- Revenue Growth and Adjusted EBITDA Margin Increase Continues,
Driven by Virtual Print Fees and Satellite Delivery Business -
MORRISTOWN, N.J., Aug. 7 /PRNewswire-FirstCall/ -- Access
Integrated Technologies, Inc. ("AccessIT" or the "Company")
(NASDAQ:AIXD) reported a 13% increase in revenues, to $20.6 million
for the fiscal 2009 first quarter ended June 30, 2008, versus the
year-ago period. The Company posted an Adjusted EBITDA(1) (defined
below) of $10.2 million or $0.38 per share, an improvement from
both the fiscal 2008 first quarter of $6.1 million and the fiscal
2008 March quarter of $8.9 million. Net loss of $4.3 million or
$0.16 per share was also an improvement as compared to the year-ago
quarter of $6.8 million, or $0.28 per share respectively. The net
loss includes non-cash expenses for depreciation, amortization of
intangible assets, non-cash interest, stock-based expenses and
stock-based compensation aggregating $11.7 million or $0.44 per
share. First Fiscal Quarter Highlights -- Revenues for the fiscal
2009 first quarter increased by 13%, to $20.6 million from $18.1
million in the comparable year ago period. This increase was driven
largely by a 33% gain in the media services segment, including
Virtual Print Fees ("VPFs") and record levels of media delivery
fees in our satellite unit offset by an 18% decrease in revenues
from our content and entertainment segment. As compared to the last
fiscal quarter, revenues were down slightly from $21.9 million due
to a reduction of in-theatre advertising revenue and seasonality
which resulted in a slight decline in VPF revenue, offset by an
increase in the satellite delivery business. -- Income from
Operations in the first quarter improved to $0.7 million, from a
loss of $1.3 million in the comparable year ago period and a loss
of $2.4 million in the fiscal 2008 March quarter. The improvement
in loss from operations as compared to last quarter is primarily
the result of a $1.6 million impairment of intangible assets charge
last quarter. Lower direct operating expenses and SG&A were
also factors in this improvement. Year-over-year, the shift to
income from operations was due primarily to higher revenues and
decreased direct operating and SG&A expenses, partially offset
by increased depreciation. -- Gross Profit Margin (revenue less
direct operating expenses) was more than 70% in this first quarter,
an improvement over last fiscal year's overall 67%. -- Adjusted
EBITDA(1) margins improved to 49% in the June 2008 quarter from 34%
in the comparable year ago period, and from 41% in the fiscal 2008
March quarter. Bud Mayo, Chief Executive Officer of AccessIT,
stated, "The growing financial success in our Media Services Group,
specifically the Digital Cinema deployment, transport and software
operating units, highlights that we are already capitalizing on the
digital cinema future even before Phase 2 begins. There is
tremendous opportunity to provide services to distributors and
exhibitors alike in the digital cinema era, and AccessIT is the
only company with proven comprehensive and integrated solutions. We
are excited at the prospects for growth and improvement at AccessIT
to take full advantage of this opportunity." (1) Adjusted EBITDA is
defined by the Company to be earnings before interest, taxes,
depreciation and amortization, other income (expense), net,
stock-based compensation and non-recurring items. Pursuant to the
requirements of Regulation G, the Company has provided a
reconciliation in the tables attached to this release of Adjusted
EBITDA to U.S. GAAP net income (loss). The Company calculated and
communicated Adjusted EBITDA in the tables because the Company's
management believes it is of importance to investors and lenders by
providing additional information with respect to the performance of
its fundamental business activities. The Company's calculation of
Adjusted EBITDA may or may not be consistent with the calculation
of this measure by other companies in the same industry. Investors
should not view Adjusted EBITDA as an alternative to the U.S. GAAP
operating measure of net income (loss). In addition, Adjusted
EBITDA does not take into account changes in certain assets and
liabilities as well as interest and income taxes that can affect
cash flows. Management does not intend the presentation of these
non- GAAP measures to be considered in isolation or as a substitute
for results prepared in accordance with U.S. GAAP. These non-GAAP
measures should be read only in conjunction with the Company's
consolidated financial statements prepared in accordance with U.S.
GAAP. CONFERENCE CALL NOTIFICATION AccessIT will host a conference
call to discuss its financial results at 10:30 a.m. EDT on
Thursday, August 7, 2008. The conference can be accessed by dialing
719.325.4908, at least five minutes before the start of the call.
No passcode is required. The conference call will also be webcast
simultaneously and will be accessible via the web on AccessIT's Web
site, http://www.accessitx.com/ . A replay of the call will be
available after 1:30 p.m. eastern at 719.457.0820 or 888.203.1112,
passcode 3868943. The replay will be accessible through Thursday,
August 14th. Access Integrated Technologies, Inc. (AccessIT) is the
global leader in providing integrated solutions for digital cinema.
The Company's ground-breaking digital cinema networked services
along with its Library Management Server(R) and Theatre Command
Center(R) software have enabled theatres across the United States
to play more than eight million digital showings of Hollywood
features to date. AccessIT's 24/7 satellite operations delivers
feature movies, alternative content advertising, and pre-show
entertainment through its UniqueScreen Media subsidiary, including
live 2-D and 3-D events through its CineLive(R) satellite network,
expanding box office sales and developing new ways to attract
incremental revenues. Through its alternative content distribution
unit, The Bigger Picture, AccessIT offers channels of programming
including Opera, Kidtoons, Faith Based, Concerts, Sports and Anime.
