On Tuesday, PNI Digital Media Inc. announced financial results for the third quarter of Fiscal Year 2011. Revenue for the quarter was $5.3 million. If foreign currency exchange rates had remained constant, revenue for the quarter would have been approximately $5.5 million.
Fiscal 2011 Third Quarter financial and operational highlights include the Company transacting 4.2 million orders over the PNI Digital Media Platform. This represents a 3 percent increase compared to the third quarter of Fiscal 2010. The Company had revenue of $5.3 million, in comparison to $5.7 million in the third quarter of Fiscal 2010. They had transactional revenue of $4.0 million. This is in comparison to $4.4 million during the third quarter of Fiscal 2010. Transaction fees represented 75 percent of total revenue for the quarter, consistent with the same period the year prior. Non-GAAP adjusted EBITDA was $0.6 million, compared to $1.6 million during the same period in 2010. GAAP net loss after income taxes was $76,000 for the quarter.
PNI Digital Media Inc. extended their agreement with Costco US and Costco Canada for an additional five-year term through 2016. The Company renewed their agreement with CVS/pharmacy for online photo services. They continued investment into new vertical markets, with total expenditures on software development totaling $2.7 million compared to $2 million in the third quarter of last year. In addition, they announced that they entered into an agreement with a leading national retailer to launch their flagship social stationery product.
Kyle Hall, Chief Executive Officer of PNI Digital Media Inc., said, “We continue to execute on our plan of launching new product offerings to our existing and new retail partners. The core business is being readied for the holiday season with many new features to enhance our customers’ market penetration.”
Founded in 1995, PNI Digital Media Inc. operates the PNI Digital Media Platform. This Platform 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. The Company successfully generates millions of transactions annually for retailers and their thousands of locations globally. PNI Digital Media Inc. has offices in Vancouver, British Columbia and Southampton, United Kingdom.
For more information visit: www.pnimedia.com
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