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TORONTO, ONTARIO -- (Marketwire) -- 08/09/12 -- Cyberplex Inc. (TSX: CX) a leader in audience targeting and customer acquisition strategies today announced its financial results for the second quarter ended June 30, 2012. Total revenue from continuing operations for the quarter was $3.9 million, an increase from the $2.8 million recorded in the same quarter of 2011, and adjusted EBITDA loss for the quarter was approximately $699,000 as compared to a loss of $822,000 in the same period of 2011. Net income for the quarter was $5.2 million as compared to a net loss of $2.0 million for the same quarter of 2011. Included in net income for the quarter ended June 30, 2012 is $6.3 million of income from discontinued operations (See 'Discontinued Operations' below), primarily related to the gain on the sale of Tsavo Media ("Tsavo"). The loss from continuing operations for the period was $1.1 million compared to a loss of $822,000 in the same period a year ago.

Results for the Second Quarter ended June 30, 2012

--  At June 30th the Company cash on hand of $6.2 million;
--  The Company generated revenue of $3.9 million from continuing
    operations, a 39% increase from the $2.8 million recorded in the
    previous quarter;
--  Adjusted EBITDA loss from continuing operations for the quarter was
    $699,000, as compared to $822,000 in the same period of 2011.

Discontinued operations:

On April 24, 2012, the Company sold Tsavo as part of a series of transactions valued at approximately $33 million. The Company reclassified the results of Tsavo to discontinued operations for financial reporting purposes, isolating the Tsavo operating results for the three and six month periods ended June 30, 2012 and 2011 from the remaining continuing operations of Cyberplex. Income for the quarter ended June 30 from discontinued operations of $6.3 million consisted of a gain on sale of Tsavo of $6.3 million and offset by a loss for the period of $25,000 from Tsavo. In connection with the sale, Jeffery Collins is expected to transition from his position as CFO of the Company on or about September 30, 2012.

"Although we still have a lot of work ahead of us, the results this quarter show that our strategic initiatives are beginning to gain traction. With the sale of Tsavo behind us, and top line growth both sequentially and relative to last year, we believe that we can now focus on building our business and delivering quality results to our clients," said Geoffrey Rotstein, President and CEO of Cyberplex.

Normal Course Issuer Bid:

On April 24, 2012, the Company announced a NCIB under which it could purchase up to 11,913,232 of its common shares, representing approximately 10% of the "public float" of common shares, commencing on May 14, 2012 for a period of one year. As of the date of filing the Company has repurchased and cancelled 165,442 of its common shares under the NCIB.

Non-IFRS Financial Measures

This press release includes a discussion of "Adjusted EBITDA," which is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net loss from operations before; (a) depreciation of property and equipment and amortization of intangible assets; (b) stock-based compensation expense, (c) restructuring and acquisition costs, (d) Impairments of goodwill and intangible assets and other items, net. Management uses Adjusted EBITDA as a measure of the Company's operating performance because it provides information related to the Company's ability to provide operating cash flows for acquisitions, capital expenditures and working capital requirements. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry.

The non-IFRS financial measure is used in addition to and in conjunction with results presented in accordance with the Company's consolidated financial statements prepared in accordance with IFRS and should not be relied upon to the exclusion of IFRS financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-IFRS financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-IFRS financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-IFRS adjustments described above, and exclusion of these items from the Company's non-IFRS measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring.

The table below reconciles net loss from continuing operations and Adjusted EBITDA for the periods presented:

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                                 Three months ended   Six months ended June
                                               June                     30,
(In thousands of Canadian
 dollars)                          2012        2011        2012        2011
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Net loss from operations      $  (1,041)  $  (1,446)  $  (2,214)  $  (3,192)
Add:
Depreciation of property and
 equipment                           66          97         151         190
Amortization of intangible
 assets                             278         499         554       1,001
Restructuring expenses                -           -           -          50
Stock based compensation             (2)         28         (15)         97

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Adjusted EBITDA               $    (699)  $    (822)  $  (1,524)  $  (1,854)
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About Cyberplex

Cyberplex Inc. (www.cyberplex.com) is a North American leader in audience targeting and customer acquisition strategies. The Company, through its subsidiaries, connects advertisers to their most relevant online customers and prospects. Cyberplex delivers targeted, high quality results through online, mobile and social initiatives that improve advertiser ROI, monetize the value of online properties, and build loyal online audiences.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward- looking statements. Cyberplex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Financial Position
(In thousands of Canadian dollars)

June 30, 2012 and December 31, 2011

                                                                December 31,
                                               June 30, 2012            2011
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Assets

