SOURCE: KIT digital, Inc.

KIT digital, Inc.

August 09, 2011 08:15 ET

KIT digital Reports Record Q2 2011 Results

Revenue of $48.2 Million and Op. EBITDA of $9.6 Million Each up Over 100% Year-on-Year and up Over 35% Sequentially

NEW YORK, NY and PRAGUE, CZECH REPUBLIC--(Marketwire - Aug 9, 2011) - KIT digital, Inc. (NASDAQ: KITD), a premium cloud-based software solutions and services provider for multi-screen video management and delivery, reported second quarter results for the period ended June 30, 2011. All figures are listed in U.S. dollars.

Q2 2011 & Outlook Highlights

  • Revenue up 40% sequentially to record $48.2 million and up 109% over same year-ago quarter;
  • Operating EBITDA up 35% sequentially to record $9.6 million and up 128% over same year-ago quarter;
  • Added more than 35 net new clients during the second quarter, including Axel Springer, Channel 4, China United Television, a new major business unit of The Walt Disney Company, and RAI;
  • Final phase implementation of 'Project Delta,' the major internal reorganization and cost-reduction initiative related to the integration of the acquisitions completed during the first half of 2011. Upon completion, Project Delta eliminates approximately $35 million of total costs from the business on an annualized basis;
  • Large majority of remaining M&A-related restructuring and integration charges booked in Q2, with only $2 million expected to be booked in Q3 2011 and none in Q4 2011;
  • Company is moving to a cash EPS reporting metric in the second half of 2011 and expects to be free cash-flow positive going forward -- reaching $2.5 million per month in cash-flow generation by the end of Q4;
  • Reaffirmation of $210 million revenue guidance for 2011 and 23% operating EBITDA margin for full-year; Q3 2011 guidance of at least $61 million in revenues, representing a 40% annualized organic growth rate over Q2 2011;
  • Revenue guidance of at least $300 million in 2012;
  • Next generation KIT Video Platform to be unveiled at the International Broadcasting Convention (IBC) September 9-11 in Amsterdam.

Q2 2011 Financial Results
Revenue in the second quarter of 2011 increased to $48.2 million from $34.5 million in the first quarter of 2011, and from $23.1 million in the same quarter a year ago. The increase is attributed to both organic growth and the contribution of newly acquired companies.

The company's revenues are comprised of software-as-a-service (SaaS) license and usage fees, software set-up and maintenance fees, and professional services charges.

Revenue from the company's Europe, Middle East & Africa (EMEA) region constituted more than 50% of the total during the second quarter, with the remainder approximately split between the Americas and Asia-Pacific regions.

For the second quarter of 2011, GAAP net loss was $19.8 million or $(0.49) per basic and diluted share, compared to a net loss in the previous quarter of $12.5 million or $(0.34) per basic and diluted share, and a net loss in the second quarter of 2010 of $342,000 or $(0.02) per basic and diluted share.

GAAP net loss for the second quarter of 2011 included over $12 million in net non-cash charges, comprised of $4.4 million in stock-based compensation, $3.1 million of depreciation and amortization, $4.9 million in net adjustments to past acquisition earn-out accruals, and a non-cash derivative gain of $432,000.

GAAP net loss for the second quarter of 2011 also included $9.7 million in restructuring and integration expenses related to the reorganization and integration of recently acquired companies and $6.0 million in other merger and acquisitions expenses (including investment banking advisory fees, legal fees and taxes related to the ioko and Polymedia acquisitions completed during Q2).

"Although we have not yet formally introduced our cash-based, or 'adjusted' net income non-GAAP reporting metric -- which we will do in the last half of the year -- we expect we would have generated positive EPS on a cash basis in Q2 2011," noted Robin Smyth, KIT digital's chief financial officer.

Management expects to book approximately $2 million of remaining restructuring and integration charges related to the completion of 'Project Delta' in Q3 2011. "This will allow us to be completely clear of such charges in Q4 and report cash earnings in the back half of this year," continued Smyth.

