PNI Digital Media (TSX VENTURE: PN)(OTCBB: PNDMF), ("PNI" or the
"Company"), the leading innovator in digital media solutions for
retailers, announced financial results for the second quarter of
Fiscal Year 2011. Revenue for the quarter was $5.0 million. If
foreign currency exchange rates had remained constant, revenue for
the quarter would have been approximately $5.2 million, compared to
$5.3 million during the same period last year.
Fiscal 2011 Second Quarter Financial and Operational
Highlights:
-- Transacted 3.6 million orders over the PNI Digital Media Platform, a 10%
increase compared to the second quarter of Fiscal 2010
-- Revenue of $5.0 million, compared to $5.3 million in second quarter of
Fiscal 2010
-- Transactional revenue of $3.5 million, compared to $3.7 million during
the second quarter of Fiscal 2010 Transaction fees represented 69% of
total revenue for the quarter, consistent with the same period last year
-- Non-GAAP adjusted EBITDA(1) of $(0.1 million), compared to $1.0 million
during the same period last year
-- GAAP net loss after income taxes of $852,000 for the quarter
-- The Company extended its agreement with Costco for an additional five
year term through 2016
-- More than 700 promotions were offered over the PNI Digital Media
Platform during the quarter
"Our second quarter is historically our weakest and this year
was no exception," said Kyle Hall, Chief Executive Officer of PNI
Digital Media. "We were happy to announce our contract extension
with Costco through 2016 and look forward to announcing more
customer news as we are able."
Conference Call
The Company will host a conference call on Thursday, May 26th,
2011 at 4:30pm ET (1:30pm PT) to discuss the Company's Fiscal 2011
second quarter financial results. Mr. Kyle Hall, Chief Executive
Officer, Mr. Aaron Rallo, President and Chief Operating Officer and
Mr. Simon Bodymore, Chief Financial Officer will host the call.
To join the call, please dial (888) 241-0394 (US/Canada) or
(647) 427-3413 (International) and quote conference ID no.
67562578. Please call 10 minutes prior to the scheduled start time.
PNI Digital Media will also provide a live webcast and slide
presentation, available on the Company's website at
www.pnimedia.com/webcast. The presentation will be available for
download for dial-in callers.
Consolidated Balance Sheets
March 31, September 30,
2011 2010
------------------------------
Assets
Current assets
Cash and cash equivalents $ 4,745,436 $ 4,690,355
Accounts receivable 3,782,818 5,302,865
Prepaid expenses and other current assets 590,213 541,026
Current portion of future income tax asset 1,082,060 1,026,651
------------------------------
10,200,527 11,560,897
Property and equipment 5,617,962 5,230,829
Future income tax asset 4,531,907 4,953,934
Intangible assets 691,821 1,115,794
Goodwill 634,603 658,904
------------------------------
$ 21,667,946 $ 23,520,358
------------------------------
------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 3,667,556 $ 5,471,878
Current portion of deferred revenue 423,910 613,081
Current portion of capital lease
obligations - 107,964
Future income tax liability 109,772 119,081
------------------------------
4,201,238 6,312,004
Deferred revenue 55,713 78,876
------------------------------
4,256,951 6,390,880
------------------------------
Shareholders' Equity
Share capital $ 66,633,431 $ 66,200,215
Contributed surplus 18,944,573 18,933,619
------------------------------
85,578,004 85,133,834
------------------------------
Deficit (65,453,778) (65,684,820)
Accumulated other comprehensive loss (2,713,231) (2,319,536)
------------------------------
(68,167,009) (68,004,356)
------------------------------
17,410,995 17,129,478
------------------------------
$ 21,667,946 $ 23,520,358
------------------------------
------------------------------
Consolidated Statements of Earnings and Comprehensive Gain
Three Months Ended Six Months Ended
March 31, March 31, March 31, March 31,
2011 2010 2011 2010
----------------------------------------------------
Revenue $ 5,031,263 $ 5,261,722 $ 12,765,068 $ 13,017,935
Expenses
Network delivery 992,498 1,238,269 2,482,453 3,185,953
Software development 2,879,128 1,922,796 5,607,417 3,847,388
General and
administration 1,056,037 1,009,289 2,079,828 2,090,047
Sales and marketing 257,919 215,027 561,029 455,530
Amortization 692,853 1,322,910 1,382,232 2,695,726
----------------------------------------------------
5,878,435 5,708,291 12,112,959 12,274,644
----------------------------------------------------
(Loss) earnings from
operations
before the undernoted (847,172) (446,569) 652,109 743,291
Realized foreign
exchange (loss) (57,549) (40,434) (82,998) (60,575)
Unrealized foreign
exchange (loss) gain (104,980) 458,835 90,908 626,808
Interest income - 253 48 679
Interest expense -
capital lease - (21,915) (5,536) (49,238)
Interest expense -
other (15) - (15) (1,560)
Loss on disposal of
property and equipment (71,241) - (90,713) -
Loss on settlement of
asset retirement
obligation - (4,810) - (4,810)
----------------------------------------------------
(233,785) 391,929 (88,306) 511,304
----------------------------------------------------
(Loss) earnings before
income taxes (1,080,957) (54,640) 563,803 1,254,595
Current income tax
benefit (expense) - - - -
Future income tax
benefit (expense) 228,478 (36,246) (332,761) (101,158)
----------------------------------------------------
