Second quarter financial results reported by KIT digital
Universal source of IPTV enablement technology and video-centric interactive marketing solutions declared its financial results second quarter ending 30 June 2008.
Revenue increased to $5.5 million for second quarter which was $3.5 million for first quarter of 2008. Software set-up fees, software license and maintenance fees, technical and creative service charges, streaming and data fees, and advertising-related income are the components of company’s revenue.
In 2008 first quarter net loss was $10.6 million while in second quarter it was down to $3.3 million. This net loss figure also included non-cash items such as $73,000 in stock-based reimbursement against $4.0 million in first quarter along with reformation charges of $146,000 relating to separation and facility closing. Loss before non-cash stock based compensation, restructuring and non-recurring costs, impairment of property and equipment and depreciation and amortization was $2.2 million.
For the fourth quarter the company expects and believes that it will cross over to a cash-flow positive position.
Management is confident that it has sufficient cash balance for executing its growth plan with careful acquisitions.
KIT took over the management of daily operations of Kamera’s business on May 19, 2008 as a part of definitive Share Purchase Agreement to attain 100 percent of the outstanding shares of Kamera Content AB.
Apart from for per share price the company’s management believe that it is at present in conformity with the necessities to be listed on NASDAQ Small Cap or the American Stock Exchange.
