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KIT Digital Management Discusses Q2 2012 Results - Earnings Call Transcript

It is now my pleasure to turn the call over to our host, Murray Arenson, Managing Director of Financial Strategy. Please go ahead, sir.

Murray Arenson

Thank you, Alicia. Thank you, everyone, for joining us for our second quarter 2012 conference call to review our financial results, our strategy, our operations and our outlook. With me today on the call are Barak Bar-Cohen, our Chief Executive Officer; and Fabrice Hamaide, our Chief Financial Officer.

The format of our call today will be as follows: Barak will offer some comments on the scope and depth of our achievements internally over the past 3 months, along with some operational and financial highlights. Fabrice will then provide a more detailed review of the quarter's results and related financial activities and metrics, along with an update regarding our financial outlook. Then Barak will have some final thoughts regarding our strategy and opportunity. Finally, we'll open up the call for questions and answers.

And with that, I will turn the call over to Barak.

Barak Bar-Cohen

Thank you, Murray, and thank you, everyone, for joining us on our second quarter 2012 earnings conference call. Let me begin by saying that we have achieved much in a short amount of time, thanks to a revitalized executive team, a reconstituted board of directors and, most importantly, the passion and hard work of our dedicated employees around the world.

Now beginning in April, we launched what became a series of 48-hour sprints to tackle multiple discrete challenges the company was facing, issues such as liquidity issues, legal issues, strategic process and operational and financial controls. Now the management team prioritized each period's task and concentrated our energies entirely on completing the most pressing tasks. Our business has now settled into a much more normalized operating rhythm, and I am happy to say that the drive and discipline of those first few weeks is still very much a part of our culture. We took actions to resolve the immediate challenges facing our business. Now these actions reinforce our organization's core principles: a commitment to cutting-edge technology, a customer-focused service mentality and a belief in the power of video.

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