KIT digital Reports Record Third Quarter 2010 Results
Revenue Up 151% to $27.7 Million, Driving Operating EBITDA of $4.4 Million or $0.19 per Share
Revenue in the third quarter of 2010 increased 20% to a record $27.7 million from $23.1 million in the previous quarter, and increased 151% from $11.0 million in the same quarter a year ago.
For the third quarter of 2010, GAAP net loss was $8.0 million or $(0.34) per basic and diluted share, compared to a net loss in the previous quarter of $342,000 or $(0.02) per basic and diluted share, and a net loss in the third quarter of 2009 of $11.1 million or $(1.65) per basic and diluted share.
GAAP net loss for the third quarter 2010 included $5.1 million in non-cash charges, including $1.3 million in stock-based compensation, $2.4 million of depreciation and amortization, and a non-cash derivative loss of $1.4 million; $4.5 million in integration expenses related to the reorganization and integration of recently acquired companies; and $1.3 million in merger and acquisitions expenses, including investment banking advisory and legal fees.
Operating EBITDA, a non-GAAP metric, which management uses as a proxy for operating cash-flow, increased 5% to a record $4.4 million or $0.19 per basic share in the third quarter of 2010 from $4.2 million or $0.20 per basic share in the previous quarter, and increased 376% from $927,000 or $0.14 per basic share in the same year-ago quarter. The company defines operating EBITDA as earnings before derivative income/loss; non-cash stock based compensation; acquisition-related restructuring costs and integration expenses; impairment of property and equipment; direct 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 September 30, 2010 totaled $50.1 million, as compared to $67.1 million at June 30, 2010. The decrease is due to consideration and related costs for acquisitions closed since June 30, 2010.
Day sales outstanding ("DSOs") at September 30, 2010 were 116 days, a level which was affected by the inclusion of accounts receivable related to the acquisitions of Accela Communications, Megahertz Broadcast Systems and Brickbox Digital Media completed near the end of the third quarter 2010. Management estimates that normalized DSOs at September 30, 2010 were 94 days, and DSOs as of November 2010 are 78 days.
Revenues from the company's Europe, Middle East & Africa (EMEA) region constituted approximately 44% of the total during the quarter, with approximately 36% from Asia-Pacific and 20% from the Americas.
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