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MDTV revoked:
https://www.sec.gov/litigation/admin/2016/34-78399.pdf
SEC nailed me on this one. still holding some in my account. I guess no more crossbone stock for me
MDTV SEC Suspension for Financials / Filings delinquencies:
https://www.sec.gov/litigation/suspensions/2016/34-77671.pdf
Order:
https://www.sec.gov/litigation/suspensions/2016/34-77671-o.pdf
Admin Proceeding:
https://www.sec.gov/litigation/admin/2016/34-77672.pdf
major sell yesterday is below $0.012. major buy vol on Friday is above $0.015. It's your call. I am holding mine here
Lets keep it positive. MDTV sitting on support here.
Looks like old bag holders that wanted out sold today
MDTV is on the list of delinquent filers:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110680509
This moves so easily, 1 M vol we should go multi baggga
ok I'll put on watch list for now
not really. purely vol and SS play. Any filing will rocket it to 0.1 +
see the move any reason, dont see filings, news?
MDTV spike with 1M vol make it hit 0.025+
MDTV super small SS - 35 M AS! less than 10 M OS
From last 10q
MDTV is severely delinquent in filing their Financials and corporate filing obligations to the SEC. On Feb. 20, 2015 the SEC suspended 8 stocks from the Delinquent SEC Filers list, and it is likely that more delinquent Filers will be suspended.
Since Jan 1st, 2010 the SEC has suspended over 1290 stocks for Financials delinquencies. All of those Suspended stocks had their stock registrations revoked.
Shareholders should contact the company and pressure the Mgmt to file their delinquent Financials because ALL shareholders would be wiped out IF the SEC suspends the stock.
MDTV is on the list of delinquent filers:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110680509
MDTV SC 13G/A just out; Only 6M OS; $0.0090
http://www.sec.gov/Archives/edgar/data/1086139/000119312515006675/d850040dsc13ga.htm
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
KCG Americas LLC
22-3660471
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ¨ (b) ¨
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5.
SOLE VOTING POWER
590,309
6.
SHARED VOTING POWER
Not applicable
7.
SOLE DISPOSITIVE POWER
590,309
8.
SHARED DISPOSITIVE POWER
Not applicable
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
590,309
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.36% based on outstanding shares reported on the issuer’s 10-Q filed with the SEC for the period ended June 30, 2013.
MDTV nice 40K hit @ 0.02
MDTV another low float play. could hit back 0.1 with 2M in vol
If the guys in at a penny wouldn't bid whack and sell so quick mm's wouldn't do that. Great share structure here but the problem is the 30 million credit facility the company is in default on. How they will pay that back remains to be seen. The declining subscribers and credit facility are why the stock is down this low.
who's the mm on .016? why would there even BE anyone asking .016?
honestly I'm not the least bit emotional at all, but is this what the OTC market is coming to? a spike happens out of nowhere, so now it's time to dilute right into it and drive the thing right back down? even on a stock that's been asleep for months?
Watching close to find bottom
MDTV loading the pull back ?
nice action, watching for follow thru. microscopic SS.
MDTV 0.024 X 0.025
MDTV monster run started. grab your ticket
Mdtv 0.015x0.018. Tiny float and direct tv relation is the key play
This has to be one of the lowest floats out there right?
MDTV bids slowly climbing up 0.017 x 0.019
haha I think you lit the fuse here. potential for a nice run! and yeah that market cap is ridiculous.
MDTV $0.0113 x $0.0195 might benefit from ATT & DirectTV Acquisition. 5.7M O/S, Market Value less than $65K.
MDU and DIRECTV® have joined together to provide you the best that television has to offer. DIRECTV® is one of country’s foremost providers of superior digital satellite service, including local and specialty channels that offer an infinite number of entertainment choices!
By connecting with MDU, you are guaranteed to have the best seat in the house for sporting events, music specials, movies on demand and much more. Through DIRECTV®, you also have the opportunity to experience the latest in convenience and technology. Crystal clear picture quality, and personalized programming and recording create a viewing experience unlike any other.
http://www.mduc.com/about_directtv.html
http://www.otcmarkets.com/stock/MDTV/profile
this'll have its day. still holding a bunch in the low .01s.
