ACCESSWIRE - May 2 - Spark Networks entered into a definitive agreement with Affinitas GmbH ("EliteSingles"), to combine in a stock-for-stock merger. The transaction is expected to close in Q4 2017. Spark Networks, will not conduct a first quarter results conference call; however, Spark and EliteSingles will host a joint conference call at 7:30 AM PST on May 3, 2017, to discuss the transaction. Q1 revenue was $7.3M, a YOY decrease of 26% driven by a decrease in average paying subscribers, reflecting reduced direct marketing investment in the Jewish and Christian Networks. Total direct marketing expenses decreased 72% to $1.4M. Net Loss was $2.1M in the quarter, a $1.3M improvement versus the year ago period and a $1.6M improvement from the prior quarter.
See full article at Spark Networks website
See all posts on Spark Networks
See all posts on EliteSingles
Summarized by the Courtland Brooks team
Comments