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Joseph D. Frehe
Chief Financial Officer
For immediate release:
ALLOY REPORTS FULL YEAR AND FOURTH QUARTER FISCAL 2008 RESULTS
Reports 2008 Full Year:
|o||Revenue of $216.9 million, a 9% increase over prior year|
|o||Adjusted EBITDA of $16.2 million, a 56% increase over the prior year|
Reports Q4 2008 revenue of $43.8 million up 2% and Adjusted EBITDA of $1.8 million up 558%, over the prior year quarter
Strong Balance Sheet$32.1 million in cash and no debt
New York, NY March 19, 2009Alloy, Inc. (the Company) (NASDAQ: ALOY), one of the countrys largest providers of media and marketing programs reaching targeted consumer segments, today reported financial results for its fourth quarter and fiscal year ended January 31, 2009 (fiscal 2008).
Consolidated Results for Fiscal 2008
Revenue for fiscal 2008 increased $17.8 million, or 9%, to $216.9 million, from $199.1 million for the fiscal year ended January 31, 2008 (fiscal 2007).
Adjusted EBITDA, defined by the Company as operating income or loss plus depreciation and amortization, and non-cash stock-based compensation, less special items, for fiscal 2008 increased $5.8 million, to $16.2 million, from $10.4 million for fiscal 2007. The increase was primarily due to increased profitability in the Companys Media segment and partially offset by a decrease in the Promotion segment.
Commenting on Alloys performance and outlook, Matt Diamond, the Companys Chairman and Chief Executive Officer, stated, We are very pleased with our full year results in this extremely difficult economic environment. Our Media business segment, particularly Alloy Entertainment, Channel One, and our Interactive business, delivered strong results and we expect them to continue to be important contributors during fiscal 2009. We are also strong financially with $32.1 million in cash and no debt, and access to a $25.0 million line of credit.
Free cash flow, defined by the Company as net cash provided by operating activities, plus changes in operating assets and liabilities, minus capital expenditures, for fiscal 2008 was $8.4 million, or $0.63 per diluted share, as compared to $(6.7) million, or $(0.50) per diluted share, for fiscal 2007. The increase in free cash flow was primarily due to increased profitability, improved accounts receivable collections and lower capital expenditures resulting from the completion of Channel Ones digital upgrade.
In fiscal 2008, the Company recorded special items of $5.0 million. The Company sold its CCS domain name and related trademarks to dELiA*s, Inc. and recognized a gain of $5.8 million. This gain was partially offset by an impairment charge related to its trademarks and auction rate securities portfolio and
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The following information was filed by Alloy Inc on Thursday, March 19, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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