KIT digital to Discuss Fourth Quarter and Fiscal 2009 Results on March 30, 2010 at 10:30 a.m. ET
On January 8, 2010, KIT digital management reported preliminary results for the periods ended December 31, 2009. Based on preliminary unaudited information, KIT digital management expects revenue for the fourth quarter to increase 78% over the same year-ago quarter to approximately $16 million. Operating EBITDA margin is expected to exceed 15% for the quarter, versus 0.3% in the fourth quarter of 2008.
For fiscal 2009, the company expects to report revenue of approximately $47 million, increasing approximately 99% over the previous year. Management expects the year's operating EBITDA to exceed $4 million.
During the fourth quarter earnings call, management will also report on certain strategic initiatives for which the company recently annouced it had raised approximately $31.5 million in net proceeds via a public offering of common stock (including the exercise of underwriters' overallotment option). These iniatives include potential acquisitions and the prospective buy-back of outstanding warrants.
The fourth quarter earnings conference call will begin with an online video presentation hosted by KIT digital's executive management team, followed by a question and answer period.
The video and audio-only broadcast of the the conference call will be simultaneously streamed online via a link provided in the Investor Relations section of the company's website at http://ir.kitd.com. Please be sure to visit the website in advance of the call in order to download and install the secure player required for access.
For participants who wish to ask a question during the Q&A period or access the call via telephone only, please call the conference telephone number, below, at least 5-10 minutes prior to the scheduled start time:
Time: 10:30 a.m. Eastern time (7:30 a.m. Pacific time) Dial-in # North America toll-free: +1-800-862-9098 Dial-in # outside of North America: +1-785-424-1051 Please rovide the operator the Conference ID: 7KITDIGITAL
If you have any difficulty connecting with the conference call, please contact the Liolios Group at +1-949-574-3860.
A replay of the call will be available on after 1:30 p.m. Eastern time on the same day and until April 30, 2010:
Toll-free replay # (North America): +1-800-839-3736 International replay # (outside of North America): +1-402-220-2978 (No passcode required)
About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a leading, global provider of on-demand, Internet Protocol (IP)-based video asset management solutions. KIT VX, the company's end-to-end software platform, enables enterprise clients to acquire, manage and distribute video assets across the three screens of today's world: the personal computer, mobile device, and IPTV-enabled television set. The application of VX ranges from commercial video distribution to internal corporate deployments, including corporate communications, human resources, training, security and surveillance. KIT digital's client base includes more than 600 enterprise customers across 30+ countries, including The Associated Press, Best Buy, Bristol-Myers Squibb, Disney-ABC, General Motors, Google, Hewlett-Packard, IMG Worldwide, Intel, McDonald's, News Corp, Telefonica, the U.S. Department of Defense, Verizon, and Vodafone. KIT digital is headquartered in Prague, and maintains principal offices in Cologne, Dubai, London, Melbourne (Australia), New York, Stockholm and Toronto. For additional information, please visit www.kitd.com.
About Operating EBITDA
Management uses operating EBITDA for forecasting and budgeting, and as a proxy for operating cash flow. Operating EBITDA is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation, or as an alternative to net income, operating income or other financial measures reported under GAAP. The company defines operating EBITDA as earnings before: non-cash derivative income/loss, non-cash stock based compensation; acquisition-related restructuring costs and other non-recurring charges; impairment of property and equipment; merger and acquisition expenses; and depreciation and amortization. Other companies (including the company's competitors) may define operating EBITDA differently. The company presents operating EBITDA because it believes it to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in a similar industry. Management also uses this information internally for forecasting, budgeting and performance-based executive compensation. It may not be indicative of the historical operating results of KIT digital nor is it intended to be predictive of potential future results. Please see the "GAAP to non-GAAP Reconciliation" table in the company's press release, "KIT digital Reports Record Operating Results and New Client Contracts in Third Quarter 2009," issued on November 19, 2009, for further information about this non-GAAP measure and reconciliation of operating EBITDA to net loss for the periods indicated in the release.
KIT digital Forward-Looking Statement
This press release contains certain "forward-looking statements" related to the businesses of KIT digital, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "plans" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. KIT digital is not under obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
KIT digital Contact:
VP, Marketing and Communications
KIT digital Investor Relations Contact:
Liolios Group, Inc.
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