MORRISTOWN, N.J. - November 6, 2008- Access Integrated Technologies, Inc. ("AccessIT" or the "Company") (NASDAQ: AIXD) reported a 12% increase in revenues, to $21.8 million for the fiscal 2009 second quarter ended September 30, 2008, versus the year-ago period. The Company posted an Adjusted EBITDA (defined below) of $10.9 million or $0.40 per share, an improvement from both the fiscal 2008 second quarter of $6.9 million and the fiscal 2009 June quarter of $10.2 million. Net loss of $6.3 million or $0.23 per share was also an improvement from the year-ago quarter of $9.3 million or $0.37 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 $10.3 million or $0.37 per share.
Second Fiscal Quarter Highlights
Bud Mayo, Chief Executive Officer of AccessIT, stated, "Despite the challenged economy and no new digital cinema system installations, AccessIT's revenues and EBITDA margins continue to improve. We are clear about our business plan, and the strategies we will employ while the credit markets are dormant, including: signing up exhibitors to our Master License Agreements and proceeding with site preparation in their locations, signing more movie distributors to VPF agreements, and completing Supply Agreements with all major hardware vendors to ensure competitive pricing and continuous supply. These efforts will enable AccessIT to move forward quickly as the interim financing we are seeking and the financing we anticipate upon the return of the credit markets begins to flow."
1Adjusted 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. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of Adjusted EBITDA to U.S. GAAP net income (loss). The Company calculated and communicated Adjusted EBITDA in the tables because the Company's management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. The Company's calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the U.S. GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. These non-GAAP measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with U.S. GAAP.
CONFERENCE CALL NOTIFICATION
AccessIT will host a conference call to discuss its financial results at 10:30 a.m. EST on Thursday, November 6, 2008. The conference can be accessed by dialing 719.325.4817, at least five minutes before the start of the call. No passcode is required. The conference call will also be webcast simultaneously and will be accessible via the web on AccessIT's Web site, www.accessitx.com. A replay of the call will be available after 1:30 p.m. Eastern at 719.457.0820 or 888.203.1112, passcode 8375274. The replay will be accessible through Thursday, November 13th.
Access Integrated Technologies, Inc. (AccessIT) is the global leader in providing integrated solutions for digital cinema. The Company's ground-breaking digital cinema networked services along with its Library Management Server® and Theatre Command Center® software have enabled theatres across the United States to play more than nine million digital showings of Hollywood features to date. AccessIT's 24/7 satellite operations deliver feature movies, alternative content advertising, and pre-show entertainment through its UniqueScreen Media subsidiary, including live 2-D and 3-D events through its CineLive® satellite network, expanding box office sales and developing new ways to attract incremental revenues. Through its alternative content distribution unit, The Bigger Picture, AccessIT offers channels of programming including Opera, Kidtoons, Faith Based, Concerts, Sports and Anime. Access Integrated Technologies® and AccessITTM are trademarks of Access Integrated Technologies, Inc. For more information on AccessIT, visit www.accessitx.com. [AIXD-E]
Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of AccessIT officials during presentations about AccessIT, along with AccessIT 's filings with the Securities and Exchange Commission, including AccessIT's registration statements, quarterly reports on Form 10-QSB and annual report on Form 10-KSB, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "could", "might", "believes", "seeks", "estimates" or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by AccessIT's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about AccessIT, its technology, economic and market factors and the industries in which AccessIT does business, among other things. These statements are not guarantees of future performance and AccessIT undertakes no specific obligation or intention to update these statements after the date of this release.