For the second quarter of 2011, operating EBITDA, a non-GAAP metric which management has historically used as a proxy for operating cash-flow, increased to $9.6 million or $0.24 per basic and diluted share from $7.1 million or $0.19 per basic and diluted share in the previous quarter, and from $4.2 million in the second quarter of 2010 (see important discussion of operating EBITDA in "About the Presentation of Operating EBITDA," below).

Management estimates that research and development (R&D) expenses for the second quarter of 2011 were approximately 8% of total revenue. While the company will continue to expense rather than capitalize R&D as an accounting policy, it plans to formally break out R&D expenses in the reporting of overall general and administrative expenses starting in Q4 2011.

Cash and cash equivalents at June 30, 2011 totaled $37.8 million, as compared to $109.7 million at March 31, 2011. The decrease was due to the consideration paid for acquisitions completed during the quarter, as well as restructuring and integration expenses and advisory fees related to the acquisitions. Approximately $2.5 million of cash payments were made shortly after the quarter-end related to completion of certain M&A consideration components and payments to financial and legal advisors.

Day sales outstanding (DSOs) at June 30, 2011, adjusted for the acquisitions completed during the quarter, were in the mid-90s. As of today, August 9, 2011, the company's DSOs are in the mid-80s, which is in line with both the company's usual DSO level of 75-90 days and with other SaaS companies providing software and services to large enterprises. The temporary increase in DSOs was an anticipated result of the transition in invoicing entities and associated bank accounts related to the ioko and Polymedia acquisitions completed during the quarter. The company expects DSOs to decline further from its current levels.

The company added more than 35 net new clients during the quarter, with an average revenue per month per customer (ARPU) of more than $30,000, which reflects the company's ongoing focus on higher-end opportunities in the market and large, multi-year contracts in emerging sectors and geographies. The company's client base totaled more than 2,300 customers at June 30, 2011.

Pursuant to the terms of its acquisition of Polymedia in May 2011, KIT digital was required to file an S-3 registration statement to register the KIT digital common shares received in the acquisition under SEC Rule 144 and held by TXT Group (the main shareholder of Polymedia). In filing this shelf registration, the company took the opportunity to register certain other Rule 144 shares, such as those received by the shareholders of Benchmark Broadcast Systems for past earn-out payments. This shelf registration did not involve any shares owned by management, directors or insiders, and was deemed effective by the SEC yesterday, August 8, 2011.

As of August 9, 2011, the company had 42.5 million shares outstanding. This is inclusive of recent earn-out settlements and payments made to the shareholders of Brickbox Digital Media and Benchmark Broadcast Systems, companies acquired by KIT digital in late 2010. As of today, the company has paid out or eliminated most outstanding earn-outs related to previous acquisitions. The company has a maximum probable exposure of an additional 2 million shares in performance earn-outs over the next several years -- primarily related to the recent acquisitions of ioko and Polymedia.

Selected Q2 2011 Client Wins

  • The Walt Disney Company, the world's largest media and entertainment brand, engaged KIT to deliver a multi-screen over-the-top (OTT) system for one of its major divisions;
  • China United Television, a nation-wide consortium of 19 leading television stations in China, selected KIT to set up a full-scale IP video network that will allow the consortium to distribute live TV programs and catch-up TV via computers, connected TVs, Apple i-devices and Android handsets to millions of users across China;
  • Channel 4 in the UK, one of Europe's leading television broadcasters, chose KIT to extend its video-on-demand service to Microsoft's Xbox consoles;
  • RAI, the leading Italian broadcaster, selected KIT and Wave TV to deliver its new user-generated video content and social TV channels;
  • UPC, a subsidiary of Liberty Global, chose KIT to deploy and manage their over-the-top video platform;
  • Axel Springer, one of Europe's largest media companies, selected KIT to deploy a social news network on Europe's largest newspaper website;
  • Virgin Active, Virgin's primary health and fitness brand in the UK, selected KIT to host and manage its rich media assets;
  • Ethiopian Radio and Television Agency (ERTA) chose KIT to provision the first HD and IP-capable broadcast studio in the country;
  • Belgian national broadcaster VRT selected KIT to launch a video-on-demand and live video service on the Web;
  • A leading global surf brand selected KIT to manage video-on-demand and live video content to Microsoft Xbox consoles throughout the world;
  • TV5, one of the largest broadcasters in the Philippines, selected KIT to update its broadcast center to be the first fully automated IP capable and HD-enabled facility in the Philippines;
  • Pages Jaunes, a leader in Europe for local directories, selected the KIT Platform to help manage and deliver customer video ads over both online and mobile environments;
  • Evolution Gaming, the world's leading live video casino gaming platform, chose KIT to broadcast live, studio-based casino action to players in Asia.

