LAS VEGAS, Aug. 11, 2016 /PRNewswire/ -- Remark Media (NASDAQ: MARK), a global digital media technology company, reported its financial results for the second quarter of 2016.

"Our strong second quarter 2016 results reflect growth in our travel vertical as a result of our acquisition of Vegas.com in September 2015," stated Kai-Shing Tao, Remark Media's Chairman and CEO. "This quarter, we furthered our progress expanding Vegas.com from primarily a traveling and ticketing hub into a unique and dynamic media platform. Through numerous technology and feature upgrades, we have underscored our appeal to our target demographic, the Millennials. With KanKan, we are taking our data intelligence to the next level and with the support of our partner Alibaba, we are building a user behavior analysis platform with great appeal and value to advertisers and retailers around the world. We continue to work toward the closing of our acquisition of China Branding Group, which would contribute significant sales capabilities, advertising relationships, a large and diverse portfolio of content, and a community of over 100 million social media followers from which we would seek to accelerate our growth.

"With these assets, as well as our verticals in finance and lifestyle, we are building a formidable set of synergistic assets for our digital media technology platform that appeal to Millennials, generate advertising revenue and capture insightful data that makes us an invaluable partner to our customers."

Financial Results for the Three Months Ended June 30th: 2016 Compared to 2015The financial results for the second quarter of 2016 reflect the operating results of Vegas.com, which was acquired in September 2015.

• Net revenue was $15.0 million, compared to $0.8 million.
• Gross margin was $12.4 million, compared to $0.7 million.
• Operating expenses were $15.9 million, compared to $3.8 million.
• Operating loss was $3.5 million, compared to $3.1 million.
• Net loss was $5.4 million, or $0.27 per diluted share, compared to $3.2 million, or $0.23 per diluted share.
• At June 30, 2016, the cash and cash equivalents balance was $8.0 million, and total restricted cash was $11.7 million, bringing the total combined cash position to $19.7 million.

Financial Results for the Six Months Ended June 30th: 2016 Compared to 2015The financial results for the 2016 six-month period reflect the operating results of Vegas.com, which was acquired in September 2015.

• Net revenue was $29.2 million, compared to $1.6 million.
• Gross margin was $24.3 million, compared to $1.5 million.
• Operating expenses were $32.9 million, compared to $7.6 million.
• Operating loss was $8.7 million, compared to $6.0 million.
• Net loss was $7.8 million, or $0.39 per diluted share, compared to $6.2 million, or $0.47 per diluted share.

Conference Call InformationRemark Media's management team will hold a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its second quarter 2016 earnings results, review recent activity and answer questions. To access the call in the U.S. please dial 1-877-329-7568 and for international calls dial 1-719-325-2228 approximately 10 minutes prior to the start of the conference. The conference ID is 4087761. 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 4087761.

About Remark Media, Inc.Remark Media, Inc. (NASDAQ: 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, Chengdu and Hangzhou, China. For more information, please visit the Company's website at www.remarkmedia.com.

Forward-Looking StatementsThis 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 OsrowRemark Media, Inc.[email protected] 702-701-9514 ext. 3025

Investor Relations Contact:Becky Herrick/ Kirsten ChapmanLHA Investor Relations[email protected] 415-433-3777

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SOURCE Remark Media, Inc.