Toronto-based Mood Media Corp. posted a deeper fourth-quarter loss as the company pushed ahead with expansion of its in-store media division, and booked the associated costs.
The company said Monday that it lost $6.7 million in the three months ended Dec. 31, compared to a loss of $1.9 million loss a year ago.
Mood Media currently works with more than 800 retail chains in 30 countries and provides them with a mix of in-store music, visual and scented products to communicate the clients’ messages to shoppers.
It also owns digital music website PureTracks and Somerset Entertainment, maker of the Solitudes nature CDs.
“Our revenue and EBITDA growth speaks both to the utility of our products and services to retailers, as well as our execution on fundamental business practices of sales, customer retention, and a disciplined focus on integration and cost containment,” said chairman and CEO Lorne Abony in a release.
“2010 was a transformative year for Mood Media, and we have closed the year with tremendous momentum in all of our businesses.”
For the full year, profits rose to $24.4 million from $3.5 million in 2009. Revenue soared to $145 million from $12.5 million.