Management Commentary
"Our record second quarter results reflect our ability to sustain and grow our existing client base through software and services usage growth, divisional cross-selling and upselling," said Kaleil Isaza Tuzman, chairman and CEO of KIT digital. "And we continue to win new clients by harnessing the increasing demand for IP video solutions across all major global markets and client verticals."

"Our pace of internal growth strengthened during the quarter, driving annualized organic revenue growth within our 30-35% target range," continued Isaza Tuzman.

"KIT digital continues to operate in the 'sweet spot' of the global transformation of traditional broadcast television and one-way video communications to multi-screen, OTT and social video solutions."

Operational Update
The recent regionalization of the company's business into Americas, EMEA and Asia-Pacific divisions has better aligned the company's sales, account management and client deployment teams, increasing proximity to customers and reducing overall SG&A expenses through a more efficient organizational structure.

The company now has strong regional hubs in New York, London and Beijing, supported by the operational headquarters in Prague, where centralized product management, quality assurance, network management and monitoring, marketing and communications and strategic account management groups are located.

Gavin Campion, president of KIT digital, commented: "Our regionalized approach has allowed us to deploy a lean leadership team across the globe that operates as close as possible to our clients and has encouraged rapid customer-centric innovation in areas like connected device delivery and social TV. This regionalization marks the essence of 'Project Delta' -- our major internal reorganization initiative aimed at integrating resources and reducing costs coming out of the acquisitions we completed in the first half of the year."

Management estimates that approximately $35 million of annual costs are eliminated through Project Delta, including personnel cost reductions of over $20 million on a global basis (after factoring in staffing levels from recently acquired companies), real estate, data center and network infrastructure, and global vendor agreement consolidation. Project Delta also involved the consolidation of office space locations globally from 32 to under 20.

The company plans to release the next generation of its cloud-based platform technology, in phases, over the next five months. The company will unveil this new and improved KIT Video Platform in early September at the International Broadcasting Convention in Amsterdam.

Alex Blum, chief operating officer of KIT digital, commented, "The upcoming next-generation platform release is the most significant in the company's history, and will solidify KIT digital as a force in the global transformation of traditional broadcast TV to multi-screen broadband TV."

"As part of our improved KIT Video Platform," continued Blum, "our integrated product development team has leveraged 'best-of-breed' technology and workflow from companies we have acquired, along with numerous internal innovations developed over the past year. We have achieved our latest product development milestones ahead of schedule due to our application of a service oriented architecture that employs modular, extensible subcomponents and exposes functionality via standards-based APIs."

The company employs a flexible deployment model that includes traditional cloud, private cloud (remotely managed but hosted on-premise), and 'hybrid cloud' hosting options.

The next generation platform will be made available in two editions and includes a range of industry-wide innovations in the areas of social TV and multi-platform connected device delivery. The higher-end edition of the KIT Platform will address the needs of more complex, broadcast-grade OTT implementations, while the other edition will provide a turnkey, more self-service but highly advanced solution to address the broader video management market at a lower initial cost entry point.

"During the quarter, we also made substantial progress transitioning clients currently on legacy technology to the core data layer of our KIT Platform," added Blum. "The large majority of our clients have now upgraded to our integrated suite of video technology, with the remainder scheduled to be completed before year end."

Growth Outlook
KIT digital expects revenues in Q3 2011 to exceed $61 million. This expected revenue growth for the third quarter, which is typically a seasonally slow period, would imply an organic growth rate of approximately 40% annually relative to Q2 2011, after back-dating acquisitions completed in Q2 to the beginning of the quarter.