What is going on this company..
MDTV 5.7M O/S @ .0013 = $68,000 Cap!
looks like MDTV sold off its core business, the subsidiary MDU Communications. Where does this leave the holding company MDTV?
MDTV quick DD 8k news today: all about numbers! Tiny float, huge Revenue!
Share Structure
Market Value $71,248 a/o Jan 09, 2014
Shares Outstanding 5,699,820 a/o Aug 14, 2013
http://www.otcmarkets.com/stock/MDTV/company-info
Revenue from 06/2013 10Q
Nine Months Ended June 30, 2013 REVENUE $ 17,677,852
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9459101
MDTV Insider purchase in 07/2013 at $0.481 and $0.394 per share
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9400520
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9410627
MDTV Insider purchase in 07/2013 at $0.481 and $0.394 per share
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9400520
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9410627
today's 8k:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9702705
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On September 4, 2013, MDU Communications International, Inc. (the “Company”) and its wholly-owned subsidiary, MDU Communications (USA) Inc. (the “Subsidiary”), entered into an Asset Purchase Agreement (the “September Agreement”) with Access Media 3, Inc. (“AM3”), whereby AM3 would acquire the assets associated with the Subsidiary’s business in its Midwest, Southeast, South Central and Mid-Atlantic regions. The September Agreement closed on October 22, 2013 and was previously disclosed.
On December 30, 2013, the Company and the Subsidiary entered into a follow-on Asset Purchase Agreement with AM3 for the remainder of the assets of the Subsidiary (“December Agreement”). The December Agreement covered the assets associated with the Subsidiary’s business in its Northeast and California regions. The December Agreement included 8,745 subscribers in these two regions, which is a decrease from the previously disclosed subscriber number for these regions of 13,172, due to attrition in the subscriber base and the non-transferability of 3,190 subscribers. The December Agreement is at a per subscriber purchase price of $493.47. Collectively, the September and December Agreements cover substantially all of the assets of the Company and the Subsidiary.
Upon closing of the December Agreement, there was an immediate transfer of 3,091 subscribers to AM3 for a purchase price of $1,625,315, less a 5% holdback. Thereafter, but no later than 270 days, AM3 will acquire, in a series of subsequent closings, the additional 5,654 subscribers for up to $2,790,079. To receive the maximum $2,790,079 in proceeds, the Subsidiary must obtain (i) written consents to assignment on all property right of entry agreements that require consent, and (ii) term extensions for all right of entry agreements with less than one year contractual term remaining. The $2,790,079 has been placed in escrow by AM3 to fund the subsequent closings. The Company and Subsidiary make no representation that all, or even substantially all, of the $2,790,079 proceeds will be received due to (i) and (ii) above.
The entire $1,544,050 received purchase price from the initial closing of the December Agreement was applied to the outstanding balance of the Subsidiary’s September 11, 2006 Amended and Restated Loan and Security Agreement, a secured credit facility with secured creditors FCC, LLC, d/b/a First Capital, and Full Circle Capital Corporation (the “Loan Agreement”), which had a calculated balance of $29,194,224 prior the application of any proceeds from either the September or December Agreements.
ITEM 8.01 OTHER EVENTS
The Subsidiary has scaled back staff and operations to only critical functions to fulfill its obligations under the September and December Agreements to obtain consents to assignment and right of entry agreement extensions, oversee AM3’s obligations under the temporary management agreement, and to perform certain basic accounting and corporate functions.
On December 5, 2013, the Subsidiary and AM3 entered into a First Subsequent Closing under the September Agreement, and, on January 3, 2014, the Subsidiary and AM3 entered into a Second Subsequent Closing under the September Agreement. As of January 3, 2014, collective proceeds in the amount of $16,490,351 have been received under the September Agreement from AM3 and applied to the balance of the Loan Agreement.
