DG FastChannel reported Q2 revenue of $34.5 million compared to $21.7 million in the same period of 2007. Q2 revenue from the delivery of high definition (HD) advertising content of $6.7 million compared to $1.4 million in the same period of 2007. Q2 net income of $4.1 million, or $0.23 per diluted share, compared to net income of $3.8 million, or $0.23 per diluted share in the same period of 2007.
Second quarter 2008 normalized net income of $8.0 million, or $0.43 per diluted normalized net income per share, compared to normalized net income of $5.1 million, or $0.31 per diluted normalized net income per share in the same period of 2007.
As of June 30, 2008, DG FastChannel had $27.0 million in cash and $179.9 million of debt, or net debt of approximately $152.9 million compared to net debt of $34.7 million at December 31, 2007.
Scott Ginsburg, Chairman and CEO of DG FastChannel, commented on the results, “The second quarter financial results — a 59% increase in revenues and a 75% improvement in adjusted EBITDA — confirm DG FastChannel’s operating strategy and corporate development plans are succeeding. DG FastChannel has established unique products, workflow toolsets and proprietary digital technologies to capitalize on the nationwide transition to HD television. With less than 200 days remaining until the switch over to the HD broadcast standard, the Company is well positioned for growth.”
