KIT digital Reports Record Q4 and Fiscal 2009 Results
PRAGUE, CZECH REPUBLIC, Mar 30, 2010 (MARKETWIRE via COMTEX) --KIT digital, Inc. (NASDAQ: KITD), a leading global provider of on-demand software solutions for managing and monetizing Internet Protocol (IP)-based video assets, reported record financial results for the fourth quarter and year ended December 31, 2009.
Revenue in the fourth quarter of 2009 increased 46% to $16.1 million from $11.0 million in the previous quarter, and increased 79% from $9.0 million in the same quarter a year ago. For the full year 2009, revenue increased 102% to $47.3 million from $23.4 million in 2008. The company's revenues are primarily comprised of software license and maintenance fees, software set-up fees, and technical integration and creative service charges.
For the fourth quarter of 2009, after recognizing the non-cash accounting impact of accounting standard ASC 815-40, net loss was $15.6 million or $(1.50) per basic and diluted share, compared to a net loss in the previous quarter of $11.1 million or $(1.65) per basic and diluted share, and a net loss in the fourth quarter of 2008 of $2.5 million or $(0.75) per basic and diluted share (please see the important discussion about the new accounting standard in the section, "About ASC 815-40 Accounting Standard," below).
Net loss for the fourth quarter 2009 included a non-cash derivative expense of $8.2 million resulting from the application of the accounting standard; $3.0 million in non-cash charges, including $834,000 in stock-based compensation; $4.7 million in restructuring and integration expenses primarily related to employee termination, acquisition-related facility closing costs and other costs directly related to the reorganization and integration of acquired companies; $1.3 million in merger and acquisitions expenses, including legal and auditing fees, investment banking advisory and intermediary fees and $443,000 of seller's fees from the acquisition of Nunet in October 2009.
For the full year 2009, after recognizing the non-cash accounting impact of accounting standard ASC 815-40, net loss was $19.9 million or $(3.03) per basic and diluted share, compared to a net loss of $19.0 million or $(7.55) per basic and diluted share in 2008. Net loss for 2009 included $12.6 million of non-cash charges, $2.5 million in merger and acquisitions expenses, and $7.0 million in expenses related to the reorganization and integration of acquired companies.
Operating EBITDA, a non-GAAP metric which management uses as a proxy for operating cash-flow, increased 240% in the fourth quarter of 2009 to a record $3.2 million or $0.31 per basic and diluted share from $927,000 or $0.14 per basic and diluted share in the previous quarter, and increased from $32,000 or $0.01 per basic and diluted share in the fourth quarter of 2008.
For the full year 2009, operating EBITDA was a record $4.9 million or $0.74 per basic and diluted share, an improvement from an operating EBITDA loss of $7.2 million or $(2.88) per basic and diluted share in 2008. The company defines operating EBITDA as earnings before non-cash derivative income/loss; non-cash stock based compensation; acquisition-related restructuring costs and integration expenses; impairment of property and equipment; merger and acquisition expenses; and depreciation and amortization (see important discussion of operating EBITDA in "About the Presentation of Operating EBITDA," below).
Cash and cash equivalents at December 31, 2009 totaled $6.8 million, as compared to $5.9 million at December 31, 2008. Pro forma of the issuance of common shares and cash outlay related to the recently announced acquisition of Multicast Media, the repurchase of outstanding in-the-money warrants, and the incurrence of all restructuring costs related to the previous acquisitions of The FeedRoom, Nunet and Multicast, KIT digital management estimated it will have between approximately 17.5 and 18.0 million as-diluted shares outstanding, and approximately $15 million in net cash and equivalents on its balance sheet.
KIT digital Contact:
Global Communications Manager
KIT digital Investor Relations Contact:
Liolios Group, Inc.
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Full Text of Reports Record Q4 and Fiscal 2009 Results
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