ACCESS INTEGRATED TECHNOLOGIES, INC. ANNOUNCES FISCAL 2008 FIRST QUARTER RESULTS
- Revenue Growth and Adjusted EBITDA Margin Increase Continues, Driven by New and Existing Product and Service Offerings -
MORRISTOWN, N.J., Aug 09, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Access Integrated Technologies, Inc. ("AccessIT" or the "Company") (Nasdaq: AIXD) reported a 225% increase in revenues, to a record $18,146,000 for the first quarter of fiscal 2008 ended June 30, 2007, versus the year-ago period. In the quarter, the Company posted an Adjusted EBITDA(1) (defined below) of $6,102,000, and a net loss of $6,843,000 or $0.28 per basic and diluted share. The net loss includes non-cash expenses for depreciation, amortization of intangible assets and software development, non-cash interest and stock based compensation aggregating $8,497,000 or $0.34 per basic and diluted share.
First Fiscal Quarter Highlights
-- Revenues for the first quarter increased by 225%, to $18,146,000 from
$5,576,000 in the comparable year ago period driven largely by VPF
revenues, delivery fees, software license fees for our Theatre Command
Centre(TM) software and contributions from our acquisitions of
UniqueScreen Media and The Bigger Picture.
$5,576,000 in the comparable year ago period driven largely by VPF
revenues, delivery fees, software license fees for our Theatre Command
Centre(TM) software and contributions from our acquisitions of
UniqueScreen Media and The Bigger Picture.
-- The increase in Adjusted EBITDA(1) was primarily due to the increased
revenues as described above, partially offset by increased operating
and SG&A expenses resulting from the acquisitions of USM and The Bigger
Picture.
revenues as described above, partially offset by increased operating
and SG&A expenses resulting from the acquisitions of USM and The Bigger
Picture.
-- Loss From Operations in the June 2007 quarter decreased to $1,309,000,
from a loss of $2,417,000 in the year ago period. The decreased loss
was due primarily to higher revenues partially offset by increased
depreciation and additional amortization of intangible assets resulting
from the acquisitions of UniqueScreen Media and The Bigger Picture.
Non-cash charges included in loss from operations for the year
aggregated $7,411,000.
from a loss of $2,417,000 in the year ago period. The decreased loss
was due primarily to higher revenues partially offset by increased
depreciation and additional amortization of intangible assets resulting
from the acquisitions of UniqueScreen Media and The Bigger Picture.
Non-cash charges included in loss from operations for the year
aggregated $7,411,000.
-- Gross Margin (revenue less direct operating expenses) increased from
60% in our recently completed fourth quarter to 66% in this first
quarter.
-- Adjusted EBITDA(1) margins improved from negative 4% in the prior
year's first quarter, and from 19% in our recently completed fourth
quarter, to 34% in this quarter.
-- As of June 30, 2007, the Company had installed 2,692 digital cinema
systems and 2,851 as of July 31, 2007 and intends to complete 4,000
digital cinema systems installations by October 31, 2007.
