Revenue Growth Continues, $9.3 Million Debt Conversion Strengthens
Balance Sheet MORRISTOWN, N.J., Nov. 14 /PRNewswire-FirstCall/ --
Access Integrated Technologies, Inc. ("AccessIT" or the "Company")
(AMEX:AIX) today reported revenues of $3,902,000, an EBITDA(1)
(defined below) loss of $1,051,000 and a net loss of $2,698,000 or
a loss of $0.21 per diluted share, excluding one-time debt
conversion expenses and related charges for its second quarter
ended September 30, 2005. The Company converted our $7.6 million 7
percent convertible debentures and our $1.7 million 6 percent
convertible debentures into equity which was accompanied by
one-time non-cash expenses totaling $6,562,000 or $0.50 per share.
With this change, the loss came to $9,260,000 or $0.71 per share.
Second Fiscal Quarter Highlights * Quarterly revenues increased by
78.6%, to $3,902,000 from $2,185,000 in the comparable year ago
period. Revenues for the six months ended September 30, 2005 also
increased by 79.1%, to $7,873,000, from $4,396,000 in the
comparable year ago period. * Quarterly net loss available to
common stockholders was $9,260,000 compared to a loss of $1,705,000
in the comparable year ago period. Net loss available to common
stockholders for the six months ended September 30, 2004 was
$11,750,000 compared to a loss of $2,671,000 in the comparable year
ago period. The loss reported in both the three and six months
ended included the impact of increased interest and non-cash
interest expenses and the early conversion of the company's
outstanding $7.6 million, 4-year Convertible Debentures and
exercise of all related common stock warrants. Collectively, these
items accounted for $7,033,000 and $7,650,000 for the three and six
month periods, respectively. * EBITDA for the three and six month
periods ended September 30, 2005 was a loss of $1,051,000, and
$1,575,000, respectively, compared to EBITDA losses of $828,000,
and $893,000 in the comparable year ago periods. Adjusted EBITDA(1)
(defined below), which also excludes non-cash stock based
compensation and non-recurring items, for the three and six month
periods ended September 30, 2005 was unchanged from EBITDA and
Adjusted EBITDA in the comparable prior year periods was a loss of
$329,000 and $390,000. * Loss from operations in the September 2005
quarter was $2,386,000, compared to a loss of $1,682,000 in the
September 2004 quarter. Loss from operations for the six months
ended September 2005, was $4,323,000, compared to a loss of
$2,581,000 in September 2003. The increase was due to higher
selling, general and administrative expenses due to increased
headcount and office expenses; public company expenses; research
& development; and to higher depreciation and amortization
resulting from the increased asset base. Bud Mayo, Chief Executive
Officer of AccessIT, stated: "During the second quarter, AccessIT
achieved many objectives that will very significantly help define
the future of its business. In August, the company announced its
first studio commitment, securing the invaluable support of Disney
for our digital rollout plan. Based upon this commitment and the
high-level of interest expressed by other studios and exhibitors,
we expanded our original plan to now reach 4,000 screens. In a
further commitment to investing in the long-term future of the
company, we redeemed all of our outstanding convertible debt and
related warrants, greatly strengthening our balance sheet while
generating approximately $2.5 million in cash. Lastly, but
certainly not least, we were joined by Chuck Goldwater former CEO
of Hollywood's digital cinema consortium, Digital Cinema
Initiatives. As President and CEO of our newly formed Christie/AIX
subsidiary, Chuck's longtime personal relationships with industry
leaders and in-depth knowledge of the business of Hollywood is a
major asset, allowing us to accelerate our efforts to bring digital
cinema to audience nationwide." CONFERENCE CALL NOTIFICATION
AccessIT will host a conference call to discuss its financial
results at 10:30 a.m. EST today, Monday, November 14, 2005. The
conference can be accessed by dialing 617-597-5342, passcode
79934430 at least five minutes before the start of the call. The
conference call will also be webcast simultaneously and will be
accessible via the web on AccessIT's Web site,
http://www.accessitx.com/. A replay of the call will be available
at 617-801-6888, passcode 39695082 through Tuesday, November 22,
2005. Access Integrated Technologies, Inc. (AccessIT) is an
industry leader in offering a fully managed storage and electronic
delivery service for owners and distributors of digital content to
movie theaters and other venues. Supported by its robust platform
of fail-safe Internet data centers, AccessIT is able to leverage
the market-leading role of its Theatrical Distribution System (TDS)
with its innovative digital delivery capabilities and in-theatre
software systems to provide the highest level of technology
available to enable the emerging Digital Cinema industry to
transition from film without changing workflows. For more
information on AccessIT, visit http://www.accessitx.com/. Safe
Harbor Statement Investors and readers are cautioned that certain
statements contained in this document, as well as some statements
in periodic press releases and some oral statements of AccessIT
officials during presentations about AccessIT, along with AccessIT
