Global Traffic Network, Inc. (Nasdaq: GNET), a leading
provider of custom traffic and news reports to radio and television
stations outside the United States, today announced its results for
the fiscal fourth quarter and year ended June 30, 2011.
The Company’s revenue for the quarter ended June 30, 2011 was
$33.5 million, an increase of 44% from $23.2 million reported in
the fourth quarter of fiscal 2010. Revenue from the Company’s
Australian, Canadian and United Kingdom operations were up 41%, 50%
and 50%, respectively, from the fiscal fourth quarter of 2010. When
measured in local currencies, Australian, Canadian and United
Kingdom revenues increased 17%, 43% and 38%, respectively compared
to the prior year quarter.
Adjusted Operating Income increased from $2.4 million for the
fiscal fourth quarter ended June 30, 2010 to $5.7 million for the
quarter ended June 30, 2011. The Company defines Adjusted Operating
Income (Loss) as net operating income (loss) plus depreciation and
amortization expense. Adjusted Operating Income includes the impact
of non-cash compensation from the granting of stock options and
restricted stock which was $0.4 million for the current quarter
compared to $0.3 million for the previous year quarter.
Net income for the fourth quarter of fiscal 2011 was $4.0
million compared to net income of $0.4 million for the same quarter
a year ago. Included in the United Kingdom results were $0.7
million of amortization expense related to the intangibles of the
Company’s acquisition of Unique Broadcasting in March 2009.
The Company’s revenue for the year ended June 30, 2011 was
$117.4 million, an increase of 26% from $93.3 million reported for
fiscal 2010. Revenue from the Company’s Australian, Canadian and
United Kingdom operations were up 23%, 58% and 19%, respectively,
from the year ended June 30, 2010. When measured in local
currencies, Australian, Canadian and United Kingdom revenues
increased 10%, 51% and 18%, respectively compared to the prior
year.
Adjusted Operating Income more than doubled to $18.3 million for
the year ended June 30, 2011 compared to $9.0 million for the year
ended June 30, 2010. Adjusted Operating Income includes the impact
of non-cash compensation from the granting of stock options and
restricted stock which was $1.4 million for the current year
compared to $1.2 million last year.
Net income for fiscal 2011 was $8.9 million compared to net
income of $0.6 million last year. In addition to the continued (and
increased) profitability of the Australian operations, the
Company’s United Kingdom operations attained profitability while
the Company’s Canadian operations significantly reduced their net
loss compared to the year ended June 30, 2010. Included in the
United Kingdom current results were $2.6 million of amortization
expense related to the intangibles of the Company’s acquisition of
Unique Broadcasting in March 2009.
Commenting on the results, William L. Yde III, Chairman, Chief
Executive Officer and President of Global Traffic Network, said,
“We are pleased with the increase in Adjusted Operating Income for
both this quarter as well as the whole year. Our Adjusted Operating
Income more than doubled for the quarter while our annual Adjusted
Operating Income has grown over four fold in the past two years,
from $3.8 million for fiscal 2009 to $18.3 million for the latest
fiscal year.”
Mr. Yde continued, “Global Alert Network, our personalized
alerting product for mobile phones, has added a significant number
of subscribers since our launch in February 2011. We now have in
excess of 300 thousand users and these subscribers received over
1.5 million traffic and weather alert messages in the month of
August alone. In addition, we have brought the I-Phone on line in
August and expect to begin to add a significant number of
subscribers for this device shortly. We are continuing to actively
market the commercial availabilities to advertisers and are
optimistic about the revenue potential of the service.”
Mr. Yde concluded, “Our Company continues to generate strong
free cash flow and maintain a solid balance sheet which has no debt
and significant cash balances. We are well positioned in the
advertising market place, with no significant direct competitors,
an extremely effective product and a seasoned, experienced sales
staff.”
