Online streaming radio company IO World Media, best known as the distributor of Bubba The Love Sponge’s uncensored show, reported a big jump in revenues for Q2. The company also reduced its net loss.
“We are pleased with our results from operations in the second quarter as we continue to experience growth and see significant increases in revenue from all of our business units which is helping the company build a sound and balanced operating foundation,” said CEO Thomas Bean. “Further, with the elimination of non-reoccurring expenses, we continue to move closer to profitability and see both our short-term and long-term plans reaching fruition.”
Q2 revenues jumped 147% from a year earlier to $473,321. Meanwhile, excluding non-recurring expenses of $132,871, IO World reported a net loss of $197,774, down from a loss of $247,323 for Q2 of 2010.
The company notes that the revenue results reported for Q2 in include revenue that was received during the successful launch of RadioioLive and the Early Enlistment Program for the Bubba Army. “This revenue will be recognized pro rata over the thirty-six month life of the Early Enlistment subscriptions in accordance with GAAP,” the company noted.
The company had reported that the Early Enlistment program in February raised nearly $1 million.
IO World trades on the “pink sheets” as IWDM. The stock has traded from a high of 68 cents to a low of five cents in the past 52 weeks – most recently around 10-11 cents.
