ZOO DIGITAL GROUP PLC UNAUDITED PRELIMINARY RESULTS

ZOO DIGITAL GROUP PLC UNAUDITED PRELIMINARY RESULTS

ZOO, the provider of workflow management software and services for creative media production, is pleased to announce its unaudited preliminary results for the year ended 31 March 2011.

HIGHLIGHTS

Operational highlights

  • Major Hollywood studio adopted automated toolset for Apple's iTunes® Extras
  • Secured Warner Home Video International for new automated style guide production system
  • Ebook and music industries identified as further areas for growth

Financial highlights

  • Revenues of $14m (2010: $15m) reflect change in sales mix to higher margin services
  • Adjusted EBITDA of $2.3m (2010: $1.6m)*
  • Adjusted operating profit of $1.3m (2010: $0.8m)*
  • ·Year-end cash balance $0.6m (2010: $1.2m)

*Adjusted EBITDA and operating profit are stated before exchange gain on intercompany transactions and exceptional impairment

 

Post period end highlights

  • First significant contract through MPS relationship with leading videogame publisher
  • Global Digital Media Xchange licenses automated Blu-Ray and Electronic Sell Through ("EST") production solutions
  • Successfully completed a share placing of $2.8m to provide working capital to fund growth, particularly in the area of eBooks
  • $5.6m convertible loan note instrument resolved with 50% converting into equity and 50% rolling into a loan note extension for two years

Stuart Green, CEO of ZOO Digital, commented, " I am pleased to be able to report further progress for the group, against the backdrop of great upheaval in the filmed entertainment industry. It is a great credit to ZOO that it came through this period with increased profits, which underlines the strength of our business. New opportunities continue to present themselves and it has become ever more apparent that our solutions are relevant to a wide range of industries outside of our traditional stronghold of Hollywood.

One particularly exciting prospect is within the eBook market, where ZOO's suite of tools have been developed to format books for the EST market in a superior and more cost effective way than existing methods. To this end, we are delighted to have secured an additional $2.8 million of funding from shareholders, primarily to accelerate our presence in this rapidly growing market.  Continued support from our major shareholders has also allowed us to reach agreement with the holders of our existing loan notes, which were due for redemption in October of this year."

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