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 Remark Media Reports Fourth Quarter and Full Year 2015 Results
   Wednesday, March 30, 2016 4:05:00 PM ET

Remark Media (MARK ), a global digital media company, announced its financial results for the fourth quarter and full year 2015.

Kai-Shing Tao, Remark Media Chairman and CEO, stated, "Our 2015 performance reflects the significant progress we have made in positioning Remark Media as an innovative digital media technology company focused on the Millennial demographic. Our data intelligence platform, KanKan, enables us to amass data on over 1.3 billion socially active users globally. This information provides us significant advantage in enhancing user engagement and brand awareness across all of our digital media properties, including Vegas.com, which we acquired in September 2015. To support our future revenue growth, we expect to leverage our unique access to this data to attract retailers and advertisers who could benefit from the predictive analytics and location-based services we provide. We are excited by our progress in 2015; however, we are more confident than ever that the best is yet to come."

Financial Results for the Three Months Ended December 31: 2015 Compared to 2014

-- Net revenue was $11.8 million, compared to $0.2 million.

-- Operating loss was $7.2 million, compared to $5.6 million.

-- Net loss was $14.1 million, or $0.72 per diluted share, compared to $5.4 million, or $0.43 per diluted share.

-- At December 31, 2015, cash and cash equivalents were $5.4 million.

Financial Results for the Twelve Months Ended December 31: 2015 Compared to 2014

-- Net revenue was $14.2 million, compared to $1.8 million.

-- Operating loss was $22.6 million, compared to $17.9 million.

-- Net loss was $31.4 million, or $2.06 per diluted share, compared to $18.2 million, or $1.53 per diluted share.

Conference Call Information

Remark Media’s management team will hold a conference call today at 4:30 p.m. ET / 1:30 p.m. PT, to discuss its fourth quarter and full year 2015 earnings results, review recent activity and answer questions. To access the call in the U.S. please dial 1-888-539-3678 and for international calls dial 1-719-457-2664 approximately 10 minutes prior to the start of the conference. The conference ID is 6425588. The conference call will also be broadcast live over the Internet and available for replay for one year at www.remarkmedia.com. In addition, a replay of the call will be available via telephone for two business days, beginning two hours after the call. To listen to the replay, in the U.S., please dial 1-877-870-5176 and internationally, 1-858-384-5517. Enter access code 6425588.

http://photos.prnewswire.com/prnvar/20150604/220788LOGO

About Remark Media, Inc.

Remark Media, Inc. (MARK ) owns, operates and acquires innovative digital media properties across multiple verticals that deliver culturally relevant, dynamic content that attracts and engages users on a global scale. The company leverages its unique digital media assets to target the Millennial demographic, which provides it with access to fast-growing, lucrative markets. The company is headquartered in Las Vegas, Nevada, with additional operations in Beijing and Chengdu, China. For more information, please visit the Company’s website at www.remarkmedia.com.

Forward-Looking Statements

This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Media’s Annual Report on Form 10-K and Remark Media’s other filings with the SEC. Any forward-looking statements reflect Remark Media’s current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Media’s estimates and assumptions only as of the date hereof. Except as required by law, Remark Media undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.

Investor Contact: Douglas Osrow Remark Media, Inc. dosrow@remarkmedia.com 702-701-9514 ext. 3025

Investor Relations Contact: Becky Herrick/ Kirsten Chapman LHA Investor Relations remarkmedia@lhai.com 415-433-3777

[Tables to follow]

REMARK MEDIA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
December 31, 2015
                                                                                    December 31,
                                                                                    2015                2014
Assets
Current assets
Cash and cash equivalents                                                           $            5,422  $            1,525
Restricted cash                                                                     9,416               --
Trade accounts receivable, net                                                      746                 41
Prepaid expense and other current assets                                            2,637               707
Note receivable, current                                                            172                 --
Total current assets                                                                18,393              2,273
Restricted cash                                                                     2,250               --
Notes receivable                                                                    371                 1,350
Property and equipment, net                                                         7,425               1,398
Investment in unconsolidated affiliate                                              1,030               1,030
Intangibles assets, net                                                             44,780              6,518
Goodwill                                                                            20,337              5,293
Other long-term assets                                                              --                  94
Total assets                                                                        $           94,586  $           17,956
Liabilities and Stockholders’ Equity
Accounts payable                                                                    $           14,422  $            1,356
Advances from shareholder                                                           --                  86
Accrued expense and other current liabilities                                       11,827              1,037
Demand note payable to related party                                                --                  350
Deferred merchant booking                                                           6,997               --
Deferred revenue                                                                    3,262               173
Current maturities of long-term debt                                                100                 --
Current maturities of long-term debt with related party                             --                  2,500
Capital lease obligations                                                           205                 158
Total current liabilities                                                           36,813              5,660
Long-term debt, less current portion and net of discount and debt issuance cost     23,616              3,100
Long-term debt payable to related parties, less current portion and net of discount --                  3,481
Warrant liability                                                                   19,195              512
Other liabilities                                                                   2,904               25
Total liabilities                                                                   82,528              12,778
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued         --                  --
Common stock, $0.001 par value; 50,000,000 shares authorized; 19,659,362 and        20                  13
12,784,960 shares issued and outstanding at December 31, 2015 and 2014,
respectively
Additional paid-in-capital                                                          173,477             135,116
Accumulated other comprehensive income (loss)                                       (5)                 36
Accumulated deficit                                                                 (161,434)           (129,987)
Total stockholders’ equity                                                          12,058              5,178
Total liabilities and stockholders’ equity                                          $           94,586  $           17,956
REMARK MEDIA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Year Ended December 31, 2015
                                                                            Three Months Ended December 31,  Year Ended December 31,
                                                                            2015        2014                 2015      2014
Revenue                                                                     11,789      182                  14,229    1,838
Cost of revenue (exclusive of depreciation and amortization reported below) (1,608)     (9)                  (1,864)   (74)
Gross margin                                                                10,181      173                  12,365    1,764
Operating expense
Sales and marketing                                                         3,913       94                   4,758     345
Content, technology and development                                         1,261       81                   1,683     430
General and administrative                                                  9,856       5,390                25,220    17,814
Depreciation and amortization                                               2,372       238                  3,281     767
Impairment of long-lived assets                                             --          --                   --        268
Total operating expense                                                     17,402      5,803                34,942    19,624
Operating loss                                                              (7,221)     (5,630)              (22,577)  (17,860)
Other income (expense)
Debt conversion expense                                                     --          --                   (1,469)   --
Interest expense                                                            (1,219)     (140)                (1,927)   (460)
Other income (expense), net                                                 29          41                   (50)      82
Gain (Loss) on change in fair value of warrant liabilities                  (5,673)     317                  (5,432)   28
Other gain                                                                  2           --                   8         --
Total other income (expense)                                                (6,861)     218                  (8,870)   (350)
Loss before income tax                                                      (14,082)    (5,412)              (31,447)  (18,210)
Provision for income taxes                                                  --          --                   --        --
Net loss                                                                    (14,082)    (5,412)              (31,447)  (18,210)
Other comprehensive income (loss)
Foreign currency translation adjustments                                    --          --                   --        39
Comprehensive loss                                                          (14,082)    (5,412)              (31,447)  (18,171)
Net loss per share
Net loss per share, basic and diluted                                       (0.72)      (0.43)               (2.06)    (1.53)
Basic and diluted weighted average shares outstanding                       19,448      12,543               15,278    11,884

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/remark-media-reports-fourth-quarter-and-full-year-2015-results-300243652.html

SOURCE Remark Media, Inc.

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