KIT digital Reports Record Q2 2011 Results
KIT digital, Inc. (NASDAQ: KITD), a premium cloud-based software solutions and services provider for multi-screen video management and delivery, reported second quarter results for the period ended June 30, 2011. All figures are listed in U.S. dollars.
Q2 2011 & Outlook Highlights
- Revenue up 40% sequentially to record $48.2 million and up 109% over same year-ago quarter;
- Operating EBITDA up 35% sequentially to record $9.6 million and up 128% over same year-ago quarter;
- Added more than 35 net new clients during the second quarter, including Axel Springer, Channel 4, China United Television, a new major business unit of The Walt Disney Company, and RAI;
- Final phase implementation of 'Project Delta,' the major internal reorganization and cost-reduction initiative related to the integration of the acquisitions completed during the first half of 2011. Upon completion, Project Delta eliminates approximately $35 million of total costs from the business on an annualized basis;
- Large majority of remaining M&A-related restructuring and integration charges booked in Q2, with only $2 million expected to be booked in Q3 2011 and none in Q4 2011;
- Company is moving to a cash EPS reporting metric in the second half of 2011 and expects to be free cash-flow positive going forward -- reaching $2.5 million per month in cash-flow generation by the end of Q4;
- Reaffirmation of $210 million revenue guidance for 2011 and 23% operating EBITDA margin for full-year; Q3 2011 guidance of at least $61 million in revenues, representing a 40% annualized organic growth rate over Q2 2011;
- Revenue guidance of at least $300 million in 2012;
- Next generation KIT Video Platform to be unveiled at the International Broadcasting Convention (IBC) September 9-11 in Amsterdam.
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SOURCE: KIT digital, Inc.
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