The company also expects to report a new non-GAAP metric of adjusted net income in the second half of 2011. Management defines adjusted EPS as GAAP EPS after adding back non-cash charges and direct costs related to completing acquisitions or capital markets activities (such as investment banker success fees), but will not subtract acquisition-related restructuring and integration expenses. The company believes this adjusted EPS metric is appropriate to its current stage of organically-focused development and will provide a more transparent measure of its performance entering 2012 and beyond.

For the full year of 2011, management reaffirms its revenue guidance of approximately $210 million, which would represent an increase over 2010 of more than 95% overall and more than 30% organically. Consistent with the company's previously stated goal of over 30% organic revenue growth per year and back-dating acquisitions completed during the first half of 2011 to the beginning of the year, management expects to generate at least $300 million of revenues in 2012.

Management also continues to expect an operating EBITDA margin target of 23% for the full year of 2011, with the goal of achieving in the vicinity of a 30% EBITDA margin on a monthly basis by the end of 2012. The company also remains on track to generate approximately $2.5 million in monthly free cash-flow by the end of Q4 2011.

"Our software-as-a-service, or as we are increasingly calling it, platform-as-a-service, business model -- because certain clients associate the word 'SaaS' with light-weight solutions -- involves 70%+ recurring revenue under long-term client contracts with extremely low client attrition," explained Isaza Tuzman. "This offers us with very good medium and long-term visibility. In fact, increased usage from our existing client base generates around 20% overall corporate growth per annum, even before any new clients are added to the base."

Isaza Tuzman, continued: "We are experiencing an accelerated pace of new client sales going into the back half of 2011, despite the general macroeconomic turbulence and anxiety in the financial markets. We are confident in achieving the financial targets and product release schedule that we have set out for this year and believe we are poised for a strong 2012."

Conference Call
KIT digital's executive management team will host an online video broadcast to discuss its second quarter 2011 results today (August 9, 2011) at 10:30 a.m. Eastern time (4:30 p.m. Central European time). The presentation will be followed by a question and answer period.

The video broadcast of the presentation will be streamed online via a link provided in the Investor Relations section of the company's website. Please go to the website at least a few minutes before the call in order to register your name and access the video player page.

The Q&A session will not be video webcasted. For participants who wish to listen to and participate in the Q&A session, or access the call via telephone only, please dial the conference telephone number below at least 5-10 minutes prior to the scheduled start time:

Date: Tuesday, August 9, 2011
Time: 10:30 a.m. Eastern time (4:30 p.m. Central European time)
Dial-in # (North America): +1-877-941-1427
Dial-in # (outside of North America): +1-480-629-9664
Conference ID: 4457029

If you are planning to watch the video broadcast, but will also dial in to participate in the Q&A session following management's presentation, please remember to place your telephone handset down until the Q&A session begins and listen to management's presentation through your computer speakers. This will help avoid the necessary audio lag time between the phone line and the Internet audio streaming.

If you have any difficulty connecting with the conference call, please contact Liolios Group at +1-949-574-3860.

An online replay of the entire broadcast and Q&A will be available via the Investor Relations section of the company's website later that day. A telephone replay of the call will also be available after 2:00 p.m. Eastern time and until September 9, 2011:

Toll-free replay # (North America): +1-877-870-5176
International replay # (outside of North America): +1-858-384-5517
Replay pin number: 4457029

About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a premium provider of end-to-end video management software and related services. The KIT Platform, the company's cloud-based video asset management system, enables enterprise, media & entertainment and network operator clients to produce, manage and deliver multi-screen socially-enabled video experiences to audiences wherever they are. KIT digital services more than 2,300 clients in 50+ countries including some of the world's biggest brands, such as Airbus, The Associated Press, BBC, Best Buy, Bristol-Myers Squibb, Disney-ABC, FedEx, Google, HP, MTV, News Corp, Telecom Argentina, Telefonica, Universal Studios, Verizon, Vodafone and Volkswagen. KIT digital maintains executive offices in New York and its operational headquarters in Prague, Czech Republic, with offices in 18 countries around the world. Visit the company at or follow on Twitter at

