AccessIT reports narrowed loss
Results driven largely by a 31% gain in media servicesAccess Integrated Technologies reported revenues of $21.8 million for the fiscal second quarter, an increase of 12% compared with the year-ago period. The company said it was driven largely by a 31% gain in the media services segment, including Virtual Print Fees and media delivery fees in its satellite unit.
Net loss was $6.3 million, compared with the year-ago quarter of $9.3 million.
CEO Bud Mayo said, "Despite the challenged economy and no new digital cinema system installations, AccessIT's revenues and EBITDA margins continue to improve. We are clear about our business plan, and the strategies we will employ while the credit markets are dormant, including: signing up exhibitors to our master license agreements and proceeding with site preparation in their locations, signing more movie distributors to VPF agreements and completing supply agreements with all major hardware vendors....These efforts will enable AccessIT to move forward quickly as the interim financing we are seeking and the financing we anticipate upon the return of the credit markets begins to flow."
AccessIT also reported Thursday that Premiere Cinema Corp. has joined its Phase 2 Digital Cinema Deployment Plan and that it signed a supply agreement with projector maker Barco.