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Point.360 Announces Second Fiscal Quarter Results
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PR Newswire
LOS ANGELES, Feb. 9, 2017
LOS ANGELES, Feb. 9, 2017 /PRNewswire/ -- Point.360 (OTCQX: PTSX), a leading provider of integrated media management services, today announced results for the three and six month periods ended December 31, 2016. For the quarter, the Company's sales were $6.6 million generating a loss of $3.6 million, or $0.28 per share. The Company also reported negative earnings before interest, taxes, depreciation and amortization and non-cash charges (EBITDAN*) of $2.8 million for the period. For the six month period, the Company's sales were $14.6 million generating a net loss of $6.0 million, or $0.47 per share. The Company also reported negative EBITDAN* of $4.3 million for the period.
Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "Second quarter and first half fiscal 2017 revenues decreased $3.1 million and $5.9 million, respectively from the same periods last year. The timing of revenues has put pressure on the Company's cash flow. In response to lower revenues, operating costs have been reduced from $12.2 million in the second quarter of fiscal 2016 to $10.2 million in the second quarter of the current fiscal year."
Mr. Bagerdjian continued: "In the second quarter of Fiscal 2017, we continued the consolidation of services among our three facilities to meet the requirements of new and existing customers."
Revenues
Revenue for the quarter ended December 31, 2016 totaled $6.6 million compared to $9.7 million in the same quarter last year. Revenues for the six months ended December 31, 2016 were $14.6 million compared to $20.5 million last year.
Gross Margin
In the second quarter of fiscal 2017, gross margin was $0.4 million (5% of sales), compared to $2.0 million (20% of sales) in the prior year's second quarter. For the first half of fiscal 2017, gross margin was $2.0 million or (14% of revenues), compared to $5.1 million, or 25% of revenues in last year's period.
Selling, General and Administrative and Other Expenses
For the second quarter of fiscal 2017, SG&A expenses were $4.0 million, or 62% of sales, compared to $4.5 million, or 46% of sales, in the second quarter of last year. For the current six month period, SG&A expenses were $8.0 million (55% of sales), compared to $9.1 million (45% of sales) last year.
Operating Loss
Operating loss was $3.7 million in the second quarter of fiscal 2017 compared to a $2.5 million loss in last year's second quarter. For the six months ended December 31, 2016, the operating loss was $6.0 million compared to $4.0 million last year.
Interest Expense and Other Income
Interest expense was $142,000 and $104,000 for the three month periods ended December 30, 2016 and 2015, respectively, and $321,000 and $214,000 for the six month periods then ended, respectively. The increase was due to higher borrowings.
Other income in all periods includes sublease income. Other income in the prior six month period included $4.1 million representing the $6.8 million difference between (i) the aggregate fair values assigned to the purchased tangible and intangible assets of Modern VideoFilm, Inc.(Modern), and (ii) the fair value of the common shares and the warrants given as consideration for the purchase, net of a $2.7 million deferred income tax benefit recorded is connection with the recognition of the gain.
Income Taxes
During the six months ended December 31, 2015, the Company recorded a deferred income tax benefit in the amount of $2.7 million related to the gain associated with the Modern transaction.
Net Income (Loss)
For the second quarter of fiscal 2017, the Company reported a net loss of $3.6 million ($0.28 per share) compared to a loss of $2.3 million ($0.18 per share) in the same quarter last year. For the first half of fiscal 2017, the Company reported a net loss of $6.0 million, or $0.47 per diluted share, compared to income of $3.1 million ($0.23 per share) in the same period last year. Excluding net gain related to the Modern transaction, the Company recorded a net loss of $3.7 million, or $0.30 per share in the first six months of fiscal 2016.
Earnings Before Interest, Taxes, Depreciation, Amortization and Non-Cash Charges (EBITDAN)*
The following table reconciles the Company's EBITDAN* to net income (loss) which is the most directly comparable financial measure under Generally Accepted Accounting Principles ("GAAP"):
Computation of EBITDAN (unaudited)*
| | Three Months Ended December 31, | Six Months Ended December 31, | ||
| | 2015
| 2016
| 2015
| 2016
|
| Net income (loss) | $ (2,314,000) | $(3,627,000) | $3,072,000 | $(5,953,000) |
| Interest (net) | 104,000 | 142,000 | 214,000 | 321,000 |
| Income taxes | 2,000 | - | (2,709,000) | - |
| Depreciation & amortization | 551,000 | 568,000 | 1,018,000 | 1,158,000 |
| Other non-cash charges: | | | | |
| Bad debt expense | 10,000 | 7,000 | 21,000 | 15,000 |
| Stock based compensation | _ 94,000 | _ 102,000 | _ 159,000 | _ 191,000 |
| EBITDAN before non-operating gain | (1,553,000) | (2,808,000) | 1,775,000 | (4,268,000) |
| Non-operating gain | _ - | _ - | (4,099,000) | _ - |
| EBITDAN after non-operating gain | $(1,553,000) | $(2,808,000) | $(2,324,000) | $(4,268,000) |
Consolidated Statements of Operations (unaudited) *
The table below summarizes results for the three and six month periods ended December 31, 2015 and 2016:
| | Three Months Ended December 31, | Six Months Ended December 31, | ||
| | 2015 | 2016 | 2015 |
2016 |
| | | | | |
| Revenues
| $ 9,693,000 | $ 6,556,000 | $ 20,454,000 | $ 14,571,000 |
| Cost of services sold | _ (7,737,000) Werbung Mehr Nachrichten zur Point.360 - Common Stock, no par Aktie kostenlos abonnieren
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