About the Presentation of Operating EBITDA
Management uses operating EBITDA for forecasting and budgeting, and as a proxy for operating cash flow. Operating EBITDA is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation, or as an alternative to net income, operating income or other financial measures reported under GAAP. The company defines operating EBITDA as earnings before: non-cash derivative income/loss, non-cash stock based compensation; acquisition-related restructuring costs and integration expenses; impairment of property and equipment; merger and acquisition expenses; and depreciation and amortization. Other companies (including the company's competitors) may define operating EBITDA differently. The company presents operating EBITDA because it believes it to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in a similar industry. Management also uses this information internally for forecasting, budgeting and performance-based executive compensation. It may not be indicative of the historical operating results of KIT digital nor is it intended to be predictive of potential future results. See "GAAP to non-GAAP Reconciliation" table below for further information about this non-GAAP measure and reconciliation of operating EBITDA to net loss for the periods indicated. For the first quarter 2011 reconciliation of operating EBITDA, please refer to the table issued in the first quarter 2011 press released on May 9, 2011, which is available online in the company's investor relations section, under "Quarterly Results" at

GAAP to non-GAAP Reconciliation Three months ended Years ended
(amounts in thousands) June 30, June 30,
2011 2010 2011 2010
Consolidated Statement of Operations Reconciliation
Net loss on a GAAP basis $ (19,803 ) $ (342 ) $ (32,304 ) $ (18,784 )
Non-cash stock-based compensation 4,384 1,084 6,411 1,636
Merger and acquisition and investor relations expenses 10,916 886 16,166 2,105
Depreciation and amortization 3,175 2,049 5,609 3,703
Restructuring charges 34 (119 ) 3,352 3,574
Integration expenses 9,710 3,378 18,398 6,299
Interest income (69 ) (27 ) (141 ) (28 )
Interest expense 390 248 660 340
Amortization of deferred financing costs 75 14 94 14
Derivative (income) expense (432 ) (2,368 ) (3,042 ) 9,075
Other expense (income) 420 (604 ) 526 (788 )
Income tax expense 775 - 914 14
Operating EBITDA income $ 9,575 $ 4,199 $ 16,643 $ 7,160
Consolidated Statement of Operations Reconciliation per Share
Basic net loss per share on a GAAP basis $ (0.49 ) $ (0.02 ) $ (0.84 ) $ (1.06 )
Non-cash stock-based compensation 0.11 0.05 0.17 0.09
Merger and acquisition and investor relations expenses 0.27 0.04 0.42 0.12
Depreciation and amortization 0.08 0.10 0.15 0.21
Restructuring charges - (0.01 ) 0.09 0.20
Integration expenses 0.24 0.16 0.48 0.36
Interest income - - - -
Interest expense 0.01 0.01 0.02 0.02
Amortization of deferred financing costs - - - -
Derivative (income) expense (0.01 ) (0.11 ) (0.08 ) 0.51
Other expense (income) 0.01 (0.03 ) 0.01 (0.04 )
Income tax expense 0.02 - 0.02 -
Operating EBITDA income per share $ 0.24 $ 0.19 $ 0.44 $ 0.41
Basic and diluted weighted average common shares outstanding 40,063,874 21,404,907 38,316,369 17,662,700

Important Cautions Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements" related to the businesses of KIT digital, Inc., which can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to, statements made by management regarding the forthcoming KIT Platform product release schedule, the completion of transitioning clients from legacy technology to the KIT Platform, the future exposure to earn-outs, the attainment of estimated levels of revenues in Q3 and in the full year 2011, the attainment of estimated EBITDA margin levels for the full year 2011 and by the end of 2012, and the attainment of monthly free cash-flow levels by the end of Q4 2011. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, integration of acquired businesses, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. Except as required by U.S. federal securities laws, KIT digital is not under obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

