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 first quarter of
Fiscal Year 2011. GAAP profit before income taxes for the quarter
was $1.6 million. Revenue for the quarter was $7.7 million. If
foreign currency exchange rates had remained constant, revenue for
the quarter would have been approximately $8.1 million, compared to
$7.8 million during the same period last year.
Fiscal 2011 First Quarter Financial and Operational
Highlights:
-- GAAP net income before income taxes of $1.6 million, a 26% increase
compared to $1.3 million in the first quarter of Fiscal 2010
-- Transacted 6.4 million orders over the PNI Digital Media Platform, a 14%
increase compared to first quarter of Fiscal 2010
-- Revenue of $7.7 million, compared to $7.8 million in first quarter of
Fiscal 2010
-- Transactional revenue of $6.3 million, consistent with the first quarter
of Fiscal 2010. Transaction fees represented 81% of total revenue for
the quarter, consistent with the same period last year
-- Non-GAAP adjusted EBITDA(1) of $2.3 million, compared to $2.7 million
during the same period last year
-- Overall expenses fell 5% to $6.2 million for the quarter
-- Cash expenses increased 7% to $5.3 million for the quarter
-- Achieved 100% uptime for the third holiday season in a row
"We have started 2011 with a record profit before taxes of $1.6
million and solid adjusted EBITDA of $2.3 million in the first
quarter," said Kyle Hall, Chief Executive Officer of PNI Digital
Media. "We have a well established core business and we look
forward to reigniting revenue growth as we roll out our new
offerings throughout 2011."
Conference Call
The Company will host a conference call on Wednesday, February
23rd, 2011 at 4:30pm ET (1:30pm PT) to discuss the Company's Fiscal
2011 first 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.
39102493. 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
http://www.pnimedia.com/webcast. The presentation will be available
for download for dial-in callers.
Consolidated Balance Sheets
December 31, September 30,
2010 2010
-------------- -------------
Assets
Current assets
Cash and cash equivalents $ 3,737,564 $ 4,690,355
Accounts receivable 6,125,136 5,302,865
Prepaid expenses and other current assets 548,702 541,026
Current portion of future income tax asset 1,094,702 1,026,651
-------------- -------------
11,506,104 11,560,897
Property and equipment 5,184,067 5,230,829
Future income tax asset 4,280,015 4,953,934
Intangible assets 873,775 1,115,794
Goodwill 630,351 658,904
-------------- -------------
$ 22,474,312 $ 23,520,358
-------------- -------------
-------------- -------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 3,911,753 $ 5,471,878
Current portion of deferred revenue 602,139 613,081
Current portion of capital lease obligations - 107,964
Future income tax liability 115,889 119,081
-------------- -------------
4,629,781 6,312,004
Deferred revenue 50,137 78,876
-------------- -------------
4,679,918 6,390,880
-------------- -------------
Shareholders' Equity
Share capital $ 65,996,007 $ 66,200,215
Contributed surplus 19,175,859 18,933,619
-------------- -------------
85,171,866 85,133,834
-------------- -------------
Deficit (64,601,299) (65,684,820)
Accumulated other comprehensive loss (2,776,173) (2,319,536)
-------------- -------------
(67,377,472) (68,004,356)
-----------------------------
17,794,394 17,129,478
-------------- -------------
$ 22,474,312 $ 23,520,358
-------------- -------------
-------------- -------------
Consolidated Statements of Earnings and Comprehensive Gain
Three Months Ended
December 31, December 31,
2010 2009
-------------- -------------
Revenue $ 7,733,805 $ 7,756,213
Expenses
Network delivery 1,489,955 1,947,684
Software development 2,728,289 1,924,592
General and administration 1,023,791 1,080,758
Sales and marketing 303,110 240,503
Amortization 689,379 1,372,816
-------------- -------------
6,234,524 6,566,353
-------------- -------------
Earnings from operations before the undernoted 1,499,281 1,189,860
Realized foreign exchange (loss) gain (25,449) (20,140)
Unrealized foreign exchange gain 195,888 167,973
Interest income 48 425
Interest expense - capital lease (5,536) (27,323)
Interest expense - other - (1,560)
Loss on disposal of property and equipment (19,472) -
-------------- -------------
145,479 119,375
-------------- -------------
Earnings before income taxes 1,644,760 1,309,235
Current income tax (expense) - -
Future income tax (expense) benefit (561,239) (64,912)
-------------- -------------
Net earnings 1,083,521 1,244,323
Other comprehensive earnings:
Unrealized foreign exchange loss on
translation of self sustaining foreign
operations (456,637) (312,056)
-------------- -------------
Comprehensive gain $ 626,884 $ 932,267
-------------- -------------
-------------- -------------
Earnings per share
Basic $ 0.03 $ 0.04
Fully diluted $ 0.03 $ 0.04
Non-GAAP Financial Measures
Three Months Ended
December 31, December 31,
2010 2009
-------------- -------------
Net profit in accordance with GAAP $ 1,083,521 $ 1,244,323
Amortization 689,379 1,372,816
Interest expense 5,536 28,883
Income taxes 561,239 64,912
Stock based compensation expense 199,097 185,077
Unrealized foreign exchange (gain) (195,888) (167,973)
-------------- -------------
Adjusted EBITDA $ 2,342,884 $ 2,728,038
-------------- -------------
-------------- -------------
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
http://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.
The TSX Venture Exchange has neither approved nor disapproved
the information contained in this release. PNI Digital Media relies
upon litigation protection for "forward-looking" statements.
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 - For Financial Information Simon
Bodymore CFO (604) 893-8955 ext.229 PNI Digital Media - For
Investor Relations and Press Simon Cairns (866) 544-4881
ir@pnimedia.com www.PNIMEDIA.com
Pni Digital Media Inc. (TSXV:PN)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Pni Digital Media Inc. (TSXV:PN)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
