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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Petroreal Energy (Tier2) | TSXV:PNI | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
PNI Digital Media (TSX:PN)(OTCBB:PNDMF), ("PNI"), the leading innovator in
digital media solutions for retailers, reported financial results for the third
quarter of fiscal 2012 ended June 30th, 2012.
Fiscal Q3 2012 Financial Highlights
-- Revenue for the quarter of $5.7 million compared to $5.3 million in the
same quarter last year, an improvement of 7%
-- Transactional revenue was $4.4 million, an increase of 10% compared to
fiscal Q3 2011
-- Transactional revenue comprised 77% of total revenue for the quarter
-- Generated a loss after income taxes of $83,000 for the quarter, compared
to a profit after taxes of $22,000 during the same period last year
-- Generated non-IFRS adjusted EBITDA(1) of $328,000, compared to $608,000
in fiscal Q3 2011
-- Processed a record 4.5 million transactions over the PNI Digital Media
Platform, an improvement of 6% from the same quarter last year
-- Strong balance sheet with $5.6 million in cash and no debt
"PNI set a record this past quarter for transactions during the period," said
Kyle Hall, Chief Executive Officer of PNI Digital Media. "Effective promotions
by our retail customers coupled with consistent innovation in our core photo
business have helped drive results while we extend further into our new business
lines."
Conference Call
The company will host a conference call Thursday, August 9th, 2012 at 4:30 p.m.
ET (1:30 p.m. PT) to discuss these financial results. PNI Digital Media's Chief
Executive Officer Kyle Hall and Chief Financial Officer Simon Bodymore will host
the presentation, followed by a question and answer period.
Dial-In Number: (888) 241-0394
International: (647) 427-3413
Conference ID#: 96508585
Institutional investors and interested participants should dial the conference
telephone number 5-10 minutes prior to the start time. An operator will register
your name and organization
PNI Digital Media will also provide a live webcast and slide presentation, which
will be available on the company's website at www.pnimedia.com/webcast. An
archived replay of the webcast will be available on the company's website for 45
days following the live event.
Consolidated Statements of Income and Comprehensive Income
Three Months Ended Nine Months Ended
June 30, June 30, June 30, June 30,
2012 2011 2012 2011
------------------------------------------------------
Revenue $ 5,684,509 $ 5,316,242 $ 17,640,111 $ 18,081,310
Cost of sales 2,357,555 2,195,707 7,219,803 7,079,740
------------------------------------------------------
Gross Profit 3,326,954 3,120,535 10,420,308 11,001,570
Expenses
Software
development 2,444,446 2,200,333 6,880,736 6,916,791
General and
administration 938,997 1,007,813 3,005,713 3,200,433
Sales and
marketing 262,854 207,375 689,729 805,457
------------------------------------------------------
3,646,297 3,415,521 10,576,178 10,922,681
------------------------------------------------------
(Loss) profit from
operations (319,343) (294,986) (155,870) 78,889
Foreign exchange
(loss) gain (7,673) (42,184) (57,111) (34,274)
Finance income 1,847 446 2,775 494
Finance costs - (464) - (6,015)
------------------------------------------------------
(5,826) (42,202) (54,336) (39,795)
------------------------------------------------------
(Loss) profit
before income tax (325,169) (337,188) (210,206) 39,094
Current income tax
recovery (expense) - - - -
Deferred income tax
recovery (expense) 241,905 359,428 806,454 80,079
------------------------------------------------------
Income tax recovery
(expense) 241,905 359,428 806,454 80,079
------------------------------------------------------
(Loss) profit for
the period (83,264) 22,240 596,248 119,173
Other comprehensive
gain (loss):
Cumulative
translation
adjustment 53,341 24,492 (89,107) (369,203)
------------------------------------------------------
Total comprehensive
(loss) income for
the period $ (29,923) $ 46,732 $ 507,141 $ (250,030)
------------------------------------------------------