(Amounts in Thousands, Except Share Data)
June 30, 2011 December 31, 2010 (A)
Current assets:
Cash and cash equivalents $ 37,810 $ 141,233
Restricted cash 4,266 2,000
Investment 1,756 1,050
Accounts receivable, net 59,923 29,349
Unbilled revenue 9,226 537
Inventory, net 501 301
Loan receivable, current portion 2,993 2,486
Other current assets 14,597 5,104
Total current assets 131,072 182,060
Property and equipment, net 12,425 5,987
Loan receivable, net of current 7,006 8,361
Intangible assets, net 33,403 13,248
Goodwill 233,602 89,004
Total assets $ 417,508 $ 298,660
Liabilities and Stockholders' Equity:
Current liabilities:
Capital lease and other obligations, current portion $ 457 $ 608
Secured notes payable, net of debt discount, current portion 3,708 1,709
Accounts payable 17,185 12,740
Accrued expenses 16,191 6,411
Deferred revenue 5,505 4,223
Income tax payable 5,070 858
Deferred tax liability 5,125 682
Acquisition liabilities, current portion 15,253 2,115
Derivative liability 1,206 6,096
Other current liabilities 12,707 2,887
Total current liabilities 82,407 38,329
Capital lease and other obligations, net of current 184 175
Secured notes payable, net of current 15,385 4,127
Acquisition liabilities, net of current 16,436 10,405
Total liabilities 114,412 53,036
Stockholders' equity:
Common stock, $0.0001 par value: authorized 80,000,000 shares; issued and outstanding 41,403,584 and 33,196,952, respectively 4 3
Additional paid-in capital 465,373 375,578
Accumulated deficit (161,507 ) (129,203 )
Accumulated other comprehensive income (loss) (774 ) (754 )
Total stockholders' equity 303,096 245,624
Total liabilities and stockholders' equity $ 417,508 $ 298,660
(Amounts in Thousands, Except Share and Per Share Data)
Three months ended Six months ended
June 30, June 30,
2011 2010 2011 2010
Revenue $ 48,188 $ 23,055 $ 82,638 $ 40,419
Variable and direct third party costs:
Cost of goods and services 12,343 6,366 23,090 10,718
Hosting, delivery and reporting 2,511 1,290 3,597 2,364
Content costs 162 249 438 484
Direct third party creative production costs 317 656 682 1,546
Total variable and direct third party costs 15,333 8,561 27,807 15,112
Gross profit 32,855 14,494 54,831 25,307
General and administrative expenses:
Compensation, travel and associated costs (including non-cash stock-based compensation of $4,384, $1,084, $6,411 and $1,636, respectively) 22,151 8,536 34,458 14,186
Legal, accounting, audit and other professional service fees 878 530 1,515 1,220
Office, marketing and other corporate costs 4,635 2,313 8,626 4,377
Merger and acquisition and investor relations expenses 10,916 886 16,166 2,105
Depreciation and amortization 3,175 2,049 5,609 3,703
Restructuring charges 34 (119 ) 3,352 3,574
Integration expenses 9,710 3,378 18,398 6,299
Total general and administrative expenses 51,499 17,573 88,124 35,464
Loss from operations (18,644 ) (3,079 ) (33,293 ) (10,157 )
Interest income 69 27 141 28
Interest expense (390 ) (248 ) (660 ) (340 )
Amortization of deferred financing costs and debt discount (75 ) (14 ) (94 ) (14 )
Derivative income (expense) 432 2,368 3,042 (9,075 )
Other (expense) income (420 ) 604 (526 ) 788
Net loss before income taxes (19,028 ) (342 ) (31,390 ) (18,770 )
Income tax expense (775 ) - (914 ) (14 )
Net loss available to common shareholders $ (19,803 ) $ (342 ) $ (32,304 ) $ (18,784 )
Basic and diluted net loss per common share $ (0.49 ) $ (0.02 ) $ (0.84 ) $ (1.06 )
Basic and diluted weighted average common shares outstanding 40,063,874 21,404,907 38,316,369 17,662,700
Comprehensive loss:
Net loss $ (19,803 ) $ (342 ) $ (32,304 ) $ (18,784 )
Foreign currency translation (934 ) (1,619 ) (76 ) (2,052 )
Change in unrealized gain on investments, net 7 (53 ) 56 16
Comprehensive loss: $ (20,730 ) $ (2,014 ) $ (32,324 ) $ (20,820 )

Contact Information

  • KIT digital Contact:
    Adam Davis
    Global Communications Manager
    Tel. +1-609-468-9500
    Email Contact

    KIT digital Investor Relations Contact:
    Matt Glover or Geoffrey Plank
    Liolios Group, Inc.
    Tel. +1-949-574-3860
    Email Contact