VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/07/13 -- PNI Digital Media (TSX: PN)(OTCBB: PNDMF) ("PNI" or the "Company"), the leading innovator in digital media solutions for retailers, reported financial results for the fiscal 2012 full year and fourth quarter ended September 30th, 2012 and discussed key operational development for the year.
"This past year we evolved the Company to position ourselves for the future markets we believe are integral to the growth of PNI," said Kyle Hall, Chief Executive Officer of PNI Digital Media. "As we saw in the past, once the investments were made we turned our focus to rolling out customers and improving operational efficiencies. We have a proven track record in these aspects of the business and will utilize these strengths to further the ambitions of the Company. Furthermore, we plan to continue to invest in driving strong organic growth with our retail partners, who in aggregate transacted $236.2 million in online sales over our platform this year."
Fiscal 2012 Operational Highlights
-- Announced a new multi-year agreement with Tesco PLC.-- Announced a new agreement and launched a new photo website with Rite Aid Corporation.-- Launched a new series of mobile apps with Tesco, Costco, Sam's Club and CVS/pharmacy.-- Announced second generation of PNI Connected Kiosk™ software.-- Launched a new business printing website with Costco Wholesale Canada Ltd.-- Launched a new social stationery website with Walgreen Co.-- The Company graduated from the TSX Venture Exchange to the Toronto Stock Exchange.-- Processed $236.3 million in online transactions over our platform on behalf of our retail partners, an improvement of 4.9% from the same period last year.-- Processed a record 19.1 million transactions over the PNI Digital Media Platform, an improvement of 4% from the same period last year.
Fiscal 2012 Full Year Financial Highlights
-- Revenue for the year of $22.7 million compared to $23.7 million in fiscal 2011. The majority of change in year on year revenue was due to a $0.7 million decrease in one-time software installation fees from the previous year.-- Transactional revenue was $17.7million, compared to $18.1M for the same period last year.-- Transactional revenue comprised 78% of total revenue for the year.-- Generated a loss after income taxes of $4.1 million for the year, compared to a profit of $1.1 million in fiscal 2011. $1.8 million of the loss resulted from the Company recording income tax expense, compared to the recognition of an income tax recovery of $1.3 million during fiscal 2011.-- Also contributing to the current period loss was non-cash impairment charges of $77,000 and $540,000 recorded in relation to our goodwill and intangible assets. These non-cash charges relate primarily to underperforming revenues associated with previously capitalized costs for our social stationery product offering, as well as changes in estimates in relation to the recoverability of goodwill.-- Generated non-IFRS adjusted EBITDA1 of $1.5 million, compared to $3.6 million in fiscal 2011.-- The Company ended the year with $4.6 million in cash and cash equivalents and no debt.
