quarter; penetration of new markets, both domestic and
international, as well as expanded advertising strategies and new
marketing methods (including television and internet); the
development and sale of complementary GSP RISHFIT product lines;
the launch of a new fitness-based DVD series or product line
starring a celebrity or athlete; the Company's strategy, future
operations, prospects and plans of management; the Company's
expectations with respect to existing and future agreements with
third parties; estimates of the length of time the Company's
business will be funded by anticipated financial resources; the
scope of distribution of GSP RUSHFIT, plans for international
expansion in the next quarter and the quantum of growth of Canadian
sales as a result of the Northern Response partnership, and
anticipated results and benefits of consumer use of celebrity
fitness products.
In connection with the forward-looking information contained in
this news release, the Company has made numerous assumptions,
regarding, among other things, the timing and quantum of revenue
generated through sales of the Company's products; revenues will
continue at current levels and increase; sales will increase during
seasonal periods in the fourth quarter; the sufficiency of budgeted
expenditures in carrying out planned activities; the Company's
ability to protect its intellectual property rights and not to
infringe on the intellectual property rights of others; the
availability and cost of labour and services; expected growth of
sales as a result of the Northern Response Partnership and consumer
demand ;and expected results from the use of celebrity fitness
products. While the Company considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
uncertainties and contingencies.
Additionally, there are known and unknown risk factors which
could cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: the Company may not be able to sustain or
increase revenues achieved during the current reporting period; the
Company's products may not achieve the brand recognition and
increased distribution as currently anticipated; the digital
delivery of the Company's products may not produce additional
revenue in the anticipated amounts, or at all; the Company may
never expand its distribution channels domestically or
internationally; anticipated international expansion may not occur
in the next quarter; the Company may not adopt successful
advertising strategies or marketing methods; the Company may not
develop or sell complementary GSP RUSHFIT product lines and/or may
not achieve sales of such products to existing customers in the
quantum anticipated, or at all; the Company may not be able to
launch a new fitness-based DVD series or product line starring a
celebrity or athlete; there may be no increased sales during
seasonal periods in the fourth quarter; the substantial investment
of capital required to produce and market video and entertainment
productions, the need to obtain additional financing and
uncertainty as to the availability and terms of future financing,
unpredictability of the commercial success of our programming,
difficulties in integrating technological changes and other trends
affecting the entertainment industry, significant competition in
the global economic market, the possibility the rate of growth of
the market for fitness media will slow, reliance on the health and
marketability of celebrity fitness talent in productions owned by
the Company, the possibility of competition from other ecommerce
and online marketing vendors, the continued strong growth in
adoption of digital media, the possibility of new fitness titles
from traditional large studios that target the male demographic,
large media production companies may move ecommerce operations
in-house rather than outsourcing, reliance on production studios
continuing to outsource ecommerce operations, reliance on a number
of key employees, limited operating history, the possibility of
claims against the intellectual property rights of the Company, the
possibility of infringements upon the intellectual property rights
of the Company; the Company may not have sufficiently budgeted for
expenditures necessary to carry out planned activities; future
operating results are uncertain and likely to fluctuate; the
Company may not have the ability to raise additional financing
required to carry out its business objectives on commercially
acceptable terms, or at all; and volatility of the market price of
the Company's shares.
A more complete discussion of the risks and uncertainties facing
the Company is disclosed in the Company's Filing Statement dated
November 16, 2010 and continuous disclosure filings with Canadian
securities regulatory authorities at www.sedar.com. All
forward-looking information herein is qualified in its entirety by
this cautionary statement, and the Company disclaims any obligation
to revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
Contacts: Digital Shelf Space Corp. Jeff Sharpe President &
CEO 604-736-7977 ext. 111 604-736-7944
(FAX)jeff@digitalshelfspace.comwww.digitalshelfspace.com
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