Penny stock company Light Media Holdings saw its Q4 revenues jump 52% to $64,756. The company, formerly focused on recorded music and Internet sites, had acquired its first radio station in mid-2011, so there were no revenues from WZBN-FM Albany, GA the previous Q4.
Along with the increased revenues, the company’s cost of sales rose 34% to 12,224.
Selling, general and administrative expenses (SG&A) increased 46% to $97,611.
The resulting net ordinary income was a negative $45,079, compared to a negative $33,102 a year earlier.
As previously reported, in order to pay-in-full all debt associated with Light Media’s purchase of WZBN “Power 105.5/The King,” the company strategically divested certain non-core real estate and website properties, resulting in an “Other Expense” one-time charge of $302,225 for the fiscal quarter ended December 31, 2011. “Light Media believed that these asset divestitures were strategically within the best interest of the corporation and shareholders, resulting in the holding of invaluable radio assets, free and clear of operationally constraining-secured liens,” the company said in reporting its Q4 results.
“Light Media is currently in due diligence on a 2nd radio station acquisition, as well as discussions to further expand its strategic advisory council in addition to [former Radio One COO] Mary Catherine Sneed,” said Light Media CEO Danny Wilson. “2012 is positioning to be a year of boundless opportunity, evolution and growth. Light Media will continue to invest and reinvest for maximization of shareholder wealth, and the mission to add value to the community as a socially-responsible company remains firmly in effect,” he declared.