------------------------------------------------------
(Loss) earnings per
share
Basic $ (0.00) $ 0.00 $ 0.02 $ 0.00
Fully diluted $ (0.00) $ 0.00 $ 0.02 $ 0.00
Consolidated Statements of Financial Position
June 30, September October 1,
2012 30, 2011 2010
----------------------------------------
Assets
Current assets
Cash and cash equivalents $ 5,636,031 $ 3,936,176 $ 4.690,355
Accounts receivable 4,349,986 4,535,912 5,302,865
Prepaid expenses and other
current assets 609,876 460,140 541,026
----------------------------------------
10,595,893 8,932,228 10,534,246
Property and equipment 4,534,220 5,140,150 5,230,829
Deferred income tax asset 7,856,622 7,065,857 5,861,504
Intangible assets 700,708 680,437 1,115,794
Goodwill 649,470 654,222 658,904
----------------------------------------
$ 24,336,913 $ 22,472,894 $ 23,401,277
----------------------------------------
----------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued
liabilities $ 3,981,475 $ 3,284,311 $ 5,471,878
Current portion of deferred
revenue 347,359 250,323 613,081
Current portion of finance
lease obligations - - 107,964
----------------------------------------
4,328,834 3,534,634 6,192,923
Deferred revenue 453,428 33,898 78,876
----------------------------------------
4,782,262 3,568,532 6,271,799
----------------------------------------
Shareholders' Equity
Share capital $ 66,817,352 $ 66,420,572 $ 66,307,826
Contributed surplus 19,268,788 19,522,420 18,933,619
----------------------------------------
86,086,140 85,942,992 85,241,445
----------------------------------------
Deficit (66,416,119) (67,012,367) (68,111,967)
Accumulated other comprehensive
loss (115,370) (26,263) -
----------------------------------------
(66,531,489) (67,038,630) (68,111,967)
----------------------------------------
19,554,651 18,904,362 17,129,478
----------------------------------------
$ 24,336,913 $ 22,472,894 $ 23,401,277
----------------------------------------
----------------------------------------
Non-IFRS Financial Measures
Three Months Ended
June 30, June 30,
2012 2011
--------------------------
Net loss in accordance with IFRS $ (83,264) $ 22,240
Amortization of property and equipment 430,712 541,290
Amortization of intangible assets 183,830 209,258
Interest expense - 464
Income taxes (241,905) (359,428)
Stock based compensation expense (1,322) 153,656
Unrealized foreign exchange loss 40,542 40,749
--------------------------
Adjusted EBITDA $ 328,593 $ 608,229
--------------------------
--------------------------
Nine Months Ended
June 30, June 30,
2012 2011
--------------------------
Net profit in accordance with IFRS $ 596,248 $ 119,173
Amortization of property and equipment 1,253,165 1,538,348
Amortization of intangible assets 717,628 594,432
Interest expense - 6,015
Income taxes (806,454) (80,079)
Stock based compensation expense 143,439 700,577
Unrealized foreign exchange loss (gain) 75,529 (50,159)
--------------------------
Adjusted EBITDA $ 1,979,555 $ 2,828,307
--------------------------
--------------------------
Notes:
(1) Non-IFRS Measures
The Company continues to provide all information required in accordance with
IFRS, but believes evaluating its ongoing operating results may not be as useful
if an investor is limited to reviewing only IFRS financial measures.
Accordingly, the Company uses non-IFRS financial information to evaluate its
ongoing operations and for internal planning and forecasting purposes. The
primary non-IFRS financial measures utilized by the Company include adjusted
EBITDA. Adjusted EBITDA is non-IFRS financial measure which the Company defines
as net profit plus amortization, interest expense, tax expense, share-based
compensation expense and unrealized foreign exchange loss (gain).
To supplement the Company's financial statements presented on an IFRS basis, we
believe that these non-IFRS 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 IFRS 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-IFRS 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 IFRS.
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.
PNI Digital Media is a registered trademark of PNI Digital Media Inc.
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