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11-02-2005, 01:22 AM
والدة فيصل
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1. الهدف الاول 5.50$
2. الهدف الثاني 7$
3. استوب لووز (الحد من الخساره ) عند 4$
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اعلان نتائج الربع
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Thursday , February 10, 2005 08:26 ET
MORRISTOWN, N.J., Feb. 10, 2005 /PRNewswire-FirstCall via COMTEX/ --Access Integrated Technologies, Inc. ("AccessIT" or the "Company") (Amex: AIX) today reported revenues of $2,739,000, an EBITDA(1) loss of $249,000 and a net loss of $1,319,000 or $0.13 per diluted share, for its third fiscal quarter ended December 31, 2004.
Third Fiscal Quarter Highlights
-- Quarterly revenues increased by 34%, to $2,739,000 from $2,043,000 in
the comparable year ago period. Revenues for the nine months ended
December 31, 2004 increased by 46%, to $7,135,000, from $4,872,000 in
the comparable year ago period.
-- Media services revenues increased 104 percent, from $637,000 to
$1,300,000 for the quarter and 292 percent, from $637,000 to
$2,496,000, for the nine months.
-- Quarterly net loss available to common stockholders was $1,319,000
compared to a loss of $1,737,000 in the comparable year ago period. Net
loss available to common stockholders for the nine months ended
December 31, 2004 was $3,988,000 compared to a loss of $4,143,000 in
the comparable year ago period.
-- EBITDA for the three and nine month period ended December 31, 2004 was
a loss of $249,000, and $1,137,000, after $92,000 and $220,000 of
software amortization respectively, compared to EBITDA of $270,000 and
$178,000 in the comparable year ago periods.
-- Adjusted EBITDA, which also excludes non-cash stock based compensation
and non-recurring items, for the three and nine month period ended
December 31, 2004 was a loss of $249,000 and $634,000, respectively,
after a non-recurring charge of $499,000 during the nine months,
compared to an Adjusted EBITDA of $270,000 and $188,000 respectively,
recorded in the comparable year ago periods.
-- Loss from operations in the December 2004 quarter increased to
$1,236,000, from a loss of $449,000 reported in the December 2003
quarter. Loss from operations for the nine months ended December 2004,
increased to $3,814,000, from a loss of $1,780,000 reported in December
2003. The increase is primarily due to higher selling, general and
administrative expenses, additional headcount and office expenses at
our corporate division and Hollywood Software (acquired in November
2003) division, as well as due to recently acquired entities including
the Managed Services Division (formerly Core Technology Services) and
FiberSat Global Services. The increase also results from higher
depreciation and amortization, amortization of software development
costs, research and development, plus a provision for doubtful accounts
of $499,000 in September 2004 in connection with the bankruptcy of a
datacenter customer.
Bud Mayo, Chief Executive Officer of AccessIT, stated, "In addition to making significant improvements in revenue, we continue to invest in personnel, new product development, and infrastructure within our media services business, bolstering our growing role as the leading provider of technology solutions for the digital cinema industry. We look forward to continued revenue growth in our various divisions and to the added benefit accruing from our forthcoming Pavilion acquisition."
CONFERENCE CALL NOTIFICATION
AccessIT will host a conference call to discuss its financial results at 10:00 a.m. EST on Thursday, February 10, 2005. The conference can be accessed by dialing 617.786.4511, passcode 56685911 at least five minutes before the start of the call. The conference call will also be webcast simultaneously and will be accessible via the web on AccessIT's Web site, http://www.accessitx.com . A replay of the call will be available at 617-801-6888, passcode 54948406 through Thursday, February 17, 2005.
Access Integrated Technologies, Inc. (AccessIT) is an early mover in offering a fully managed storage and delivery service for owners and distributors of digital content to movie theaters and other venues. Supported by its robust platform of fail-safe Internet data centers, which offer a wide variety of managed services, AccessIT is able to leverage the market-leading role of its Hollywood Software subsidiary with the innovative digital delivery capabilities of its Digital Media unit to provide the highest level of technology available to service the emerging digital cinema industry. For more information, visit our website at http://www.accessitx.com .
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.
(1) EBITDA is defined by the Company to be earnings before interest,
taxes, depreciation and amortization, amortization of software
development costs, and other income/(expense), net. Adjusted EBITDA
is defined by the Company to be earnings before interest, taxes,
depreciation and amortization, amortization of software development
costs, other income/(expense), net, non-recurring items, and non-cash
stock-based compensation. EBITDA and Adjusted EBITDA are presented
because management believes it provides additional information with
respect to the performance of its fundamental business activities. A
reconciliation of EBITDA to GAAP net income is included in the table
attached to this release. EBITDA is a measure of cash flow typically
used by many investors, but is not a measure of earnings as defined
under Generally Accepted Accounting Principles, and may be defined
differently by others.
ACCESS INTEGRATED TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
(unaudited)
Three Months Ended
December 31,
2003 2004
Revenues:
Media services $637 $1,300
Data center services 1,406 1,439
Total revenues 2,043 2,739
Costs of revenues (exclusive of depreciation
and amortization shown below):
Media services, including amortization of
software development costs of $43 and
$92 for 2003 and 2004 57 570
Data center services 837 1,062
Total costs of revenues 894 1,632
Gross profit 1,149 1,107
Operating expenses:
Selling, general and administrative 872 1,303
Provision for doubtful accounts 42 23
Research and development 8 122
Depreciation and amortization 676 895
Total operating expenses 1,598 2,343
Loss from operations (449) (1,236)
Interest expense (143) (90)
Non-cash interest expense (111) (43)
Other income (expense), net 4 (27)
Net loss before income taxes (699) (1,396)
Income tax benefit 127 77
Net loss (572) (1,319)
Accretion related to redeemable
convertible preferred stock (1,125) --
Accretion of preferred dividends (40) --
Net loss available to common stockholders $(1,737) $(1,319)
Net loss available to common stockholders
per common share:
Basic and diluted $(0.30) $(0.13)
Weighted average number of common shares
outstanding:
Basic and diluted 5,725,153 10,041,879
Access Integrated Technologies, Inc.
