DG FastChannel Inc. (DGIT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Dg Fastchannel Inc. has a market cap of $993.1 million; its shares were traded at around $40.24 with a P/E ratio of 36.5 and P/S ratio of 5.2. Dg Fastchannel Inc. had an annual average earning growth of 0.8% over the past 10 years.DGIT is in the portfolios of George Soros of Soros Fund Management LLC.
General and Administrative. For the three months ended March 31, 2010, general and administrative expense increased $1.9 million, or 31%, as compared to the same period in the prior year. The increase was primarily attributable to (i) higher professional fees ($1.1 million) and (ii) increased incentive compensation ($0.6 million).
Interest Expense. For the three months ended March 31, 2010, interest expense decreased $2.0 million, or 49%, as compared to the same period in the prior year. The decrease was due to (i) a reduction in the average amount of debt outstanding during the period, largely as a result of using the proceeds from the June 2009 public equity offering (which raised $52 million) to retire debt, and (ii) a lower average interest rate. Excluding the amortization of fees and expenses, the weighted average annual interest rate on our debt was 5.9% at March 31, 2010 vs. 6.5% at March 31, 2009.
Property and equipment tends to increase when we have significant improvements to our equipment or an expansion of our network (e.g., upgrading our spot boxes). It also can increase as a result of acquisition activity. Further, the balance of property and equipment is affected by recording depreciation expense. For the three months ended March 31, 2010 and 2009, purchases of property and equipment were $2.2 million and $0.9 million, respectively. For the three months ended March 31, 2010 and 2009, capitalized costs of developing software were $1.3 million and $2.1 million, respectively.
Stockholders equity increased $16.3 million during the three months ended March 31, 2010. The increase primarily relates to (i) reporting net income of $8.0 million, (ii) the exercise of stock options and warrants of $7.2 million, and (iii) recording share-based compensation expense of $1.0 million.
In April 2010, we issued 3.65 million shares of our common stock in a public equity offering which resulted in net proceeds to us of approximately $108 million. We used approximately $100 million to repay our debt and terminate our interest rate swap contracts. See Note 10 to the consolidated financial statements.
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Dg Fastchannel Inc. has a market cap of $993.1 million; its shares were traded at around $40.24 with a P/E ratio of 36.5 and P/S ratio of 5.2. Dg Fastchannel Inc. had an annual average earning growth of 0.8% over the past 10 years.DGIT is in the portfolios of George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Revenues. For the three months ended March 31, 2010, revenues increased $12.8 million, or 31%, as compared to the same period in the prior year. All of the revenue growth occurred in the Video and Audio Content Distribution segment which was primarily due to (i) an $8.8 million increase in high definition (HD) revenue ($19.7 million in 2010 vs. $10.9 million in 2009) driven by an increase in HD deliveries (ii) a $2.5 million increase in standard definition (SD) revenue driven by an increase in SD deliveries and (iii) a $1.3 million increase in Unicast revenue. The Other segment revenues were $3.2 million for each of the 2010 and 2009 periods.General and Administrative. For the three months ended March 31, 2010, general and administrative expense increased $1.9 million, or 31%, as compared to the same period in the prior year. The increase was primarily attributable to (i) higher professional fees ($1.1 million) and (ii) increased incentive compensation ($0.6 million).
Interest Expense. For the three months ended March 31, 2010, interest expense decreased $2.0 million, or 49%, as compared to the same period in the prior year. The decrease was due to (i) a reduction in the average amount of debt outstanding during the period, largely as a result of using the proceeds from the June 2009 public equity offering (which raised $52 million) to retire debt, and (ii) a lower average interest rate. Excluding the amortization of fees and expenses, the weighted average annual interest rate on our debt was 5.9% at March 31, 2010 vs. 6.5% at March 31, 2009.
Property and equipment tends to increase when we have significant improvements to our equipment or an expansion of our network (e.g., upgrading our spot boxes). It also can increase as a result of acquisition activity. Further, the balance of property and equipment is affected by recording depreciation expense. For the three months ended March 31, 2010 and 2009, purchases of property and equipment were $2.2 million and $0.9 million, respectively. For the three months ended March 31, 2010 and 2009, capitalized costs of developing software were $1.3 million and $2.1 million, respectively.
Stockholders equity increased $16.3 million during the three months ended March 31, 2010. The increase primarily relates to (i) reporting net income of $8.0 million, (ii) the exercise of stock options and warrants of $7.2 million, and (iii) recording share-based compensation expense of $1.0 million.
In April 2010, we issued 3.65 million shares of our common stock in a public equity offering which resulted in net proceeds to us of approximately $108 million. We used approximately $100 million to repay our debt and terminate our interest rate swap contracts. See Note 10 to the consolidated financial statements.
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