VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/13 -- 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 2013 first quarter ended December 31st, 2012 and discussed key operational developments for the quarter.
"In this past quarter 26% of all orders over our platform were for greeting and photo cards within our customers sites," said Kyle Hall, Chief Executive Officer of PNI Digital Media. "Our stationery and photo markets are merging quickly and we are well positioned to take advantage of this evolving market for personalized content as it extends itself into higher value cards and invitations while leveraging our retailers' large existing consumer bases. Furthermore, we saw record transactions from mobile devices fueled by our investment in new apps for both smart phones and tablets. This investment in mobile not only enabled us to drive incremental transactions but is also opening entirely new channels for our retailers as consumer behavior shifts towards mobile. Lastly, by using our recently announced platform API, any qualified software developer can add their photo app or photo product to our platform on their own, giving our platform an almost limitless range of product innovation for our retailers, and further positioning our platform as they key venue for retailers who want to drive high value transactions from personalized products."
Fiscal 2013 First Quarter Operational Highlights
-- Processed a record 6.9 million transactions during the quarter, a 3% increase from the same period last year-- Processed $103.5 million in online transactions over our platform on behalf of our retail partners, a 2.2% increase compared to the same quarter in fiscal 2012-- Set a new peak day record for transactions, conducting 270,000 transactions in a single day-- Successfully launched a new platform API portal, enabling third parties to submit orders over the Company's platform, creating incremental transactions on behalf of the Company's retail clients-- Launched an all-new Android OS mobile app on behalf of the Company's retail clients, further extending the Company's mobile apps and solutions for its retail clients. The first implementation was with Tesco PLC-- Announced a new partnership with Aperion Inc. for the provision of premium unique themes and designs available only to retailers using the Company's platform-- The Company adopted a majority voting policy for elections of Directors
Fiscal 2013 First Quarter Fiscal Highlights
-- Revenue for the quarter of $6.6 million compared to $6.9 million in the first quarter of fiscal 2012. The decrease in revenue was predominantly due to a $0.4 million decrease in transaction fees-- Working capital increased to $4.9 million at December 31, 2012 from $4.8 million at September 30, 2012-- Generated IFRS loss for the quarter of $0.3 million compared to $1.0 million in income in the first quarter of fiscal 2012-- Non-IFRS adjusted EBITDA1 was $0.3 million compared to a non-IFRS adjusted EBITDA of $1.7 million during the first quarter of fiscal 2012. The reduced adjusted EBITDA in the current period was due in part to a large amount of capitalized personnel costs associated with the development of internal use software in the first quarter of 2012. In comparison, no internal development costs met the criteria for capitalization as internal use software in the first quarter of 2013-- The Company ended the quarter with $3.7 million in cash and cash equivalents and no debt