Due to (i) the reduction in the number of subscribers to be sold under the December Agreement, resulting in a lower maximum potential purchase price from the December Agreement, (ii) purchase price recovery from subsequent closings under the September and December Agreements being lower than the respective maximum purchase prices because of non-consenting and non-renewing right of entry agreements, (iii) the ongoing operating costs associated with the Subsidiary without any offsetting revenue, and (iv) the administration and interest expense of the Loan Agreement until repayment, it is expected that the total proceeds received pursuant to the September and December Agreements will not be sufficient to repay in full the outstanding balance of the secured Loan Agreement.
MDTV only 5M OS. $20M in annual rev. This is the next 10 bagger
Not many iHuber got MDTV noticed here. Over $22M in Annual Rev from last Q
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9459101
MDU Communications International, Inc. Third fiscal quarter 2011 Earnings Web ... - SunHerald.com
| 10:37 AM |
MDU Communications International, Inc. Third fiscal quarter 2011 Earnings Web ...
SunHerald.com
TOTOWA, NJ -- You are invited to listen to MDU Communications International, Inc.'s (OTCBB:MDTV) Third Fiscal Quarter 2011 earnings conference call on August 11 th , at 10:00am EDT. Mr. Sheldon Nelson, President and Chief Executive Officer, ...
MDU Communications International, Inc. Third fiscal quarter 2011 Earnings Web ...Business Wire (press release)
all 8 news articles »
Related News: Similar Content http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGItS9ozRI9zwgcoYU6-nEZJNexeA&url=http://www.sunherald.com/2011/08/08/3333239/mdu-communications-international.html#rssowlmlink
don't know why this company could care less about its stock price??? EOM
why does this stock not moving, its PR says the company has increased revenue.
MDU Communications Announces Preliminary Fiscal '09 Year End Results; Continued Increases in Revenue, EBITDA, ARPU; Acquisition Plan Underway
* Press Release
* Source: MDU Communications International, Inc.
* On 9:30 am EST, Thursday November 19, 2009
*
Companies:
o Mdu Communications International Inc.
TOTOWA, NEW JERSEY--(Marketwire - 11/19/09) - MDU Communications International, Inc. (OTC.BB:MDTV - News)
- Preliminary fiscal year end '09 revenue of $24.8M up 5% over fiscal '08 despite loss of revenue from sale of non-core subscribers to CSC Holdings early in fiscal year
- Preliminary fiscal year end '09 EBITDA (as adjusted) of $8.5M up 16% over fiscal '08, inclusive of $5.0M and $1.9M gains in fiscal '09 and fiscal '08, respectively, from sale to CSC Holdings
- ARPU up 12% fiscal year to date to $33.08, due mainly to new DIRECTV? HD services
- Company upgraded 367 properties containing 72,263 units to new DIRECTV HD platform by fiscal year end
- Company acquired certain assets of Rocket Broadband Networks, Delrey Technologies and DirecPath; pursuing others
MDU Communications International, Inc. today reports preliminary results for its fiscal year ended September 30, 2009. Preliminary revenue for the fiscal year ended September 30, 2009 was $24,753,128, a 5% increase over the prior fiscal year's revenue of $23,650,725. The Company's preliminary average revenue per unit ("ARPU") across all billable subscriber types was $33.08 at fiscal year end, a 12% increase over the ARPU of $29.55 reported at the end of fiscal '08. The Company's fourth fiscal quarter was the main contributor to the Company's overall fiscal growth, during which revenue increased from $5,784,778 in the quarter ended June 30, 2009 to $6,513,403 in the quarter ended September 30, 2009, with a corresponding increase of 3,324 net new subscribers.
Sheldon Nelson, President of MDU Communications, stated, "The Company maintained a conservative financial approach during fiscal '09 resulting in preliminary EBITDA (as adjusted) for the fiscal year end of $8,457,062, compared to EBITDA (as adjusted) for fiscal '08 of $4,334,927. Exclusive of the gain from the sale of assets to CSC Holdings from both fiscal years, the Company still realized preliminary EBITDA (as adjusted) of $3,418,223 for this fiscal year, compared to EBITDA (as adjusted) of $2,474,334 for fiscal '08. These revenue and EBITDA advances were achieved despite the significant sale of subscribers between the periods."