Net (loss) earnings (852,479) (90,886) 231,042 1,153,437
Other comprehensive
gain (loss):
Unrealized foreign
exchange gain (loss) on
translation of self
sustaining foreign
operations 62,942 (659,784) (393,695) (971,840)
----------------------------------------------------
Comprehensive (loss)
gain $ (789,537) $ (750,670) $ (162,653) $ 181,597
----------------------------------------------------
----------------------------------------------------
(Loss) earnings per
share
Basic $ (0.03) $ (0.00) $ 0.01 $ 0.03
Fully diluted $ (0.03) $ (0.00) $ 0.01 $ 0.03
Non-GAAP Financial Measures
Three Months Ended
March 31, 2011 March 31, 2010
------------------------------
Net (loss) in accordance with GAAP $ (852,479) $ (90,886)
Amortization 692,853 1,322,910
Interest expense 15 21,915
Income tax (benefit) expense (228,478) 36,246
Stock based compensation expense 160,303 181,872
Unrealized foreign exchange loss (gain) 104,980 (458,835)
------------------------------
Adjusted EBITDA $ (122,806) $ 1,013,222
------------------------------
------------------------------
Six Months Ended
March 31, 2011 March 31, 2010
------------------------------
Net earnings (loss) in accordance with GAAP $ 231,042 $ 1,153,437
Amortization 1,382,232 2,695,726
Interest expense 5,551 50,798
Income tax expense 332,761 101,158
Stock based compensation expense 359,400 366,949
Unrealized foreign exchange (gain) (90,908) (626,808)
------------------------------
Adjusted EBITDA $ 2,220,078 $ 3,741,260
------------------------------
------------------------------
Notes:
1 - Non-GAAP Measures
The Company continues to provide all information required in
accordance with GAAP, but believes evaluating its ongoing operating
results may not be as useful if an investor is limited to reviewing
only GAAP financial measures. Accordingly, the Company uses
non-GAAP financial information to evaluate its ongoing operations
and for internal planning and forecasting purposes. The primary
non-GAAP financial measures utilized by the Company include
adjusted EBITDA and adjusted EBITDA per share. Adjusted EBITDA is
defined as earnings (loss) before interest expense, taxes,
depreciation, amortization, unrealized foreign currency gains and
losses and stock-based compensation.
To supplement the Company's financial statements presented on a
GAAP basis, we believe that these non-GAAP measures provide useful
information about the Company's core operating results and thus are
appropriate to enhance the overall understanding of the Company's
past financial performance and its prospects for the future. These
adjustments to the Company's GAAP results are made with the intent
of providing both management and investors a more complete
understanding of the Company's underlying operational results and
trends and performance. Management uses these non-GAAP measures to
evaluate the Company's financial results, develop budgets, manage
expenditures, and determine employee compensation. The presentation
of additional information is not meant to be considered in
isolation or as a substitute for or superior to net (loss) earnings
or net (loss) earnings per share determined in accordance with
GAAP.
Currency:
All amounts are expressed in Canadian dollars. This notice is
qualified in its entirety by reference to the Company's financial
statements and accompanying Management Discussion and Analysis,
which are accessible on the SEC'S website at
www.sec.gov/edgar.shtml and on SEDAR at www.sedar.com.
About PNI Digital Media- Founded in 1995, PNI Digital Media
operates the PNI Digital Media Platform, which provides transaction
processing and order routing services for major retailers. The PNI
Digital Media Platform connects consumer-ordered digital content,
whether from online, in-store kiosks, desktop software or mobile
phones, with retailers that have on-demand manufacturing
capabilities for the production of personalized products such as
photos, photo books and calendars, business cards and stationery.
PNI Digital Media successfully generates millions of transactions
each year for retailers and their thousands of locations
worldwide.
Further information on our company can be found at
www.pnimedia.com.
The statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties. PNI Digital Media's actual results could differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, changes in technology,
employee retention, inability to deliver on contracts, failure of
customers to continue marketing the online solution, competition,
general economic conditions, foreign exchange and other risks
detailed in the Company's annual report and other filings.
Additional information related to the Company can be found on SEDAR
at www.sedar.com and on the SEC'S website at
www.sec.gov/edgar.shtml. The information contained herein is
subject to change without notice. PNI Digital Media shall not be
liable for technical or editorial errors or omissions contained
herein.
PNI Digital Media relies upon litigation protection for
"forward-looking" statements.
The TSX Venture Exchange has neither approved nor disapproved
the information contained in this release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: PNI Digital Media Inc. - Financial Information Simon
Bodymore CFO (604) 893-8955 ext.229 PNI Digital Media Inc. -
Investor Relations and Press Simon Cairns (866) 544-4881
ir@pnimedia.com www.pnimedia.com
Pni Digital Media Inc. (TSXV:PN)
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