Current assets:
Cash and cash equivalents                      $       6,196   $       4,050
Accounts receivable                                    2,849           8,769
Income taxes recoverable                                   -              31
Other current assets                                     555           6,907
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                                                       9,600          19,757
Non-current assets:
Restricted cash                                            -           2,357
Property and equipment                                   317           1,998
Intangible assets                                      3,558          22,069
Goodwill                                                 365             365
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                                                       4,240          26,789
Total assets                                   $      13,840   $      46,546
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Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities       $       2,996   $      13,707
Current portion of loans and borrowings                   67           4,697
Current portion of deferred lease inducements             63              71
Deferred revenue                                         572             498
Income taxes payable                                       -             348
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                                                       3,698          19,321
Non-current liabilities:
Loans and borrowings                                      95          20,836
Deferred lease inducements                                12             114
Deferred tax liabilities                                 493             603
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                                                         600          21,553
Shareholders' Equity                                   9,542           5,672

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Total liabilities and Shareholders' equity     $      13,840   $      46,546
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Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
 (Loss)
(In thousands of Canadian dollars, except per share amounts)
Three and six months ended June 30, 2012 and 2011

                                    Three months ended    Six months ended
                                               June 30,            June 30,

                                         2012      2011      2012      2011
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Continued operations:

Revenue                              $  3,890  $  2,797  $  7,422  $  6,194

Expenses:
 Publishing and advertising costs       2,357     1,509     4,337     3,534
 Employee compensation and benefits     1,301     1,390     2,759     3,102
 Other operating expenses                 929       748     1,835     1,509
 Depreciation of property and
  equipment                                66        97       151       190
 Amortization of intangible assets        278       499       554     1,001
 Restructuring costs                        -         -         -        50
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                                        4,931     4,243     9,636     9,386
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Loss from operations                   (1,041)   (1,446)   (2,214)   (3,192)

Finance income                            (27)     (567)      (27)     (571)
Finance cost                              214         8       246        74
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Loss before income taxes               (1,228)     (887)   (2,433)   (2,695)

Income tax recovery:
 Current                                  (52)        -       (52)        -
 Deferred                                 (54)     (130)     (109)     (260)
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Loss for the period from continuing
 operations                            (1,122)     (757)   (2,272)   (2,435)

Discontinued Operations:
Income (loss) for the period from
 discontinued operations, net of tax
  of nil                                6,324    (1,274)    4,076    (3,190)
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Income (loss) for the period            5,202    (2,031)    1,804    (5,625)

Other comprehensive income (loss):
Net change in fair value of
 available-for-sale financial assets        -       774         -       782
Amount reclassified to income               -      (566)        -      (566)
Foreign currency translation
 adjustments to equity                  1,314       (62)    1,213      (361)
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Other comprehensive income (loss)
 for the period, net of tax             1,314       146     1,213      (145)
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Total comprehensive income (loss)
 for the period                      $  6,516  $ (1,885) $  3,017  $ (5,770)
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Income (loss) per share:
 Basic                               $   0.04  $  (0.02) $   0.01  $  (0.04)
 Diluted                                 0.04     (0.02)     0.01     (0.04)

Loss per share from continuing
operations:
 Basic                                  (0.01)    (0.01)    (0.02)    (0.02)
 Diluted                                (0.01)    (0.01)    (0.02)    (0.02)
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Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Cash
 Flows
(In thousands of Canadian dollars)
Six months ended June 30, 2012 and 2011

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                                                         2012          2011
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Cash flows from operating activities:
  Income (loss) for the periods                   $     1,804   $    (5,625)
  Adjustments to reconcile net loss to net cash
   flows from operating activities:
    Depreciation of property and equipment                418           718
    Amortization of intangible assets                   2,727         4,383
    Amortization of deferred lease inducements            (45)          (58)
    Share-based payments                                   (2)          246
    Foreign exchange gain                                 (34)         (176)
    Finance cost, net                                     237         1,237
    Deferred income tax recovery                         (109)         (260)
    Gain on sale of Tsavo                              (6,349)            -
    Restructuring costs                                   221             -
  Change in non-cash operating working capital         (2,961)        2,003
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  Cash generated from operating activities             (4,093)        2,468
  Income taxes received (paid)                             31          (196)
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  Net cash from (used in) operating activities         (4,062)        2,272

Cash flows from financing activities:
  Proceeds from bank operating facility, net                -           200
  Repurchase of common shares under NCIB                  (10)            -
  Repayment of promissory note                           (100)            -
  Repayment of term loans                                   -        (2,176)
  Repayment of finance lease                              (30)           (5)
  Interest paid                                          (272)         (818)
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  Net cash used in financing activities                  (412)       (2,799)

Cash flows from investing activities:
  Sale of short-term investments                            -         1,392
  Interest income received                                  -            24
  Proceeds from sale of available-for-sale
   investments                                            300           676
  Acquisition of EQADS, net of cash acquired                -          (100)
  Decrease in restricted cash and short-term
   investments                                            201           741
  Proceeds on sale of Tsavo, net of cash
   disposed of                                          6,293             -
  Additions to property and equipment                    (208)         (319)
  Additions to intangible assets                            -           (17)
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  Net cash from investing activities                    6,586         2,397

Foreign exchange gain on cash held in foreign
 currency                                                  34           176
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Increase in cash and cash equivalents                   2,146         2,046

Cash and cash equivalents, beginning of period          4,050         5,192

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Cash and cash equivalents, end of period          $     6,196   $     7,238
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