The Company's continued focus on improving its financial results also resulted, preliminarily, in lower, as a percent of revenue, operating expenses during the fiscal year - specifically direct costs, customer service and general and administrative expenses - when compared to the prior fiscal year ended '08. The Company's sales and marketing expenses, however, increased 1% (as a percent of revenue) year over year as the Company began new marketing campaigns, hired new sales department personnel and retained several teams of independent direct sales representatives to spur organic growth in fiscal 2010.
The Company's property upgrade program to the new DIRECTV HD platform is now complete and resulted in the upgrade of 367 DIRECTV properties containing 72,263 units. This large undertaking resulted in a significant number of Company access agreement extensions and renewals, increased penetration rates, increased sales of advanced services and an increase in the Company's DIRECTV subscriber residual, all of which have positively impacted the Company's financial results and competitive status. DIRECTV currently offers over 130 national HD programming channels (moving to over 200) and has HD local programming in 92% of all U.S. household markets. The continued launch and advertising campaign for the new DIRECTV HD programming and associated services will continue to provide incremental revenue and improved penetration rates within Company properties. Due mainly to new HD and DVR service fees and recent price increases, DIRECTV recently reported an ARPU increase of 2.1% in its third fiscal '09 quarter to $85.32 per subscriber.
The Company reports 65,262 net subscribers at fiscal year end '09 compared with 65,552 subscribers at fiscal year end '08, which was anticipated due to the sale of subscribers at the beginning of the fiscal year. As of September 30, 2009, the Company also had 3,961 units in work-in-progress for which the Company expects a minimum of 1,327 of these units (under contract subscribers) to become billable subscribers in the next few quarters. The Company has embarked on a bold subscriber growth program in fiscal 2010 that includes (i) acquisition of system operators severely constrained by the credit crisis, (ii) organic subscriber growth through new property right of entry agreements, and (iii) increased penetration rates from within properties recently upgraded to the new DIRECTV HD platform. The Company has placed in motion all aspects of this plan. With the new sales personnel now established, the Company has built up an organic sales pipeline of properties already under proposal that should result in a number of new right of entry agreements in the next few quarters.
Acquisitions will play an integral role in the Company's growth in fiscal 2010, and this growth started on June 30, 2009 when the Company executed an agreement to acquire certain assets from New York based Rocket Broadband Networks, Inc., which included 31 multi-family properties representing over 9,100 total units passed by wire. As of October 9, 2009, the Company had fully closed and transitioned all 31 properties. On September 14, 2009, the Company executed an agreement with Delrey Technologies, LLC to acquire certain of its assets including 871 units and 472 subscribers to its Internet and DIRECTV services in New Jersey. Finally, on September 30, 2009, the Company executed an agreement with a subsidiary of DirecPath, LLC to acquire certain of its assets in Florida, including 1,839 units and 2,103 subscribers to its private cable, DIRECTV and Internet services. Approximately 700 of these units with 890 subscribers transitioned on September 30, 2009, with the remaining properties closing as assignment documentation is obtained. The Company is in negotiations with several other entities regarding asset acquisitions that the Company anticipates will close, but makes no representation regarding such, during the next few fiscal quarters.
The Company is also investing in technology that provides more versatility (and economy) in delivering its high-speed Internet service, including plug and play capabilities (eliminating professional installation and truck rolls), tiered bandwidth services, wireless point-to-point property broadband delivery and splash pages directing residents to an Internet service webpage where they can sign-up online, pay their monthly bill online and report most service problems online. To facilitate the bundling of its video, broadband and VoIP services, the Company converted to a new and more robust billing and subscriber management system as of August 30, 2009.
"Being fiscally conservative in fiscal 2009 and instilling the Company mantra of "doing more with less" during the recession has put MDU Communications in a strong position out of the gate in fiscal 2010," commented Mr. Nelson. "We have a technologically upgraded and advanced subscriber base providing a higher ARPU, revenue that is trending up with associated expenses trending down as a percent of that revenue, the completion of three acquisitions with negotiations concluding on several other near term acquisitions, and the expertise to execute on a significant growth plan in 2010. We look forward to great success in the upcoming fiscal year," added Nelson.
