posted
This stock went up 100% on Friday and still has momentum. Just became a positive earning company.
Any comments would be appreciated ?
Silverstar Holdings Reports Record Fourth Quarter and Fiscal 2007 Results
Q4 Revenues Total $12.0 Million, vs. $470,000 in Q4 FY2006;
Q4 GAAP Net Income $2.6 Million or $0.25 per share;
Q4 Operating EBITDA $4.6 Million or $0.45 per share.
BOCA RATON, Fla., Sept. 27, 2007 (PRIME NEWSWIRE) -- Silverstar Holdings, Ltd. (Nasdaq:SSTR) , an international publisher and developer of interactive entertainment software, reported record financial results for its fourth quarter and fiscal year 2007 ended June 30, 2007.
Fourth Quarter Fiscal 2007 Financial Results
As compared to the previous quarter and same period a year ago:
* Revenues for the quarter totaled $12.0 million, an increase of 161% from $4.6 million in the previous quarter, and a 2500% increase from $470,000 a year ago. The increase over the previous and year-ago quarters is primarily due to the performance of Empire Interactive, PLC, which Silverstar acquired in December 2006.
* Net income totaled $2.6 million or $0.25 per share, compared to a loss of $2.8 million in the previous quarter or ($0.27) per share and a loss of $868,000 or ($0.10) per share a year-ago.
* Operating EBITDA (Earnings before Interest Taxes Depreciation and Amortization), a non-GAAP measure, totaled a record $4.6 Million or $0.45 per share, as compared to an operating EBITDA loss of $0.3 million or ($0.03) per share in the previous quarter and operating EBITDA loss of $0.6 million or ($0.06) per share a year ago. The company recorded depreciation and amortization charges of approximately $2.0 million in the fourth quarter, compared to $950,000 in the same period last year. A reconciliation of operating EBITDA to operating income is included at the end of this release.
Full Year Fiscal 2007 Financial Results
* Revenues for fiscal 2007 totaled a record $19.8 million, an increase of 500% from $3.3 million in fiscal 2006. The gain is primarily attributable to the contribution of seven months of increasing revenues from the company's Empire Interactive subsidiary, which generated revenues of approximately $17.2 million in fiscal 2007. During fiscal year 2006, revenues were generated solely by the operations of the company's Strategy First subsidiary.
* Net loss totaled $2.4 million or $0.25 per share compared to a loss of $2.0 million or $0.21 per share in 2006. Depreciation and amortization charges totaled $4.7 million in fiscal 2007, as compared to $180,000 in fiscal 2006.
* Operating EBITDA, a non-GAAP measure, totaled a record $3.1 Million or $0.31 per share, as compared to an operating EBITDA loss of $1.1 million or $0.12 per share in fiscal 2006.
"The record results for the fourth quarter exceeded our expectations," said Clive Kabatznik, CEO of Silverstar Holdings Ltd. "Revenues, operating EBITDA and net income improved dramatically as we expeditiously leveraged the company's new large back catalog and began the transition to next gen game platforms, like Xbox 360, Nintendo, DS and Wii; and introduced new titles. We also stepped up our release schedule, releasing 12 skus in the fourth quarter, up more than 50% over last quarter. Finally, we continued to build on Empire's international presence, particularly its strong and unique European distribution network. The outlook for next fiscal year is already looking strong, with at least 50 more SKUs due out in 2008."
Other Q4 Highlights
* FlatOut Ultimate Carnage, released on Xbox 360 in Europe in June 2007, was a top 10 seller for 11 consecutive weeks. This highly successful introduction was complemented by the signing of Warner Bros. Interactive Entertainment to distribute the product to North and South America.
* Double Dragon, released on Xbox Live Arcade, was a number one seller upon launch with more than 55,000 copies downloaded in the first week.
* Silverstar's Strategy First subsidiary expanded its relationship with GameTap, the first broadband entertainment network from Turner Broadcasting System, Inc. (TBS), so that every game released by Strategy First through 2012 will be available for exclusive online play and for purchase in GameTap's new online digital retail storefront.
Fiscal 2008 Outlook
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