Fiscal First Quarter 2012 Outlook
July 2011 Preliminary Revenue
The Company, based on its internal financial reports and the
exchange rates for July 2011, expects revenue for July to be
approximately $10.0 million, compared to approximately $7.9 million
for July 2010 based on the July 2010 exchange rates below. The
Company’s quarterly income statements are translated based on the
average exchange rate for the quarter, and therefore a change in
the exchange rates from July 2011 to August and September 2011
could change the projected amount of the July 2011 revenue in
United States dollars as reported in the Company’s quarterly
financial statements.
Currency
Exchange Rates for Revenue Information Month Ending
July 31,2011 Month Ending July
31,2010 Difference Australia 1.0782 0.8780 +22.8
% Canada 1.0462 0.9585 +9.1 % United Kingdom 1.6154 1.5302 +5.6 %
August 2011 Preliminary Revenue
The Company, based on internal pacing reports and the exchange
rates for August 2011, expects revenue for August to be in the
range of $11.2 million to $11.6 million, compared to approximately
$7.6 million for August 2010 based on the August 2010 exchange
rates below. The Company’s quarterly income statements are
translated based on the average exchange rate for the quarter, and
therefore a difference in the exchange rates from August 2011
compared to July and September 2011 could change the projected
amount of the August 2011 revenue in United States dollars as
reported in the Company’s quarterly financial statements.
Currency
Exchange Rates for Revenue Information Month Ending
August 31,2011 Month Ending August
31,2010 Difference Australia 1.0506 0.9003 +16.7
% Canada 1.0190 0.9608 +6.1 % United Kingdom 1.6359 1.5652 +4.5 %
Conference Call
Global Traffic Network, Inc. will host a conference call at 8:30
a.m. ET on Tuesday, September 13, 2011, to discuss its fiscal
fourth quarter and fiscal year 2011 results. To listen to the call,
dial (877) 303-9131 (domestic), or (408) 337-0141 (international),
and enter the pass code 98700383. The call will also be available
live on the Internet at www.globaltrafficnetwork.com. A replay of
the call will be available from 11:30 a.m. September 13, 2011
through September 20, 2011. To access the replay, please call (855)
859-2056 (domestic) or (404) 537-3406 (international) and enter the
following code: 98700383.
About Global Traffic Network
Global Traffic Network, Inc. (Nasdaq: GNET) is a leading
provider of custom traffic and news reports to radio and television
stations outside the U.S. The Company operates the largest traffic
and news network in Australia, operates traffic networks in eight
Canadian markets and the largest national radio traffic network
across the United Kingdom. In exchange for providing custom traffic
and news reports, television and radio stations provide Global
Traffic Network with commercial airtime inventory that the Company
sells to advertisers. As a result, radio and television stations
incur no out-of-pocket costs when contracting to use Global Traffic
Network’s services. For more information, visit the Company’s
website at www.globaltrafficnetwork.com.
This press release contains statements that constitute
forward-looking statements. These statements reflect the Company’s
current views with respect to future events. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors, including those discussed under the heading “Risk Factors”
and elsewhere in the Company’s annual report 10-K, which may cause
the actual results, performance or achievements to be materially
different from any future results, performances or achievements
anticipated or implied by these forward-looking statements. These
statements can be recognized by the use of words such as
“anticipate,” “may,” “will,” “intend,” “ should,” “could,” “can,”
“would,” “expect,” “believe,” “estimate,” “ predict,” “potential,”
“plan,” “is designed to,” “target” or the negative of these terms,
and similar expressions. The Company does not undertake to revise
or update any forward-looking statements to reflect future events
or circumstances.
