-- Full-Year Revenue Grew 31% --
-- Gross Profit Increased 122% --
IRVINE, Calif., March 31, 2014 (GLOBE NEWSWIRE) -- AllDigital Holdings, Inc. (OTCBB:ADGL), a leader in digital broadcasting solutions, today announced improved financial results for the full year ended December 31, 2013.
"2013 was a record year in terms of top line revenue, as well as significant improvements to our gross margins and balance sheet position," said Paul Summers, CEO of AllDigital. "As we pivot to the next generation of our content management system currently branded as AllDigital Cloud, we believe that we are well positioned to introduce ultra-low latency technologies (ULL) that enable highly innovative digital broadcasting solutions."
Total revenues for 2013 rose 31% to $4.3 million from $3.3 million in 2012, which also included recognition of completion revenue related to contracts with new and existing customers.
Gross profit for the year increased 122% to $1.8 million from $821,000 in 2012, primarily related to the increase in net sales and minimal change in cost of sales from the previous year, which included salaries and related payroll expenses.
Total operating expenses for 2013 were $2.4 million, compared with $2.2 million in 2012. Net loss for 2013 was reduced to $552,000 from $1.2 million in 2012.
"From a corporate perspective, 2013 was a productive period for AllDigital. In terms of executive management, we expanded our team across technical operations, accounting, operations and executive sales," Summers said. "At the same time, we continued to make great strides gaining more exposure and recognition in the industry, including the inclusion of AllDigital in Streaming Media magazine's list honoring 100 of the most innovative and influential companies in the online video industry.
"As we continue to move toward a 'platform as a service' model and as current integration projects near completion, we anticipate that our integration services revenue, as a percentage of total revenue, may decrease in 2014. However, our focus for the year will be to add additional clients through organic growth and potential acquisitions, increase monthly recurring revenue as a percentage of total revenue, and improvements in gross margins," Summers added.
About AllDigital Holdings, Inc.
AllDigital Inc., a leader in digital broadcasting solutions, is the developer of AllDigital Cloud, a content management system (CMS), focused on the high-speed management and delivery of data and related digital media content. AllDigital Cloud supports multiple types of connected devices including mobile, desktop, and digital television, providing total control over the global distribution of digital media assets. Serving media and entertainment companies, enterprise brands, non-profit and government organizations, AllDigital sets itself apart by offering highly scalable and ultra-low latency (ULL) digital broadcasting solutions, including cloud storage, origin transit, content management solutions, integration services, and related customer support. For more information on AllDigital, please visit http://www.alldigital.com.
Forward-Looking Statements
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause AllDigital's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, whether AllDigital will successfully introduce ultra-low latency technologies (ULL) that will enable highly innovative digital broadcasting solutions, whether current integration projects will be completed in a timely manner, whether integration services revenues as a percentage of revenues will decrease in 2014, and whether AllDigital will successfully add additional clients through organic growth and/or through acquisitions, increase monthly recurring revenues as a percentage of total revenues and improve gross margins in 2014. In addition, other risks are identified in AllDigital's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this release. AllDigital expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
(Tables Follow)
| ALLDIGITAL HOLDINGS, INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| Year Ended December 31, | ||
| 2013 | 2012 | |
| Net sales | $ 4,327,227 | $ 3,307,167 |
| Cost of sales | 2,505,925 | 2,486,388 |
| Gross profit | 1,821,302 | 820,779 |
| Operating expenses | ||
| Selling, marketing, and advertising | 537,496 | 600,789 |
| General and administrative | 1,898,493 | 1,587,445 |
| Total operating expenses | 2,435,989 | 2,188,234 |
| Operating loss | (614,687) | (1,367,455) |
| Total other income (expense) | 63,976 | 196,646 |
| Loss before provision for income taxes | (550,711) | (1,170,809) |
| Provision for income taxes | 1,600 | 2,400 |
| Net loss | $ (552,311) | $ (1,173,209) |
| Basic and diluted net loss per share | $ (0.02) | $ (0.05) |
| Basic and diluted weighted-average shares outstanding | 26,642,459 | 25,405,892 |
| ALLDIGITAL HOLDINGS, INC | ||
| CONSOLIDATED BALANCE SHEETS | ||
| December 31, | ||
| 2013 | 2012 | |
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $ 1,300,932 | $ 462,761 |
| Accounts receivable, net of allowance of $10,000 and $0 | 454,733 | 122,064 |
| Prepaid expenses and other current assets | 82,324 | 53,362 |
| Total current assets | 1,837,989 | 638,187 |
| Property and Equipment, net | 86,648 | 80,311 |
| Other Assets | ||
| Deposits | 11,164 | 11,164 |
| Intangibles – domain name | 22,000 | 19,750 |
| Total assets | $ 1,957,801 | $ 749,412 |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | $ 563,889 | $ 520,308 |
| Deferred revenue | 355,770 | 347,773 |
| Total current liabilities | 919,659 | 868,081 |
| Stockholders' Equity (Deficit) | ||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, none and none issued and outstanding, respectively | -- | -- |
| Common stock, $0.001 par value, 90,000,000 shares authorized, 33,231,977 and 25,440,728 issued and outstanding, respectively | 33,233 | 25,441 |
| Additional paid-in capital | 3,978,462 | 2,277,132 |
| Accumulated deficit | (2,973,553) | (2,421,242) |
| Total stockholders' equity (deficit) | 1,038,142 | (118,669) |
| Total liabilities and stockholders' equity (deficit) | $ 1,957,801 | $ 749,412 |