Shares of Mood Media (Mood Media Stock Quote, Chart, News: TSX:MM) are down more than 30% today after its 2012 earnings report revealed a loss of $79.23-million.
The losses at Mood Media keep piling up; in 2010 the company’s red ink totaled $21.59-million, and more than doubled to $59.90-million the following year.
The company’s topline, on the other hand, continues to climb. 2012’s $443.8-million revenue number was a significant bump from 2011’s $274.7-million.
CEO Lorne Abony said he was happy with Mood Media’s progress.
“We are incredibly proud of the organization we have built over the last two years,” he said. “We have all the capabilities to deliver truly outstanding customer experiences across a broad range of solutions for our leading clients. The strength of our Company’s solutions is clearly evident in the continuing positive momentum in our customer base in Q4.”
Abony added: “While we have made great strides so far, there is room for improvement. We are focused on realizing the full potential of the opportunities ahead by continuing to accelerate our solutions offering and by successfully implementing our operational plans.”
Concord-based Mood Media, which was previously known as Fluid Music Canada, sprung to public attention in early 2011, when it completed the $345 million acquisition of Muzak, forming an entity that had $400 million in revenue in what is now being referred to as the sensory branding space, a term for marketing tactics now being used by giants such as Nissan, Pizza Hut and Starbucks. The company has continued to grow though acquisition, including last March’s pickup of DMX Holdings and the June acquisition of BIS Group.