Access Integrated Technologies, Inc. Announces Fiscal 2008 Fourth Quarter Results

on June 12, 2008
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MORRISTOWN, N.J., June 12, 2008 /PRNewswire-FirstCall via COMTEX/ -- Access Integrated Technologies, Inc. reported a 72% increase in revenues, to a record $81 million for the fiscal 2008 year ended March 31, 2008, versus the year-ago period. The Company posted an Adjusted EBITDA* of $30.3 million or $1.19 per share, and a net loss of $35.7 million or $1.39 per share. The net loss includes non-cash expenses for depreciation, amortization of intangible assets, non-cash interest, debt refinancing, impairment of intangible assets and stock-based compensation aggregating $44.4 million or $1.74 per share.

The Company reported a 26% increase in revenues versus the year-ago period to a record $21.9 million for the fiscal 2008 fourth quarter ended March 31, 2008. In the quarter, the Company posted an Adjusted EBITDA of $8.9 million or $0.34 per share, and a net loss of $11.2 million or $0.43 per share. The net loss includes non-cash expenses for depreciation, amortization of intangible assets, non-cash interest, impairment of intangible assets and stock-based compensation aggregating $14.5 million or $0.55 per share.

Bud Mayo, Chief Executive Officer of AccessIT, stated, "Fiscal 2008 was a year of great achievement for AccessIT. Among the many accomplishments in our Media Services Segment, we completed our Phase 1 digital cinema deployment of more than 3,700 screens, announced our Phase 2 deployment of an additional 10,000 screens and, in connection with our Phase 2 rollout, we have already entered into definitive agreements with four of the six major studios up to provide content and to pay VPFs. We also executed our first live satellite-delivered event with Disney/ESPN as our partner, expanded our satellite network to 254 multiplex sites covering 109 markets, and signed our first international agreement with Doremi Labs Inc. to provide our Theatre Command Center(TM) software and Library Management Server(TM) to customers internationally. In the Content and Entertainment segment, we signed an exclusive agreement with the San Francisco Opera to bring their performances to theatres throughout the world, and expanded our popular music and Kidtoons offerings. The Advertising and Creative Services unit has been through a major shift and we hope will be able to provide incremental national advertising to all of its screens during fiscal 2009. On the financing side, effective August 1, 2008, we have reduced the interest rate on $200 million of our outstanding GE debt by 2.5 percent to 7.3 percent, and continue to make progress on our refinancing efforts for our Phase 1 debt facility as well as preparations for the financing of Phase 2."

* Adjusted EBITDA is defined by the Company to be earnings before interest, taxes, depreciation and amortization, other income (expense), net, stock-based compensation and non-recurring items. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of its fundamental business activities. A reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") net income is included in the table attached to this release. Adjusted EBITDA is a measure of cash flow typically used by many investors, but is not a measure of earnings as defined under GAAP, and may be defined differently by others.

 

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