jump to navigation

The Orchard Reports Revenue Increase Of 13% In Second Quarter 2009 As Compared To Second Quarter 2008 August 17, 2009

Posted by David W. King in Uncategorized.
add a comment

The Orchard reported financial results for the second quarter of 2009.

Second Quarter Results

For the second quarter of 2009, revenues were $15.1 million, compared to $13.4 million for the second quarter of 2008, an increase of 13%.

The Orchard’s gross profit margin was 27% in the second quarter of 2009, as compared to 26% in the second quarter of 2008.

As of June 30, 2009, there were approximately 1.5 million music tracks available for sale, an increase of 29% from the same date in 2008. During the second quarter of 2009, there were approximately 15.1 million paid downloads from The Orchard’s catalogue, an increase of 29% as compared to the second quarter of 2008.

Operating expenses totaled $5.1 million for the second quarter of 2009, as compared to $4.4 million for the second quarter of 2008, an increase of 16% or $0.7 million. This increase was primarily due to (1) a $0.4 million increase in personnel-related expenses primarily due to staff added to support The Orchard’s new physical distribution channel (which The Orchard acquired as part of its acquisition of TeeVeeToons) and to enhance The Orchard’s technology infrastructure, (2) a $0.2 million increase in office expenses following the relocation of The Orchard’s New York headquarters and (3) a $0.1 million increase in other expenses.

The net loss for the second quarter of 2009 was $1.1 million as compared with a net loss of $0.8 million for the second quarter of 2008. The Orchard’s net loss for the second quarter of 2009 was $0.18 per share.

EBITDA for the second quarter of 2009 was a loss of $0.6 million compared with a loss of $0.5 million for the second quarter of 2008. A reconciliation of GAAP net income to EBITDA is provided in the financial tables that accompany this release.

As of June 30, 2009, cash and cash equivalents were $4.2 million and The Orchard had no debt. Net cash provided by operations for each of the six months ended June 30, 2009 and June 30, 2008 was $0.8 million.

Management Comment

Commenting on the second quarter results, Greg Scholl, president and chief executive of The Orchard said, “During the second quarter of 2009, we grew revenues as compared to the same period in 2008, despite a marked deceleration in digital media growth, and again saw new client wins as we increased the number of tracks we have available for download and the size of our video catalogue.”

Scholl continued, “Like many other companies, we continue to operate in a tough market environment and are focused on finding ways to reduce operating expenses. We remain confident in the long-term prospects of our company and sector and are optimistic about our continued platform and service innovations and new label and store signings.”

iLike Challenge App Now Available On App Store August 17, 2009

Posted by David W. King in Uncategorized.
Tags: , , , , ,
add a comment

iLike announced the availability of the iLike Challenge App on the App Store. The iLike Challenge App for iPhone and iPod touch tests how quickly music fans can listen to, and correctly identify, songs from a host of Sony Music superstars including Britney Spears, Sean Kingston and Kenny Chesney.

“We are delighted to be working with iLike to help its enthusiastic community enjoy Sony Music’s artists in an innovative new way on iPhone and iPod touch,” commented Michael Paull, Executive Vice President, Global Digital Business, Sony Music Entertainment.

The iLike Challenge App makes music discovery on the iPhone and the iPod touch a lot of fun,” said Ali Partovi, CEO of iLike. “This app is addictive. We challenge anyone with an iPhone or iPod touch to test their knowledge of their favorite artists.”

EarthEcho International And The Vans Warped Tour Are Inspiring Tomorrow’s Environmental Rock Stars August 17, 2009

Posted by David W. King in Uncategorized.
Tags: , , , ,
add a comment

EarthEcho International, an nonprofit environmental education and youth leadership organization working to restore and protect the world’s oceans, today announced a collaboration with the Vans Warped Tour and the National Oceanic and Atmospheric Administration (NOAA)’s Monterey Bay National Marine Sanctuary to clean up the waterways surrounding Monterey Bay on August 18, 2009.

The third annual clean up will be led by more than 100 band and crew members from the Vans Warped Tour (http://www.warpedtour.com), the music industry’s most successful and longest-running domestic touring festival. It is part of a program that EarthEcho International is piloting with the Vans Warped Tour to engage pop culture heroes as champions for ocean conservation through the pioneering use of custom online technologies that can be used to meaningfully engage people in pro-environmental action in live-event settings and in their communities. Bands participating in this year’s clean-up include Big D and the Kids Table, The A.K.A.s, Therefore I Am, TAT and The Architects.

“Ocean protection, conservation and restoration is the defining environmental crisis of the 21st century,” said EarthEcho International Co-Founder and CEO Philippe Cousteau. “Over the next 50 years, we must embrace the new promise of just, healthy, and abundant Oceans. EarthEcho International’s program with the Vans Warped Tour will inspire a whole new generation to take action to restore and protect our water planet.”

The clean up is one way for bands to be a part of “Warped ecoRoadie” (http://www.warpedecoroadie.com), a digitally-driven series of eco-challenges, in which bands and fans of the Vans Warped Tour will work together on teams to “clean up their acts” and have the biggest environmental impact. Throughout the course of this summer’s tour, EarthEcho has provided bands with online tools to communicate a range of action opportunities to their fans before, during and after the Vans Warped Tour, and to track and report on the collective impact of the direct action responses to these calls-to action. But the eco-challenges aren’t just for rock stars – anyone can participate. The result: events like the Vans Warped Tour are turned into catalysts for greening action nationwide.

CIPPIC Launches DigitalAgenda.ca To Facilitate Grassroots Advocacy August 17, 2009

Posted by David W. King in Uncategorized.
Tags: , , , ,
add a comment

The Canadian Internet Policy and Public Interest Clinic (CIPPIC) of the University of Ottawa, has launched a new website aimed at facilitating digital advocacy.

DigitalAgenda.ca is CIPPIC’s response to the government’s recent commitment to develop and pursue a strategy for Canada to regain its leadership role in the global digital economy.

The focus of DigitalAgenda.ca will shift as different issues arise. Its primary initial focus will be the ongoing copyright consultation.

“DigitalAgenda.ca will provide a venue for Canadians to learn about digital issues as they arise, to discuss them, and let their government know how they feel about these issues,” says David Fewer, CIPPIC’s Acting Director.

“We want to do two things with this site,” states Staff Lawyer Tamir Israel. “First, we want to enable ordinary Canadians to participate in digital policy-making. But second, we want to be able to make that participation valuable and meaningful.”

“We seek to do so in the current copyright consultations through the use of an Idea Torrent,” states Fewer, “a tool that allows Canadians to suggest, analyze and vote on copyright reform ideas with the ultimate goal of producing a unique grassroots submission to the ongoing government consultation process.” The site will also host a letter writing tool that encourages users to customize a submission to the consultation.

DigitalAgenda.ca also initially provides information on the proposed anti-malware bill (the Electronic Commerce Protection Act), the Lawful Access bills, and on net neutrality.