Quickflix Releases 2009 Annual Results
Quickflix has issued a press release showing its 2009 annual results today. Highlights include:
· Subscribers up 24 percent to 32,935
· Revenue up 12 percent to $6.4 million
· Operating costs down 17 percent to $8.5 million
· Net operating loss down 54 percent to $2.1 million
· Member churn down to average 4.2 percent per month
· Subscriber acquisition costs reduced by 40 per cent
The 2009 annual results show a strong improvement on the previous year with the net operating loss down 54 per cent to $2.1 million compared to $4.5 million in 2008. This turnaround performance was achieved in challenging economic conditions and came through solid growth in subscriber numbers, revenue and a reduction in costs. Much of the growth came in the last six months of the financial year and is continuing in the current year.
Quickflix ended the 2009 financial year in a sound financial position having earlier converted to equity $1 million of debt held by regional media group WIN Corporation, and initiating a $2 million capital raising which was successfully completed in August 2009.
Quickflix subscribers as at 30 June
In the short term Quickflix will continue to invest to rapidly grow subscriber numbers and revenue to a level from which future growth can be funded from the Company’s operating cash flows. Product development will focus on extending its range of titles available for download to own, and download to rent.
Quickflix is now Australia’s leading online movie subscription brand and is building market share in a multi-billion dollar home entertainment industry. Trends from the US and UK show that Quickflix is positioned to benefit from the growing shift of consumers to seeking entertainment content online.
Classified Ad Ventures, through its investment arm, CAV Investment Holdings, has taken a 4.8% stake in the ASX listed online DVD rental site, QuickFlix. This investment was part of the $750,000 capital raising just completed by the company and was announced in June.
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