Access Integrated Technologies, Inc. Announces Fiscal 2009 First Quarter Results

August 7, 2008

Source: Access IT

Access Integrated Technologies, Inc.reported a 13% increase in revenues, to $20.6 million for the fiscal 2009 first quarter ended June 30, 2008, versus the year-ago period. The Company posted an Adjusted EBITDA of $10.2 million or $0.38 per share, an improvement from both the fiscal 2008 first quarter of $6.1 million and the fiscal 2008 March quarter of $8.9 million. Net loss of $4.3 million or $0.16 per share was also an improvement as compared to the year-ago quarter of $6.8 million, or $0.28 per share respectively. The net loss includes non-cash expenses for depreciation, amortization of intangible assets, non-cash interest, stock-based expenses and stock-based compensation aggregating $11.7 million or $0.44 per share.

First Fiscal Quarter Highlights

-- Revenues for the fiscal 2009 first quarter increased by 13%, to $20.6 million from $18.1 million in the comparable year ago period. This increase was driven largely by a 33% gain in the media services segment, including Virtual Print Fees ("VPFs") and record levels of media delivery fees in our satellite unit offset by an 18% decrease in revenues from our content and entertainment segment. As compared to the last fiscal quarter, revenues were down slightly from $21.9 million due to a reduction of in-theatre advertising revenue and seasonality which resulted in a slight decline in VPF revenue, offset by an increase in the satellite delivery business.

-- Income from Operations in the first quarter improved to $0.7 million, from a loss of $1.3 million in the comparable year ago period and a loss of $2.4 million in the fiscal 2008 March quarter. The improvement in loss from operations as compared to last quarter is primarily the result of a $1.6 million impairment of intangible assets charge last quarter. Lower direct operating expenses and SG&A were also factors in this improvement. Year-over-year, the shift to income from operations was due primarily to higher revenues and decreased direct operating and SG&A expenses, partially offset by increased depreciation.

-- Gross Profit Margin (revenue less direct operating expenses) was more than 70% in this first quarter, an improvement over last fiscal year's overall 67%.

-- Adjusted EBITDA margins improved to 49% in the June 2008 quarter from 34% in the comparable year ago period, and from 41% in the fiscal 2008 March quarter.

Bud Mayo, Chief Executive Officer of AccessIT, stated, "The growing financial success in our Media Services Group, specifically the Digital Cinema deployment, transport and software operating units, highlights that we are already capitalizing on the digital cinema future even before Phase 2 begins. There is tremendous opportunity to provide services to distributors and exhibitors alike in the digital cinema era, and AccessIT is the only company with proven comprehensive and integrated solutions. We are excited at the prospects for growth and improvement at AccessIT to take full advantage of this opportunity."

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