Kowabunga Reports 2009 First Quarter Financial Results
14 Maggio 2009 - 3:00PM
Business Wire
Kowabunga!�, Inc. (NYSE Amex: KOW) a provider of performance
based advertising and technology solutions, announced today its
financial results for the first quarter of 2009, the period ended
March 31, 2009.
Richard K. Howe, our Chief Executive Officer stated, �We made
measureable progress towards our goal to improve operating cash
flow this quarter. Each of these key metrics, EBITDA, net cash
provided by operating activities and net income (loss) were
improved over the comparable period in 2008. While expense
management will continue to be a top priority, our attention is now
shifting to new products and top line growth. The continued
weakness in the economy remains our biggest obstacle to this
growth.�
First Quarter Financial Highlights
- First quarter 2009 net revenue
from continuing operations decreased by approximately 14.0% to
approximately $13.9 million compared to approximately $16.2 million
for the first quarter of 2008.
- A gross margin rate of 36.8% for
first quarter 2009, compared to 42.3% for the first quarter of 2008
and up 0.8% from 36.0% in the fourth quarter of 2008.
- The net loss for the first
quarter of 2009 was approximately $0.8 million or $0.01 per share
compared to approximately $2.3 million or $0.03 per share in the
first quarter of 2008. Included in the net loss for the first
quarter of 2009 is a net profit from discontinued operations of
approximately $0.5 million compared to a net loss from discontinued
operations of approximately $1.5 million in the first quarter of
2008.
- The Net cash provided by
operating activities for the first quarter of 2009 was
approximately $2.8 million compared to cash used in operating
activities of approximately $1.5 million in the first quarter of
2008.
- EBITDA for the first quarter of
2009 was approximately $1.0 million compared to approximately $0.4
million in the first quarter of 2008 and approximately $0.0 million
in the fourth quarter of 2008.
Operating Results by Segment
Net Revenue By Segment Three Months Ended March 31,
(in Thousands) � � � �
Change
Segment �
2009 � �
2008 � �
$ �
% � Exchange $ 8,619 $ 6,439 $ 2,180 33.9 %
Direct 5,484 10,160 (4,676 ) -46.0 % Elimination � (188 ) � (421 )
� 233 � -55.3 %
Total Net Revenue $ 13,915
$ 16,178 $ (2,263 ) -14.0
% Gross Profit By Segment Three Months Ended March
31, (in Thousands) � � � �
2009 �
2008 �
Gross Margin Gross
Margin Segment
Profit Rate
Profit Rate Exchange $
1,917 22.2 % $ 2,327 36.1 % Direct 3,215 58.6 % 4,677 46.0 %
Elimination � (14 ) -7.4 % � (165 ) 39.2 %
Total Gross
Profit $ 5,118 36.8 % $
6,839 42.3 %
Reconciliation of Net Income to EBITDA
In addition to disclosing financial results in accordance with
United States generally accepted accounting principles (GAAP), the
Company�s earnings release contains the non-GAAP financial measure
�EBITDA�.
EBITDA is not a measure of performance defined in accordance
with GAAP. However, management believes that EBITDA is useful to
investors in evaluating the Company�s performance because it is a
commonly used financial analysis tool for measuring and comparing
companies in the Company�s industry in areas of operating
performance. Management believes that the disclosure of EBITDA
offers an additional view of the Company�s operations that, when
coupled with the GAAP results and the reconciliation to GAAP net
income, provides a more complete understanding of the Company�s
results of operations and the factors and trends affecting the
Company�s business.
EBITDA should not be considered as an alternative to net income
as an indicator of the Company�s performance or as an alternative
to net cash provided by operating activities as a measure of
liquidity. The primary material limitations associated with the use
of EBITDA as compared to GAAP net income is (i) it may not be
compared to similarly titled measures used by other companies in
the Company�s industry, and (ii) it excludes financial information
that some may consider important in evaluating the Company�s
performance. The Company compensates for these limitations by
providing a reconciliation of EBITDA to GAAP net income, to enable
investors to perform their own analysis of the Company�s operating
results.
� �
2009 � � �
2008 � � Net
Income
$ (782 ) $ (2,302
) Interest, net 167 210 Taxes - (1,220 ) Depreciation 501
537 Amortization 985 1,833 Stock Based Compensation 103 174 Asset
Impairment � - � � 1,188 � Total EBITDA
$ 974
$ 420 � EBITDA By Segment Exchange $ 649 $ 678 Direct
1,365 1,824 Discontinued Operations 547 (174 ) Corporate � (1,587 )
� (1,908 ) Total EBITDA
$ 974 $ 420
Conference Call Information
The Company will host a conference call on Thursday, May 14,
2009 at 2:00 p.m. Eastern Time. Participants can access the call by
dialing 888-669-0684 (domestic) or 201-604-0469 (international). In
addition, the call will be webcast on the Investor Relations
section of the Company's website at�www.kowabunga.com�where it will
also be archived for 45 days. A telephone replay will be available
through Thursday, May 28, 2009.
To access the replay, please dial 888-346-3949 (domestic) or
404-260-5385 (international). At the system prompt, enter the pin
code 8888923. After prompted to dial �4� for the playback, you will
then be prompted to enter the confirmation number
20090501199330.
About Kowabunga
Kowabunga is a leading provider of performance based advertising
and technology solutions. The company operates two businesses, a
Direct Marketing business and an Advertising Exchange business. For
more information, visit www.kowabunga.com.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this document and elsewhere by Kowabunga
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such information
includes, without limitation, the business outlook, assessment of
market conditions, anticipated financial and operating results,
strategies, future plans, contingencies and contemplated
transactions of the company. Such forward-looking statements are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties and other factors which may cause or
contribute to actual results of company operations, or the
performance or achievements of the company or industry results, to
differ materially from those expressed, or implied by the
forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere herein, risks,
uncertainties and other factors that could cause or contribute to
actual results differing materially from those expressed or implied
for the forward- looking statements include, but are not limited to
fluctuations in demand; changes to economic growth in the U.S.
economy; government policies and regulations, including, but not
limited to those affecting the Internet. Kowabunga undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Actual results, performance or achievements could differ materially
from those anticipated in such forward-looking statements as a
result of certain factors, including those set forth in Kowabunga's
filings with the Securities and Exchange Commission.
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