KIT digital (KITD) Q2 2012 Earnings Call August 14, 2012 5:00 pm ET Executives Murray Arenson - Senior Vice President of Investor Relations & Corporate Initiatives Barak Bar-Cohen - Chief Executive Officer, Chief Administrative Officer and Director Fabrice Hamaide - Chief Financial Officer Murray Arenson Analysts Richard Ingrassia - Roth Capital Partners, LLC, Research Division Todd Van Fleet - First Analysis Securities Corporation, Research Division Darren Aftahi - Northland Capital Markets, Research Division Steven B. Frankel - Dougherty & Company LLC, Research Division PresentationOperator
Good day, ladies and gentlemen. My name is Alicia, and I'll be your conference operator today. At this time, I'd like to welcome everyone to KIT digital's First Quarter 2012 Earnings Conference Call. [Operator Instructions] Before I introduce our host, I will read the following Safe Harbor statement. During this call, management may make certain forward-looking statements related to the business of KIT digital, Inc., which can be identified by the use of forward-looking statements terminologies such as believes, expects, plans, intends, anticipates and variations of such words or similar expressions. Their absence does not mean that the statement is not forward-looking. Statements made during this call that are forward-looking include, but are not limited to, statements made by the management concerning the company's shift in its growth strategy, the financial results for the remainder of its fiscal year ending December 31, 2012, strategic transactions processed and the company's plans for the possible divestiture of noncore assets. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to products, development and commercialization; integration of acquired businesses and ability to obtain or maintain patent or other proprietary intellectual property protection; market acceptance; future capital requirements; regulatory actions or delays; competition in general; and other factors that may cause actual results to be materially different from those expressed herein. Certain of these risks and uncertainties are or will be described in greater detail in the company's public filings with the U.S. Securities and Exchange Commission. Except as required by U.S. federal securities laws, KIT digital is under no obligation to, and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Shares of KIT Digital (Nasdaq:KITD) were gapping down Friday morning with an open price 10.4% lower than Thursday's closing price. The stock closed at $3.16 yesterday and opened today's trading at $2.83.