Currency Exchange Rates for Income Statement
Information Three Months
Ending
June 30, 2011
Three Months Ending
June 30, 2010
Difference
Australia 1.0629
0.8827 +20.4% Canada
1.0336 0.9719
+ 6.3% United Kingdom 1.6315
1.4917 + 9.4%
Estimated Inventory, Rate, Sell-Out information in local
currency (Radio only) Three months ended June 30, 2011
Australia Canada
United Kingdom
Average
weekly spots 12,300
9,400 20,300
Average rate per spot sold
$129 $50
£19
Percentage of spots sold 88%
65% 97%
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL
INFORMATION
Global Traffic Network, Inc. defines Adjusted Operating Income
(Loss) as net operating income (loss) adjusted to exclude
depreciation and amortization expense. The Company uses Adjusted
Operating Income (Loss), among other things, to evaluate its
operating performance. The Company believes the presentation of
this measure is relevant and useful for investors because it helps
improve their ability to understand the Company’s operating
performance and makes it easier to compare the Company’s results
with other companies that have different financing and capital
structures or tax rates. In addition, the Company believes this
measure is among the measures used by investors, analysts and peers
in the media industry for purposes of evaluation and comparing its
operating performance to other companies.
Adjusted Operating Income (Loss) is not a measure of performance
calculated in accordance with United States generally accepted
accounting principles (“GAAP”) and it should not be considered in
isolation of, or as a substitute for, net operating income (loss)
as an indicator of operating performance. Because Adjusted
Operating Income (Loss) excludes certain financial information
compared with net operating income (loss), which is the most
directly comparable GAAP financial measure, users of this financial
information should consider the types of events and transactions
which are excluded. In addition, Adjusted Operating Income (Loss)
may not be comparable to measures of adjusted operating income,
earnings before interest, taxes, depreciation and amortization
(EBITDA), adjusted EBITDA, operating cash flow or similarly titled
measures employed by other companies. Adjusted Operating Income
(Loss) is not necessarily a measure of the Company’s ability to
fund its cash needs.
The following presents the reconciliation of net operating
income to Adjusted Operating Income for the three and twelve month
periods ended June 30, 2011 and 2010.
Three
Months
Ended
Twelve
Months
Ended
June
30,
2011
June
30,
2010
June
30,
2011
June
30,
2010
(Unaudited) (Unaudited) (Unaudited)
(Unaudited) (In thousands) (In thousands)
(In thousands) (In thousands) Net operating
income $ 4,137 $ 1,019 $ 12,319 $ 3,705 Add back: Depreciation and
amortization expense
1,553
1,416 5,975
5,326 Adjusted Operating Income
$
5,690 $ 2,435 $
18,294 $ 9,031
Global Traffic Network, Inc.
Income Statement Detail
(Unaudited)
(In thousands)
Three Months Ended June 30,
2011
2011 2011
2011 2011
2011
Australia Canada
UK Alert*
Corporate Total Revenues
$ 20,015 $ 4,523
$ 8,960 $ 1 $ -
$ 33,499 Operating expenses
Traffic 6,500
2,923 6,339
417 -
16,179 News
3,509 -
496 -
- 4,005 TV
313 -
- -
- 313 Selling,
G&A 3,492
1,181 1,207
34 -
5,914 Corporate overhead
470 -
90 -
469 1,029 Non-cash compensation
- -
- -
369 369
Depreciation/amortization 271
490 792
- -
1,553
Net
operating income (loss) 5,460
(71 ) 36
(450 ) (838 )
4,137
Interest expense
- -
- -
- - Other
(income) (406 )
- (4 ) -
(1 ) (411 ) Other
expense -
12 -
- 87 99
Net income (loss) before taxes
5,866 (83 )
40 (450 )
(924 ) 4,449 Income tax
expense (benefit) 1,764
- (209 )
- (1,153 )
402 Net income (loss) $
4,102 $ (83 ) $ 249
$ (450 ) $ 229 $
4,047
2010
2010 2010
2010 2010
2010
Australia Canada
UK Alert*
Corporate Total Revenues
$ 14,224 $ 2,977
$ 6,040 $ - $ -
$ 23,241 Operating expenses
Traffic 5,208
2,561 4,763
140 -
12,672 News
2,247 -
431 -
- 2,678 TV
231 -
- -
- 231 Selling,
G&A 2,581
819 668
33 -
4,101 Corporate overhead
392 -
- -
436 828 Non-cash compensation
- -
- -
296 296
Depreciation/amortization 232
483 675
26 -
1,416
Net
operating income (loss) 3,333
(886 ) (497 )
(199 ) (732 )
1,019
Interest expense
- -
- -
- - Other
(income) (216 )
- 2
- 1 (213 )
Other expense -
- -
- -
-
Net income (loss) before taxes
3,549 (886
) (499 ) (199 )
(733 ) 1,232 Income tax
expense (benefit) 1,069
- (204 )
- 11
876 Net income (loss) $
2,480 $ (886 ) $ (295 )
$ (199 ) $ (744 ) $ 356
*Global Alert Network, Inc. (formerly
Mobile Traffic Network, Inc.)