The Company expects to file its annual report on Form 10-K for the year ended September 30, 2009 with the Securities and Exchange Commission on or before December 31, 2009. The Company will be hosting a conference call in the next few weeks to discuss the fiscal year end results. Specific information will be provided at a later date and call information will be available on the Company's web site at www.mduc.com.
About MDU: MDU Communications International, Inc. (OTC.BB:MDTV - News) is a leading provider of premium communication/information services, including digital satellite television and high-speed (broadband) Internet services, exclusively to the United States multi-dwelling unit (MDU) marketplace - estimated to include 26 million residences. Through its wholly owned subsidiary, MDU Communications (USA) Inc., MDU Communications delivers DIRECTV? digital satellite television services and high-speed (broadband) Internet systems and is committed to delivering the next generation of interactive communication services to MDU residents. For additional information, please see www.mduc.com or contact Investor Relations.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements relating to financial information, property upgrades, strategic partner relationships, subscriber sales, acquisitions, subscriber and revenue growth, implementation of new programs and other developments of the Company. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements, including, but not limited to, changes in financial condition, efforts on behalf of the Company to finalize and deploy certain programs and close certain acquisitions, fluctuations in operating results and operating plans, deployment of new subscriber growth plans and conversion of existing subscribers, market forces, supplier negotiations and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's 10-K for the year ended September 30, 2008, filed on or about December 23, 2008.
Contact:
Contacts:
MDU Communications International, Inc.
Sheldon Nelson
CEO
1-973-237-9499
investor@mduc.com
www.mduc.com
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MDU Communications Accelerates HDTV Property Upgrade Program; Reports Record Revenue, Earnings Per Share and Gain on Sale of Subscribers for Its First Fiscal Quarter '09 - First quarter revenue up 26% over same period in prior year to $6.6 million - |
TOTOWA, NEW JERSEY, Feb 11, 2009 (Marketwire via COMTEX) -- MDU Communications International, Inc. (OTCBB: MDTV), despite the economic downturn, reports strong financial results for its first fiscal quarter ending December 31, 2008. Revenue for the quarter was $6,616,635, a 26% increase over the same period in the prior fiscal year and average revenue per unit ("ARPU") across all billable subscriber types was $34.19, a 16% increase over the ARPU of $29.55 realized during fiscal '08. Additionally, during the quarter ended December 31, 2008, the Company realized net income of $4,205,009 and positive EBITDA (as adjusted) of $6,418,080, as compared to positive EBITDA of $119,117 for the same period in the prior fiscal year. The strong financial growth in net income and EBITDA (as adjusted) was due primarily to the gain realized on the sale of certain assets during the quarter. Net of this gain, the Company realized positive EBITDA (as adjusted) of $1,379,241 in the first fiscal quarter. The Company's continued focus on improving its financial results directly resulted in increased revenues and EBITDA, but also resulted in lower (as a percentage of revenue) operating expenses - specifically direct costs, customer service, sales and marketing, and general and administrative expenses, when compared to the same period in the prior fiscal year. Collectively, these operating expenses declined by 22% as a percentage of revenue during the quarter as compared to the same period in the prior fiscal year. Additionally, depreciation expense also declined by 5% as a percent of revenue during the first quarter as compared to the same period a year earlier.
|
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
As mentioned, the Company has developed and is implementing a comprehensive plan to upgrade its properties and current DIRECTV HD subscribers to the newly launched and expanding line-up of DIRECTV HD services. HD customers across the United States have doubled over the past year and this growth is expected to continue. During the third fiscal quarter, the Company upgraded 7,317 units in 39 properties to the new DIRECTV HD platform and had 6,201 units in 27 properties that were work-in-progress at June 30, 2008 that it expects will be completed in the fourth fiscal quarter. The Company anticipates it will have upgraded approximately 20,000 units in 110 properties by September 30, 2008. Property upgrades to the new DIRECTV HD platform are resulting in access agreement extensions and renewals, increased penetration rates within these properties, increased sale of advanced services and an increase in the Company's DIRECTV subscriber residual, all of which will positively impact the future of the Company as was evidenced in the second and third fiscal quarters.
