|
Apr 7/09 -- KIT digital, Inc. (OTC BB:
KDGL), a
leading global provider of Internet Protocol-based video enablement
technologies, reported record financial results for the fourth quarter and year
ended December 31, 2008.Revenue in the fourth quarter
of 2008 totaled $9.0 million, an increase of 68% from $5.4 million in the
previous quarter and a 131% increase from $3.9 million in the same quarter a
year ago. Revenue for the full year of 2008 totaled $23.4 million, an
increase of 68% from $13.9 million in 2007. The company's revenues are primarily
comprised of software license and maintenance fees, software set-up fees, and
technical and creative service charges. The year-over-year revenue improvement
is principally due to the increase in the number of customers, increase in
spending by existing customers, and the inclusion of revenue from acquisitions
made in 2008. Gross margin was 56% in 2008, an improvement from 51% in 2007.
KIT digital, Inc. is a leading, global provider of proprietary IP-based video
enablement technologies and video-centric interactive marketing solutions.
Through its end-to-end platform, KIT digital works closely with consumer brands,
content providers and telcos to maximize the value of video content via the
Internet, mobile networks and IPTV set-top boxes. The KIT VX platform allows
clients to publish, manage and distribute digital video content, build
online/mobile communities and integrate advertising. KIT offers businesses a
full range of interactive marketing solutions and KIT clients can access
approximately 100 KIT-syndicated channels and 40,000 KIT-syndicated videos. KIT
digital clients include ABC Disney, Associated Press, General Motors, IMG,
Kmart, NASDAQ, News Corp, RCS, Telefonica and Verizon. KIT digital has principal
offices in Dubai, Melbourne (Australia), Prague, Toronto and London.
Gavin Campion, president of KIT digital, added, "Our success in 2008 can be
attributed to our focus on enterprise-oriented IP video software, and our
strategy of adding clients in global markets where broadband 3G mobile networks
are experiencing high levels of sustained growth. Now that the 'restructuring
phase' of our evolution is behind us, we expect to be more aggressive in 2009 --
actively expanding our market share and acquiring competitors where this can be
done smartly and accretively."
The company plans to apply for a Nasdaq Capital Markets exchange listing
following the SEC filing of its Form 10-K for 2008.
Contact:
Web Site:
http://www.kitd.com
Source. |
