ValCom, Inc. (VLCO.PK) reported today that it has continued its financial growth in the 2011 fiscal year when the media and entertainment company disclosed the financial results for the 3rd quarter of its financial year.
The 3rd quarter financial results showed $.12 in earnings per share for the first 9 months of the year. In addition, the company added $300,000 in cash and increased assets from $24 million to $26 million. ValCom has close to $1,000,000 in net contracts not recognizable in 3rd quarter that will be booked in the next quarter.
A key statistic in the 3rd quarter 2011 financial data is the company's debt which was reduced by $300,000 in the quarter. The company has made the overall reduction of debt a priority in 2011.
The company also completed the valuation process of its audio and video library with DOS appraisal services. DOS worked in conjunction with ValCom's auditor to determine that the video portion of the library was worth $4 million more than originally projected ($45 million vs. $41 million). The final valuation of ValCom's combined audio and video library is $128 million.
"ValCom is on fire!" stated Vince Vellardita, President and CEO of ValCom. "The company is on solid ground and we're expanding our business on multiple fronts. We've set up several revenue streams by monetizing the ValCom library."
The company recently announced that it is developing projects that will monetize content from both its film and audio library. This includes the release of The Platters Golden Anniversary album, the release of a rare Ike and Tina Turner single on iTunes, and the development of a limited edition DVD of Michael Jackson's film with 20 minutes of unseen footage with a lot more projects to come.
