UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FEBRUARY 13, 2004
(Date of earliest event reported)
ACCESS INTEGRATED TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 001-31810 22-3720962
(State or other (Commission File Number) (IRS Employer
jurisdiction Identification No.)
of incorporation)
55 MADISON AVENUE, SUITE 300, MORRISTOWN, NEW JERSEY 07960
(Address of principal executive offices) (Zip Code)
973-290-0080
(Registrant's telephone number, including area code)
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 13, 2004, Access Integrated Technologies, Inc. ("Access
Integrated Technologies" or the "Company") issued a press release announcing its
financial results for the fiscal quarter ended December 31, 2003.
Such press release contains EBITDA and adjusted EBITDA information in the
discussion of Access Integrated Technologies' financial results. EBITDA
represents earnings before interest, taxes, depreciation and amortization and
other income/(expense), net. Adjusted EBITDA represents earnings before
interest, taxes, depreciation and amortization, other income/(expense), net and
non-cash stock-based compensation.
EBITDA and adjusted EBITDA are not measurements of financial performance
under accounting principles generally accepted in the United States of America
and may not be comparable to other similarly titled measures of other companies.
Access Integrated Technologies uses each of EBITDA and adjusted EBITDA as a
financial metric to measure the financial performance of the business because
management believes it provides additional information with respect to the
performance of its fundamental business activities. For this reason, Access
Integrated Technologies believes EBITDA and adjusted EBITDA will also be useful
to others, including its stockholders, as valuable financial metrics.
Management presents adjusted EBITDA because it believes that adjusted
EBITDA is a useful supplement to net income as an indicator of operating
performance. Management also believes that adjusted EBITDA is an industry-wide
financial measure that is useful both to management and investors when
evaluating the Company's performance and comparing our performance with the
performance of our competitors. Management also uses adjusted EBITDA for
planning purposes, as well as to evaluate the Company's performance because it
believes that adjusted EBITDA more accurately reflects the Company's results, as
it excludes certain items, in particular non-cash stock-based compensation
charges, that management believes are not indicative of the Company's operating
performance.
Access Integrated Technologies believes that each of EBITDA and adjusted
EBITDA is a performance measure and not a liquidity measure, and a
reconciliation between net income and EBITDA and adjusted EBITDA is provided in
the financial results. EBITDA and adjusted EBITDA should not be considered as
alternatives to operating or net income as an indicator of performance or as an
alternative to cash flows from operating activities as an indicator of cash
flows, in each case as determined in accordance with accounting principles
generally accepted in the United States of America, or as a measure of
liquidity.
A copy of such press release is attached as Exhibit 99.1 hereto and
incorporated herein by reference.
The information in this Form 8-K and the exhibit attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934 (the "Exchange Act") or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933 or the Exchange Act, regardless of any general
incorporation language in such filing.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ACCESS INTEGRATED TECHNOLOGIES, INC.
By: /s/ A. Dale Mayo
-------------------------------------------------
A. Dale Mayo
President and Chief Executive Officer and Director
(Principal Executive Officer)
By: /s/ Brian D. Pflug
------------------------------------------------
Brian D. Pflug
Senior Vice President - Accounting & Finance
(Principal Financial Officer)
Date: February 17, 2004
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release, dated February 13, 2004, announcing Access
Integrated Technologies, Inc.'s third fiscal quarter ended
December 31, 2003 financial results.
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