This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
-- Gross Profit Increased 122% --
IRVINE, Calif., March 31, 2014 (GLOBE NEWSWIRE) -- AllDigital Holdings, Inc. (OTCBB:ADGL), a leader in digital broadcasting solutions, today announced improved financial results for the full year ended December 31, 2013.
"2013 was a record year in terms of top line revenue, as well as significant improvements to our gross margins and balance sheet position," said Paul Summers, CEO of AllDigital. "As we pivot to the next generation of our content management system currently branded as AllDigital Cloud, we believe that we are well positioned to introduce ultra-low latency technologies (ULL) that enable highly innovative digital broadcasting solutions."
Total revenues for 2013 rose 31% to $4.3 million from $3.3 million in 2012, which also included recognition of completion revenue related to contracts with new and existing customers.
Gross profit for the year increased 122% to $1.8 million from $821,000 in 2012, primarily related to the increase in net sales and minimal change in cost of sales from the previous year, which included salaries and related payroll expenses.
Total operating expenses for 2013 were $2.4 million, compared with $2.2 million in 2012. Net loss for 2013 was reduced to $552,000 from $1.2 million in 2012.
"From a corporate perspective, 2013 was a productive period for AllDigital. In terms of executive management, we expanded our team across technical operations, accounting, operations and executive sales," Summers said. "At the same time, we continued to make great strides gaining more exposure and recognition in the industry, including the inclusion of AllDigital in
Streaming Media magazine's list honoring 100 of the most innovative and influential companies in the online video industry.
"As we continue to move toward a 'platform as a service' model and as current integration projects near completion, we anticipate that our integration services revenue, as a percentage of total revenue, may decrease in 2014. However, our focus for the year will be to add additional clients through organic growth and potential acquisitions, increase monthly recurring revenue as a percentage of total revenue, and improvements in gross margins," Summers added.