's filings with the Securities and Exchange Commission, including
AccessIT 's registration statements, quarterly reports on Form
10-QSB and annual report on Form 10-KSB, are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Forward-looking statements include
statements that are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"expects," "anticipates," "intends," "plans," "could," "might,"
"believes," "seeks," "estimates" or similar expressions. In
addition, any statements concerning future financial performance
(including future revenues, earnings or growth rates), ongoing
business strategies or prospects, and possible future actions,
which may be provided by AccessIT's management, are also
forward-looking statements as defined by the Act. Forward-looking
statements are based on current expectations and projections about
future events and are subject to various risks, uncertainties and
assumptions about AccessIT, its technology, economic and market
factors and the industries in which AccessIT does business, among
other things. These statements are not guarantees of future
performance and AccessIT undertakes no specific obligation or
intention to update these statements after the date of this
release. (1) EBITDA is defined by the Company to be earnings before
interest, taxes, depreciation and amortization, and other
income/(expense), net, and non-recurring items. Adjusted EBITDA is
defined by the Company to be earnings before interest, taxes,
depreciation and amortization, other income/(earnings), net,
non-recurring items, and non-cash stock-based compensation. EBITDA
and Adjusted EBITDA are presented because management believes it
provides additional information with respect to the performance of
its fundamental business activities. A reconciliation of EBITDA to
GAAP net income is included in the table attached to this release.
EBITDA is a measure of cash flow typically used by many investors,
but is not a measure of earnings as defined under Generally
Accepted Accounting Principles, and may be defined by others.
Contact: Suzanne Tregenza Moore Michael Glickman AccessIT The
Dilenschneider Group 55 Madison Avenue 212.922.0900 Suite 300
Morristown, NJ 07960 973.290.0080 http://www.accessitx.com/ ACCESS
INTEGRATED TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data) (unaudited)
Three Months Ended September 30, 2004 2005 Revenues: Media services
$ 661 $ 2,266 Data center services 1,524 1,636 Total revenues 2,185
3,902 Costs of revenues (exclusive of depreciation and amortization
shown below): Media services 219 1,686 Data center services 1,031
1,206 Total costs of revenues 1,250 2,892 Gross profit 935 1,010
Operating expenses: Selling, general and administrative 1,182 2,041
Provision for doubtful accounts 527 12 Research and development 120
154 Depreciation and amortization 788 1,189 Total operating
expenses 2,617 3,396 Loss from operations (1,682) (2,386) Interest
income -- 81 Interest expense (91) (1,091) Non-cash interest
expense (66) (1,109) Debt conversion expense -- (6,083) Other
expense, net 56 1,250 Loss before income tax benefit (1,783)
(9,338) Income tax benefit 78 78 Net loss $ (1,705) $ (9,260) Net
loss available to common stockholders per common share: Basic and
diluted $ (0.18) $ (0.71) Weighted average number of common shares
outstanding: Basic and diluted 9,586,018 13,047,151 Access
Integrated Technologies, Inc. EBITDA and Adjusted EBITDA (as
defined) Reconciliation to GAAP Net Income (In thousands)
(unaudited) Three Months Ended September 30, September 30, 2004
2005 Net loss $(1,705) $(9,260) Add Back: Depreciation and
amortization 788 1,189 Amortization of software development 66 146
Interest income -- (81) Interest expense 91 1,091 Non-cash interest
expense 66 1,109 Income tax benefit (78) (78) Debt conversion
expense -- 6,083 Other expense, net (56) (1,250) EBITDA (as
defined) $ (828) $(1,051) Add Back: Non-cash stock-based
compensation -- -- Provision for customer related unbilled revenue
499 -- Adjusted EBITDA (as defined) $ (329) $(1,051) ACCESS
INTEGRATED TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data) (unaudited) Six
Months Ended September 30, 2004 2005 Revenues: Media services $
1,196 $ 4,626 Data center services 3,200 3,247 Total revenues 4,396
7,873 Costs of revenues (exclusive of depreciation and amortization
shown below): Media services 342 3,334 Data center services 2,040
2,295 Total costs of revenues 2,382 5,629 Gross profit 2,014 2,244
Operating expenses: Selling, general and administrative 2,286 3,792
Provision for doubtful accounts 576 35 Research and development 167
287 Non-cash stock-based compensation 4 -- Depreciation and
amortization 1,562 2,453 Total operating expenses 4,595 6,567 Loss
from operations (2,581) (4,323) Interest income -- 83 Interest
expense (188) (1,524) Non-cash interest expense (113) (1,293) Debt
conversion expense -- (6,083) Other expense, net 45 1,234 Loss
before income tax benefit and minority interest (2,837) (11,906)
Income tax benefit 156 156 Net loss before minority interest in
subsidiary (2,681) (11,750) Minority interest in loss of subsidiary
10 -- Net loss $ (2,671) $ (11,750) Net loss available to common
stockholders per common share: Basic and diluted $ (0.29) $ (1.00)
Weighted average number of common shares outstanding: Basic and
diluted 9,304,008 11,730,966 Access Integrated Technologies, Inc.