EBITDA and Adjusted EBITDA (as defined)
Reconciliation to GAAP Net Income
(In thousands) (unaudited)
Three Months Ended
December 31, December 31,
2003 2004
Net loss $ (572) $ (1,319)
Add Back:
Amortization of software development costs 43 92
Depreciation and amortization 676 895
Interest expense 143 90
Non-cash interest expense 111 43
Income tax benefit (127) (77)
Other (income) expense, net (4) 27
EBITDA (as defined) $270 $(249)
Adjusted EBITDA (as defined) $270 $(249)
ACCESS INTEGRATED TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
(unaudited)
Nine Months Ended
December 31,
2003 2004
Revenues:
Media services $ 637 $2,496
Data center services 4,235 4,639
Total revenues 4,872 7,135
Costs of revenues (exclusive of depreciation
and amortization shown below):
Media services, including amortization of
software development costs of $43 and
$220 for 2003 and 2004 57 912
Data center services 2,586 3,102
Total costs of revenues 2,643 4,014
Gross profit 2,229 3,121
Operating expenses:
Selling, general and administrative (excludes
non-cash stock-based compensation of
$10 in 2003 and $4 in 2004) 2,021 3,588
Provision for doubtful accounts 55 598
Research and development 8 288
Non-cash stock-based compensation 10 4
Depreciation and amortization 1,915 2,457
Total operating expenses 4,009 6,935
Loss from operations (1,780) (3,814)
Interest expense (389) (279)
Non-cash interest expense (302) (155)
Other income, net 11 17
Net loss before income taxes and
minority interest in subsidiary (2,460) (4,231)
Income tax benefit 127 233
Net loss before minority interest in subsidiary (2,333) (3,998)
Minority interest in subsidiary -- 10
Net loss (2,333) (3,988)
Accretion related to redeemable
convertible preferred stock (1,590) --
Accretion of preferred dividends (220) --
Net loss available to common stockholders $(4,143) $(3,988)
Net loss available to common stockholders
per common share:
Basic and diluted $(1.05) $(0.42)
Weighted average number of common
shares outstanding:
Basic and diluted 3,954,827 9,432,380
Access Integrated Technologies, Inc.
EBITDA and Adjusted EBITDA (as defined)
Reconciliation to GAAP Net Income
(In thousands) (unaudited)
Nine Months Ended
December 31, December 31,
2003 2004
Net loss $ (2,333) $(3,988)
Add Back:
Amortization of software development costs 43 220
Depreciation and amortization 1,915 2,457
Interest expense 389 279
Non-cash interest expense 302 155
Income tax benefit (127) (233)
Minority interest -- (10)
Other income, net (11) (17)
EBITDA (as defined) $178 $(1,137)
Add Back:
Non-cash stock-based compensation 10 4
Provision for customer related unbilled revenue -- 499
Adjusted EBITDA (as defined) $188 $(634)
Access Integrated Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
March 31, December 31,
2004 2004
Assets
Current assets
Cash and cash equivalents $2,330 $1,515
Accounts receivable, net 509 1,251
Prepaid and other current assets 296 439
Unbilled revenue 8 291
Total current assets 3,143 3,496
Property and equipment, net 5,865 8,276
Intangible assets, net 4,200 3,695
Capitalized software costs, net 1,430 1,558
Goodwill 5,378 5,478
Deferred costs 91 331
Unbilled revenue, net of current portion 596 76
Security deposits 472 341
Total assets $21,175 $23,251
Liabilities, redeemable stock
and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $1,371 $921
Current portion of notes payable 650 1.009
Current portion of customer security deposits 38 118
Current portion of capital leases 115 494
Current portion of deferred revenue 755 688
Current portion of deferred rent expense 2 42
Total current liabilities 2,931 3,272
Notes payable, net of current portion 5,589 4,937
Customer security deposits,
net of current portion 117 156
Deferred revenue, net of current portion 271 236
Capital leases, net of current portion 35 21
Deferred rent expense 884 951
Minority interest in subsidiary 10 --
Deferred tax liability 1,520 1,287
Total liabilities 11,357 10,860
Commitments and contingencies
Redeemable Class A common stock, issued and
outstanding, 53,534 shares 238 247
Stockholders' equity
Class A common stock, $0.001 par value per share;
40,000,000 shares authorized; shares issued
9,353,328 and shares outstanding, 9,344,224 at
December 31, 2004 and shares issued and outstanding
at March 31, 2004 - 7,281,730 shares 7 10
Class B common stock, $0.001 par value per share;
15,000,000 shares authorized; shares issued and
outstanding, 1,005,811 1 1
Treasury Stock, at cost; 9,140 shares -- (32)
Additional paid-in capital 24,271 30,853
Accumulated deficit (14,699) (18,688)
Total stockholders' equity 9,580 12,144
Total liabilities, redeemable stock and
stockholders' equity $21,175 $23,251
SOURCE Access Integrated Technologies, Inc.
Suzanne Tregenza of AccessIT, +1-973-290-0080; or Michael Glickman of The
Dilenschneider Group, +1-212-922-0900
Copyright (C) 2005 PR Newswire. All rights reserved.
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