Access Integrated Technologies(R) and AccessIT(TM) are trademarks
of Access Integrated Technologies, Inc. For more information on
AccessIT, visit http://www.accessitx.com/ . [AIXD-E] Safe Harbor
Statement Investors and readers are cautioned that certain
statements contained in this document, as well as some statements
in periodic press releases and some oral statements of AccessIT
officials during presentations about AccessIT, along with AccessIT
's filings with the Securities and Exchange Commission, including
AccessIT's registration statements, quarterly reports on Form
10-QSB and annual report on Form 10-KSB, are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Forward-looking statements include
statements that are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"expects", "anticipates", "intends", "plans", "could", "might",
"believes", "seeks", "estimates" or similar expressions. In
addition, any statements concerning future financial performance
(including future revenues, earnings or growth rates), ongoing
business strategies or prospects, and possible future actions,
which may be provided by AccessIT's management, are also
forward-looking statements as defined by the Act. Forward-looking
statements are based on current expectations and projections about
future events and are subject to various risks, uncertainties and
assumptions about AccessIT, its technology, economic and market
factors and the industries in which AccessIT does business, among
other things. These statements are not guarantees of future
performance and AccessIT undertakes no specific obligation or
intention to update these statements after the date of this
release. Contact: Suzanne Moore AccessIT 973.290.0080 ACCESS
INTEGRATED TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data) (Unaudited)
Three Months Ended June 30, 2007 2008 Revenues $18,146 $20,570
Costs and expenses: Direct operating (exclusive of depreciation and
amortization shown below) 6,206 5,797 Selling, general and
administrative 5,558 4,833 Provision for doubtful accounts 186 28
Research and development 223 7 Stock-based compensation 87 158
Depreciation of property and equipment 6,125 8,135 Amortization of
intangible assets 1,070 947 Total operating expenses 19,455 19,905
(Loss) income from operations (1,309) 665 Interest income 321 124
Interest expense (5,744) (7,176) Other income (expense), net (111)
(150) Change in fair value of interest rate swap - 2,252 Net loss
$(6,843) $(4,285) Net loss per Class A and B common share - Basic
and diluted $(0.28) $(0.16) Weighted average number of Class A and
B common shares outstanding: Basic and diluted 24,758,441
26,865,147 Certain reclassifications of prior period data have been
made to conform to the current presentation. Access Integrated
Technologies, Inc. Adjusted EBITDA (as defined) Reconciliation to
GAAP Net Income (In thousands) (Unaudited) Three Months Ended June
30, 2007 2008 Net loss $(6,843) $(4,285) Add Back: Amortization of
software development 129 194 Depreciation of property and equipment
6,125 8,135 Amortization of intangible assets 1,070 947 Interest
income (321) (124) Interest expense 5,744 7,176 Other (income)
expense, net 111 150 Change in fair value of interest rate swap -
(2,252) Stock-based expenses - 74 Stock-based compensation 87 158
Adjusted EBITDA (as defined) $6,102 $10,173 ACCESS INTEGRATED
TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (In thousands,
except for share data) (Unaudited) March 31, June 30, 2008 2008
ASSETS Current assets Cash and cash equivalents $29,655 $25,003
Accounts receivable, net 21,494 17,259 Unbilled revenue, current
portion 6,393 5,652 Deferred costs 3,859 3,809 Prepaid and other
current assets 1,316 1,834 Notes receivable, current portion 158
261 Total current assets 62,875 53,818 Property and equipment, net
269,031 261,930 Intangible assets, net 13,592 12,645 Capitalized
software costs, net 2,777 2,794 Goodwill 14,549 14,549 Accounts
receivable, net of current portion 299 299 Deferred costs 6,595
5,915 Notes receivable, net of current portion 1,220 1,079 Unbilled
revenue, net of current portion 2,075 1,967 Security deposits 408
425 Restricted cash 255 255 Fair value of interest rate swap -
2,252 Total assets $373,676 $357,928 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities Accounts payable and accrued expenses
$25,213 $12,354 Current portion of notes payable 16,998 22,159
Current portion of deferred revenue 6,204 5,924 Current portion of
customer security deposits 333 354 Current portion of capital
leases 89 119 Total current liabilities 48,837 40,910 Notes
payable, net of current portion 250,689 244,940 Capital leases, net
of current portion 5,814 5,851 Deferred revenue, net of current
portion 283 283 Customer security deposits, net of current portion
46 25 Total liabilities 305,669 292,009 Commitments and
contingencies Stockholders' equity: Class A common stock, $0.001
par value per share; 40,000,000 shares authorized; 26,143,612 and
26,849,257 issued and 26,092,172 and 26,797,817 shares outstanding
at March 31, 2008 and June 30, 2008, respectively 26 27 Class B
common stock, $0.001 par value per share; 15,000,000 shares
authorized; 733,811 shares issued and outstanding at March 31, 2008
and June 30, 2008, respectively 1 1 Additional paid-in capital
168,844 171,040 Treasury Stock, at cost; 51,440 Class A shares
(172) (172) Accumulated deficit (100,692) (104,977) Total
stockholders' equity 68,007 65,919 Total liabilities and
stockholders' equity $373,676 $357,928 DATASOURCE: Access
Integrated Technologies, Inc. CONTACT: Suzanne Moore, AccessIT,
+1-973-290-0080, Web site: http://www.accessitx.com/
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