Click here to close now.

Welcome!

.NET Authors: Andy Jonak, Greg O'Connor, Jayaram Krishnaswamy, Adine Deford, Peter Silva

News Feed Item

PNI Digital Media Reports Fiscal 2013 First Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/13 -- PNI Digital Media (TSX:PN)(OTCBB:PNDMF) ("PNI" or the "Company"), the leading innovator in digital media solutions for retailers, reported financial results for the fiscal 2013 first quarter ended December 31st, 2012 and discussed key operational developments for the quarter.

"In this past quarter 26% of all orders over our platform were for greeting and photo cards within our customers sites," said Kyle Hall, Chief Executive Officer of PNI Digital Media. "Our stationery and photo markets are merging quickly and we are well positioned to take advantage of this evolving market for personalized content as it extends itself into higher value cards and invitations while leveraging our retailers' large existing consumer bases. Furthermore, we saw record transactions from mobile devices fueled by our investment in new apps for both smart phones and tablets. This investment in mobile not only enabled us to drive incremental transactions but is also opening entirely new channels for our retailers as consumer behavior shifts towards mobile. Lastly, by using our recently announced platform API, any qualified software developer can add their photo app or photo product to our platform on their own, giving our platform an almost limitless range of product innovation for our retailers, and further positioning our platform as they key venue for retailers who want to drive high value transactions from personalized products."

Fiscal 2013 First Quarter Operational Highlights


--  Processed a record 6.9 million transactions during the quarter, a 3%
    increase from the same period last year 
--  Processed $103.5 million in online transactions over our platform on
    behalf of our retail partners, a 2.2% increase compared to the same
    quarter in fiscal 2012 
--  Set a new peak day record for transactions, conducting 270,000
    transactions in a single day 
--  Successfully launched a new platform API portal, enabling third parties
    to submit orders over the Company's platform, creating incremental
    transactions on behalf of the Company's retail clients 
--  Launched an all-new Android OS mobile app on behalf of the Company's
    retail clients, further extending the Company's mobile apps and
    solutions for its retail clients. The first implementation was with
    Tesco PLC 
--  Announced a new partnership with Aperion Inc. for the provision of
    premium unique themes and designs available only to retailers using the
    Company's platform 
--  The Company adopted a majority voting policy for elections of Directors

Fiscal 2013 First Quarter Fiscal Highlights


--  Revenue for the quarter of $6.6 million compared to $6.9 million in the
    first quarter of fiscal 2012. The decrease in revenue was predominantly
    due to a $0.4 million decrease in transaction fees 
--  Working capital increased to $4.9 million at December 31, 2012 from $4.8
    million at September 30, 2012 
--  Generated IFRS loss for the quarter of $0.3 million compared to $1.0
    million in income in the first quarter of fiscal 2012 
--  Non-IFRS adjusted EBITDA1 was $0.3 million compared to a non-IFRS
    adjusted EBITDA of $1.7 million during the first quarter of fiscal 2012.
    The reduced adjusted EBITDA in the current period was due in part to a
    large amount of capitalized personnel costs associated with the
    development of internal use software in the first quarter of 2012. In
    comparison, no internal development costs met the criteria for
    capitalization as internal use software in the first quarter of 2013 
--  The Company ended the quarter with $3.7 million in cash and cash
    equivalents and no debt

Conference Call

The company will host a conference call on February 14th, 2013 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 Cameron Lawrence will host the presentation, followed by a question and answer period.


Dial-In Number:     (888) 241-0394      
International:      (647) 427-3413      
Conference ID#:     89825016            

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 for 45 days following the live event.


Consolidated Statements of Operations and Comprehensive Income (Loss)       
                                                                            
                                                    Three Months Ended      
                                                 December 31,   December 31,
                                                         2012           2011
                                              ------------------------------
                                                                            
Revenue                                           $ 6,555,984    $ 6,950,376
Cost of sales                                       2,923,203      2,591,569
                                              ------------------------------
Gross Profit (loss)                                 3,632,781      4,358,807
                                                                            
Expenses                                                                    
 Software development                               2,515,174      2,164,177
 General and administration                           973,695      1,093,029
 Sales and marketing                                  334,351        170,954
                                              ------------------------------
                                                                            
                                                    3,823,220      3,428,160
                                              ------------------------------
                                                                            
Profit (loss) from operations                       (190,439)        930,647
                                                                            
Foreign exchange gain (loss)                        (130,348)        105,286
Finance income                                          1,755            559
                                                                            
