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Joseph D. Frehe
Chief Financial Officer
(212) 329 - 8347
For immediate release:
ALLOY REPORTS FULL YEAR AND FOURTH QUARTER FISCAL 2009 RESULTS
Reports 2009 Full Year:
Revenue of $205.1 million, a 5% decrease compared to the prior year Media segment reports year over year growth
Adjusted EBITDA of $15.2 million, a 7% decrease compared to the prior year Media segment reports year over year growth
Reports Q4 2009 revenue of $46.0 million up 5.0% and Adjusted EBITDA of $1.6 million down 11%, compared to the prior year quarter
New York, NY March 31, 2010 Alloy, 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, 2010 (fiscal 2009).
Consolidated Results for Fiscal 2009
Revenue in fiscal 2009 decreased $11.8 million, or 5.5%, to $205.1 million, from $216.9 million in the fiscal year ended January 31, 2009 (fiscal 2008). Revenue decreased in the Companys Promotion and Placement segments, partially offset by an increase in the Media segment.
Adjusted EBITDA is defined by the Company as operating income (loss) plus depreciation and amortization, non-cash stock-based compensation and special charges. Adjusted EBITDA in fiscal 2009 decreased $1.0 million, or 6.5%, to $15.2 million, from $16.2 million in fiscal 2008. Adjusted EBITDA decreased in the Companys Promotion, Placement, and Corporate segments, partially offset by an increase in the Media segment.
Commenting on Alloys performance and outlook, Matt Diamond, the Companys Chairman and Chief Executive Officer, stated, We are pleased with our overall performance in a challenging advertising environment with Adjusted EBITDA down 7%. As expected, our segments reflected mixed results, with our Media segment reporting revenue and Adjusted EBITDA growth of 5% and 36%, respectively. While revenue and Adjusted EBITDA decreased in the Promotion and Placement segments, they are reflecting positive revenue trends in the first quarter of fiscal 2010. We finished the year maintaining a strong financial position with $26.2 million in cash and no debt.
Free cash flow is defined by the Company as net cash used in or provided by operating activities, plus changes in operating assets and liabilities, minus capital expenditures. Free cash flow in fiscal 2009 was $12.2 million, or $1.06 per diluted share, as compared to $8.4 million, or $0.63 per diluted share, in fiscal 2008, primarily due to lower capital expenditures, partially offset by lower profitability.
In fiscal 2009, the Company recorded special charges of $(5.0) million for a non-cash goodwill and intangible asset impairment in the Companys Placement segment. In fiscal 2008, the Company recorded a $5.8 million gain on the sale of the CCS domain name and related assets, offset by $(0.8) million of special charges related to the impairment of certain trademarks and auction rate securities and an adjustment related to a prior acquisition.
The following information was filed by Alloy Inc on Wednesday, March 31, 2010 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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