Global Traffic Network, Inc.
Income Statement Detail
(Unaudited)
(In thousands)
Twelve Months Ended June 30,
2011
2011 2011
2011 2011
2011
Australia Canada
UK Alert*
Corporate Total Revenues
$ 69,732 $ 15,017
$ 32,651 $ 1 $ -
$ 117,401 Operating expenses
Traffic 23,944
10,643 23,421
1,048 -
59,056 News
11,532 -
2,015 -
- 13,547 TV
1,090 -
- -
- 1,090
Selling, G&A 12,312
4,184 3,803
114 -
20,413 Corporate overhead
1,783 -
180 -
1,636 3,599
Non-cash compensation -
- -
- 1,402
1,402 Depreciation/amortization
1,070 1,964
2,940 1
- 5,975
Net operating income (loss)
18,001 (1,774 )
292 (1,162 )
(3,038 ) 12,319
Interest expense
- -
- - -
- Other (income)
(1,308 ) (4 )
(14 ) -
(1 ) (1,327 ) Other expense
- 39
- -
99 138
Net income (loss) before taxes
19,309 (1,809 )
306 (1,162 )
(3,136 ) 13,508 Income
tax expense 5,812
- (119 )
- (1,128 )
4,565 Net income (loss) $ 13,497
$ (1,809 ) $ 425
$ (1,162 ) $ (2,008 ) $ 8,943
2010 2010
2010 2010
2010 2010
Australia
Canada UK Alert*
Corporate Total Revenues
$ 56,451 $ 9,464
$ 27,389 $ 31
$ - $ 93,335 Operating
expenses
Traffic
20,066 9,675
21,229 541
- 51,511 News
9,024 -
1,800 -
- 10,824
TV 931
- -
- -
931 Selling, G&A
10,097 2,837
3,281 175
- 16,390 Corporate
overhead 1,588
- -
- 1,815
3,403 Non-cash compensation
- -
- -
1,245 1,245
Depreciation/amortization 982
1,386 2,854
104 -
5,326
Net
operating income (loss) 13,763
(4,434 ) (1,775 )
(789 ) (3,060 )
3,705
Interest expense
15 -
- -
- 15 Other
(income) (729 )
(9 ) (129 ) -
(100 ) (967 )
Other expense -
6 -
26 -
32
Net income (loss) before taxes
14,477
(4,431 ) (1,646 ) (815 )
(2,960 ) 4,625
Income tax expense (benefit)
4,360 -
(388 ) - 26
3,998 Net income (loss)
$ 10,117 $ (4,431 )
$ (1,258 ) $ (815 ) $ (2,986 )
$ 627
*Global Alert Network, Inc. (formerly
Mobile Traffic Network, Inc.)