The Company continues to develop its plan to launch a Voice over Internet ("VoIP") service to certain of its properties later this fiscal year. The Company will initially focus on deploying VoIP services to its portfolio of DIRECTV DTH Bulk and BCA properties serving 23,936 subscribers. To facilitate the bundling of its video, broadband and VoIP services, the Company is developing plans to "bundle" its services onto a single billing platform. The Company is in discussions with DIRECTV for such billing integration.
Mr. Sheldon Nelson, President of MDU Communications, commented, "We had an excellent quarter and fiscal 2008 should be a very good and important year for the Company. Going forward, we'll be in a better position to realize the subscriber growth we envision and produce solid financial results while doing so."
The Company expects to file its quarterly report on Form 10-Q for the period ended June 30, 2008 with the Securities and Exchange Commission on or before August 14, 2008. The Company will be hosting a third quarter earnings conference call on August 13, 2008 at 10:00 am EST. Call information is available on the Company's website at www.mduc.com.
The following table reconciles the comparative EBITDA (as adjusted) of the Company to its consolidated net income (loss) as computed under accounting principles generally accepted in the United States of America:
For The Nine Months For The Three Months
Ended June 30, Ended June 30, -------------------------- ---------------------------
2008 2007 2008 2007
------------ ------------ ------------ -------------
EBITDA $ 1,722,851 $ 343,364 $ 1,099,831 $ 55,503
Interest Expense (1,331,673) (530,652) (475,788) (201,624)
Deferred finance
costs and debt
discount
amortization
(interest expense) (251,154) (130,127) (86,496) (49,245)
Provision for
doubtful accounts (107,056) (176,094) (34,419) -
Depreciation and
Amortization (4,851,530) (3,775,221) (1,673,136) (1,272,056)
Share-based
Compensation
expense -
employees (264,522) (631,581) (53,696) (194,741)
Compensation
expense for
issuance of
common stock
through
employee stock
purchase plan (17,085) (18,526) (2,649) (1,496)
Compensation
expense for
issuance of
common stock
for employee
bonuses (37,141) (37,240) - (2,308)
Compensation
expense for
issuance of
common stock
for employee
wages (4,560) (33,945) (4,560) -
Compensation
expense accrued
to be settled
through the
issuance of
common stock (6,296) - (6,296) -
Compensation
expense through
the issuance of
restricted
common stock
for services
rendered (60,522) (60,000) (20,572) (60,000)
Share-based
compensation
expense -
nonemployees (5,400) (63,125) (5,400) -
------------ ------------ ------------ -------------
Net Loss $ (5,214,088) $ (5,113,147) $ (1,263,181) $ (1,725,967)
------------ ------------ ------------ -------------
------------ ------------ ------------ -------------
MDU COMMUNICATIONS INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
June 30, 2008 (Unaudited) and September 30, 2007 (Audited)
June 30, September 30,
2008 2007
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 165,617 $ 767,296
Accounts receivable- trade, net of an
allowance of $299,004 and $167,674 2,041,794 2,381,234
Prepaid expenses and deposits 583,296 582,319
------------ ------------
TOTAL CURRENT ASSETS 2,790,707 3,730,849
Telecommunications equipment inventory 837,962 970,456
Property and equipment, net of
accumulated depreciation of
$16,682,317 and $12,784,932 22,308,478 22,046,390
Intangible assets, net of accumulated
amortization of $5,094,512 and $4,153,493 3,442,682 4,186,809
Deferred finance costs, net of accumulated
amortization of $354,704 and $144,979 519,015 513,740
------------ ------------
TOTAL ASSETS $ 29,898,844 $ 31,448,244
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,676,851 $ 1,818,594
Other accrued liabilities 740,249 1,301,307
Current portion of deferred revenue 579,071 704,618
Current portion of note payable 54,153 51,723
Current portion of capital lease
obligations 33,691 81,291
------------ ------------
TOTAL CURRENT LIABILITIES 3,084,015 3,957,533
Deferred revenue, net of current portion 401,837 408,640
Credit line borrowing, net of debt
discount 17,318,527 13,224,561
Note payable, net of current portion 9,365 50,286
Capital lease obligations, net of current
portion - 12,179
------------ ------------
TOTAL LIABILITIES 20,813,744 17,653,199
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value
$0.001; 5,000,000 shares authorized,
0 issued - -
Common stock, par value $0.001;
70,000,000 shares authorized,
51,976,489 and 51,556,989 shares
issued and outstanding 51,976 51,556
Additional paid-in capital 60,712,224 60,208,501
Accumulated deficit (51,679,100) (46,465,012)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 9,085,100 13,795,045
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 29,898,844 $ 31,448,244
------------ ------------
------------ ------------
See notes to the unaudited condensed consolidated financial statements
contained in the Company's Report on Form 10-Q for the period ended
June 30, 2008.