EBITDA and Adjusted EBITDA (as defined) Reconciliation to GAAP Net
Income (In thousands) (unaudited) Six Months Ended September 30,
September 30, 2004 2005 Net loss $(2,671) $(11,750) Add Back:
Depreciation and amortization 1,562 2,453 Amortization of software
development 126 296 Interest income -- (84) Interest expense 188
1,524 Non-cash interest expense 113 1,293 Income tax benefit (156)
(156) Minority interest (10) -- Debt conversion expense -- 6,083
Other expense, net (45) (1,234) EBITDA (as defined) $ (893) $
(1,575) Add Back: Non-cash stock-based compensation 4 -- Provision
for customer related unbilled revenue 499 -- EBITDA (as defined) $
(390) $ (1,575) Access Integrated Technologies, Inc. Consolidated
Balance Sheets (In thousands, except share data) (unaudited) March
31, September 30, 2005 2005 Assets Current assets Cash and cash
equivalents $ 4,779 $14,136 Accounts receivable, net 947 1,034
Prepaid and other current assets 762 667 Unbilled revenue 550 1,119
Total current assets 7,038 16,956 Property and equipment, net
14,261 19,341 Intangible assets, net 3,337 2,544 Capitalized
software costs, net 1,622 1,428 Goodwill 10,363 9,310 Deferred
costs 726 217 Unbilled revenue, net of current portion 69 53
Security deposits 361 386 Total assets $37,777 $50,235 Liabilities,
redeemable stock and stockholders' equity Current liabilities
Accounts payable and accrued expenses $ 2,415 $ 3,873 Current
portion of notes payable 1,415 1,174 Current portion of customer
security deposits 116 194 Current portion of capital leases 432 191
Current portion of deferred revenue 884 819 Current portion of
deferred rent expense 42 39 Total current liabilities 5,304 6,290
Notes payable, net of current portion 12,682 2,193 Common stock
warrants -- 3,490 Customer security deposits, net of current
portion 161 88 Deferred revenue, net of current portion 95 80
Capital leases, net of current portion 6,058 6,029 Deferred rent
expense, net of current portion 970 984 Deferred tax liability
1,210 1,053 Total liabilities 26,480 20,206 Commitments and
contingencies Redeemable Class A common stock, issued and
outstanding 53,534 and 0 shares, respectively 250 -- Stockholders'
Equity: Class A common stock, $0.001 par value per share;
40,000,000 shares authorized; shares issued 9,433,328 and
14,422,905, respectively shares outstanding -9,381,888 and
14,371,465, respectively 9 14 Class B common stock, $0.001 par
value per share; 15,000,000 shares authorized; shares issued and
outstanding, 965,811 and 925,811 shares, respectively 1 1
Additional paid-in capital 32,696 63,424 Treasury Stock, at cost;
51,440 shares (172) (172) Accumulated deficit (21,487) (33,238)
Total stockholders' equity 11,047 30,029 Total Liabilities,
Redeemable Stock and Stockholders' Equity $37,777 $50,235
DATASOURCE: Access Integrated Technologies, Inc. CONTACT: Suzanne
Tregenza Moore of AccessIT, +1-973-290-0080; or Michael Glickman of
The Dilenschneider Group for AccessIT, +1-212-922-0900 Web site:
http://www.accessitx.com/
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