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands except share and per
share amounts)
Three Months Ended Twelve Months
Ended June 30 June 30 2011
2010 2011 2010 (Unaudited)
(Unaudited) (Unaudited) (Unaudited)
Revenues $ 33,499 $ 23,241 $ 117,401 $ 93,335
Operating expenses (exclusive of
depreciation and
amortization shown separately
below)
20,497 15,581 73,693 63,266 Selling, general and administrative
expenses 7,312 5,225 25,414 21,038 Depreciation and amortization
expense 1,553 1,416 5,975 5,326
Net operating income 4,137 1,019 12,319 3,705 Interest expense — —
— 15
Other (income) (including interest income
of $411 and
$214 for the three months ended June 30,
2011 and
2010 and interest income of $1,318 and
$727 for
the twelve months ended June 30, 2011 and
2010)
(411 ) (213 ) (1,327 ) (967 ) Other expense 99 —
138 32 Net income before income taxes 4,449
1,232 13,508 4,625 Income tax expense 402 876 4,565
3,998 Net income $ 4,047 $ 356 $ 8,943 $ 627
Income per common share: Basic $ 0.22 $ 0.02 $ 0.49 $ 0.03 Diluted
$ 0.21 $ 0.02 $ 0.48 $ 0.03 Weighted average common shares
outstanding: Basic 18,734,887 18,091,502 18,344,388 18,115,530
Diluted 19,282,131 18,121,113 18,825,649 18,132,721
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share
data)
June 30, June 30,
2011 2010 (Unaudited)
(Unaudited) ASSETS: Current Assets: Cash and cash
equivalents $ 41,655 $ 19,564 Accounts receivable net of allowance
for doubtful accounts of $191 and $69 at June 30, 2011 and 2010
27,508 18,790 Prepaids and other current assets 1,658 1,989
Deferred tax assets 387 239 Total current assets
71,208 40,582 Property and equipment, net 5,841 6,693
Intangibles 11,245 13,013 Goodwill 4,572 4,257 Deferred tax assets
196 129 Other assets 213 414 Total assets $ 93,275 $ 65,088
LIABILITIES AND SHAREHOLDERS’ EQUITY: Current
Liabilities: Accounts payable and accrued expenses $ 18,835 $
11,709 Deferred revenue 560 810 Income taxes payable 2,521 1,306
Total current liabilities 21,916 13,825 Deferred tax
liabilities 2,938 2,747 Other liabilities 939 349 Total
liabilities 25,793 16,921
Preferred stock, $.001 par value;
10,000,000 authorized; 0 issued and outstanding as of June 30, 2011
and
June 30, 2010
— —
Common stock, $.001 par value; 100,000,000
shares authorized; 19,050,172 shares issued and outstanding
as of June 30, 2011 and 18,409,834 shares
issued and outstanding as of June 30, 2010
19 18 Additional paid in capital 54,821 51,391 Accumulated other
comprehensive income 7,330 389 Retained earnings (accumulated
deficit) 5,312 (3,631 ) Total shareholders’
equity 67,482 48,167 Total liabilities and
shareholders’ equity $ 93,275 $ 65,088
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
Twelve Months Ended June 30,
2011 2010 (Unaudited)
(Unaudited) Cash flows from operating activities: Net income
$ 8,943 $ 627 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization
5,975 5,326 Allowance for doubtful accounts 122 (81 ) Non-cash
compensation expense 1,402 1,245 Change in deferred taxes 157 (403
) Foreign currency translation income — (101 ) Loss on disposal or
write down of assets 94 92 Changes in assets and liabilities (net
of effects from purchase of controlled entity): Accounts receivable
(4,913 ) (2,700 ) Prepaid and other current assets and other assets
878 (481 ) Accounts payable and accrued expenses and other
liabilities 5,176 680 Deferred revenue (405 ) (391 ) Income taxes
payable 790 (714 ) Net cash provided by
operating activities 18,219 3,099 Cash flows
from investing activities: Purchase of property and equipment
(1,611 ) (1,244 ) Acquisition of business —
(3,488 ) Net cash used in investing activities (1,611 ) (4,732 )
Cash flows from financing activities: Proceeds from exercise
of warrants 1,791 — Proceeds from exercise of employee stock
options 31 — Repayment of long term debt —
(414 ) Net cash provided by (used) in financing activities 1,822
(414 ) Effect of exchange rate changes on cash and
cash equivalents 3,661 192 Net increase
(decrease) in cash and cash equivalents 22,091 (1,855 ) Cash and
cash equivalents at beginning of fiscal period 19,564
21,419 Cash and cash equivalents at end of fiscal period $
41,655 $ 19,564 Supplemental disclosures of cash flow
information: Cash paid during the fiscal period for: Interest $ — $
15 Income taxes $ 5,141 $ 5,133
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