                                              ------------------------------
                                                                            
                                                    (128,593)        105,845
                                              ------------------------------
                                                                            
Profit (loss) before income tax                     (319,032)      1,036,492
                                                                            
Deferred income tax recovery (expense)                      -          3,731
                                              ------------------------------
Income tax recovery (expense)                               -          3,731
                                                                            
                                              ------------------------------
Profit (loss) for the period                        (319,032)      1,040,223
                                                                            
Other comprehensive gain (loss):                                            
                                                                            
 Cumulative translation adjustment                    182,263      (287,058)
                                              ------------------------------
                                                                            
Total comprehensive income (loss) for the                                   
 period                                           $ (136,769)      $ 753,165
                                              ------------------------------
                                              ------------------------------
                                                                            
Earnings (loss) per share                                                   
Basic                                                $ (0.01)         $ 0.03
Fully diluted                                        $ (0.01)         $ 0.03
                                                                            
                                                                            
Consolidated Balance Sheets                                                 
                                                                            
                                                                            
                                                 December 31,  September 30,
Assets                                                   2012           2012
                                              ------------------------------
                                                                            
Current assets                                                              
 Cash and cash equivalents                        $ 3,662,556    $ 4,611,824
 Accounts receivable                                5,192,134      4,253,541
 Prepaid expenses and other current assets            520,083        622,970
                                              ------------------------------
                                                                            
                                                    9,374,773      9,488,335
                                                                            
Property and equipment                              4,325,496      4,683,355
Deferred income tax asset                           5,252,291      5,222,603
Intangible assets                                      53,831          2,124
Goodwill                                              575,983        568,479
                                                                            
                                              ------------------------------
                                                                            
                                                 $ 19,582,374   $ 19,964,896
                                              ------------------------------
                                              ------------------------------
                                                                            
Liabilities                                                                 
                                                                            
Current liabilities                                                         
 Accounts payable and accrued liabilities         $ 4,063,083    $ 4,390,437
 Current portion of deferred revenue                  378,494        318,107
                                              ------------------------------
                                                                            
                                                    4,441,577      4,708,544
                                                                            
Deferred revenue                                      421,903        437,140
                                              ------------------------------
                                                  $ 4,863,480               
                                                   $4,863,480    $ 5,145,684
                                              ------------------------------
                                                                            
Shareholders' Equity                                                        
                                                                            
Share capital                                    $ 66,881,748   $ 66,817,352
Contributed surplus                                19,306,153     19,334,098
                                              ------------------------------
                                                   86,187,901     86,151,450
                                              ------------------------------
                                                                            
Deficit                                          (71,454,053)   (71,135,021)
                                                                            
Accumulated other comprehensive loss                 (14,954)      (197,217)
                                              ------------------------------
                                                                            
                                                 (71,469,007)   (71,332,238)
                                              ------------------------------
                                                                            
                                                   14,718,894     14,819,212
                                                                            
                                              ------------------------------
                                                 $ 19,582,374   $ 19,964,896
                                              ------------------------------
                                              ------------------------------
                                                                            
                                                                            
Non-IFRS Financial Measures                                                
                                                                           
                                                   Three Months Ended      
                                                December 31,   December 31,
                                                        2012           2011
                                             ------------------------------
                                                                           
Net profit (loss) in accordance with IFRS        $ (319,032)    $ 1,040,223
Amortization of property and equipment               381,842        404,775
Amortization of intangible assets                     17,542        265,331
Interest expense                                           -              -
Income taxes                                               -        (3,731)
Stock based compensation expense                      36,451         79,269
Unrealized foreign exchange loss (gain)              140,547       (95,672)
Loss on disposal of property and equipment               480              -
                                                                           
                                             ------------------------------
Adjusted EBITDA                                    $ 257,830    $ 1,690,195
                                             ------------------------------
                                             ------------------------------
                                                                           
Adjusted EBITDA per share - Basic                     $ 0.01         $ 0.05
Adjusted EBITDA per share - Fully Diluted             $ 0.01         $ 0.05
                                                                           
Weighted average shares outstanding - Basic       34,297,664     34,076,445
Weighted average shares outstanding - Fully                                
 Diluted                                          34,298,902     34,099,611

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, impairment, 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.

The TSX has neither approved nor disapproved the information contained in this release. PNI Digital Media relies upon litigation protection for "forward-looking" statements.

PNI Digital Media is a registered trademark of PNI Digital Media Inc. All other trademarks are property of their respective owners.

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...