MDU COMMUNICATIONS INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations
Nine and Three Months Ended June 30, 2008 and 2007
(Unaudited)
Nine Months Ended June 30, Three Months Ended June 30,
--------------------------- --------------------------
2008 2007 2008 2007
------------ ------------ ----------- ------------
REVENUE $ 17,138,127 $ 11,872,813 $ 6,257,780 $ 3,956,978
------------ ------------ ----------- ------------
OPERATING EXPENSES
Direct costs 7,468,119 5,044,104 2,542,022 1,765,646
Sales expenses 955,890 955,966 303,895 292,198
Customer service
and operating
expenses 4,386,747 3,443,035 1,504,127 1,133,237
General and
administrative
expenses 3,108,498 3,147,718 935,645 983,619
Depreciation and
amortization 4,851,530 3,775,221 1,673,136 1,272,056
-------------------------------------------------------
TOTALS 20,770,784 16,366,044 6,958,825 5,446,756
------------ ------------ ----------- ------------
OPERATING LOSS (3,632,657) (4,493,231) (701,045) (1,489,778)
Other income
(expense)
Gain on sale of
customers - 14,245 - 14,245
Interest income 1,396 26,618 148 435
Interest expense (1,582,827) (660,779) (562,284) (250,869)
------------ ------------ ----------- ------------
NET LOSS $ (5,214,088) $ (5,113,147) $(1,263,181) $ (1,725,967)
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
BASIC AND
DILUTED LOSS
PER COMMON SHARE $ (0.10) $ (0.10) $ (0.02) $ (0.03)
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 51,769,295 51,223,580 51,920,237 51,346,257
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See accompanying notes to the unaudited condensed consolidated financial
statements contained in the Company's Report on Form 10-Q for the period
ended June 30, 2008.
About MDU: MDU Communications International, Inc. (OTCBB: MDTV) is a leading provider of premium communication/information services, including digital satellite television and high-speed (broadband) Internet services, exclusively to the United States multi-dwelling unit (MDU) marketplace - estimated to include 26 million residences. Through its wholly owned subsidiary, MDU Communications (USA) Inc., MDU Communications delivers DIRECTV(R) digital satellite television services and high-speed (broadband) Internet systems and is committed to delivering the next generation of interactive communication services to MDU residents. For additional information, please see www.mduc.com or contact Investor Relations.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements relating to financial information, property upgrades, strategic partner relationships, subscriber and revenue growth and implementation of new programs and developments of the Company. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements, including, but not limited to, changes in financial condition, efforts on behalf of the Company to finalize and deploy certain programs, bringing to fruition strategic alliances and upgrade programs, fluctuations in operating results and operating plans, deployment of new subscribers and conversion of existing subscribers, market forces, supplier negotiations and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's 10-K for the year ended September 30, 2007, filed on or about December 21, 2007.
Contacts:
MDU Communications International, Inc.
Sheldon Nelson
CEO
(973) 237-9499
Email: investor@mduc.com
Website: www.mduc.com
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