Access Integrated Technologies
The just-released earnings report for the 2007 fiscal year showed nearly three times the revenue of 2006 for the digital cinema content expert. That was accompanied by nearly quadruple the net loss of the prior year, or almost triple on a per-share basis. Massive dilution doesn't sound so bad when the company is unprofitable, does it?
Of course, this is all part of growing up for AccessIT. CEO Bud Mayo said as much in the company's release when he called 2007 a "year of transition [...] from a development company to a results-driven operating company." Two acquisitions add to the dilution, and some of that extra stock was sold to bolster up the balance sheet.
It hurts to grow up sometimes. In this case, the company now owns $197 million worth of property and equipment, compared with $35.9 million a year ago. It's mostly digital projection equipment that remains company property while in service at a customer site somewhere. With that asset balance comes heavy depreciation and amortization write-offs, without which AccessIT would be much closer to profitability.
So what do I mean by all of this? The company is all grown up now, with a sound customer slate that includes Carmike Cinemas
Build it, and they will come. Then they'll pay.
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