form8k_1357981.htm
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
June
11, 2009
(Date of
earliest event reported)
Access
Integrated Technologies, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-51910
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22-3720962
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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55
Madison Avenue, Suite 300, Morristown, New Jersey
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07960
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(Address
of principal executive offices)
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(Zip
Code)
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973-290-0080
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
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¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02.
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Results
of Operations and Financial
Condition
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On June 11, 2009, Access Integrated
Technologies, Inc. d/b/a Cinedigm Digital Cinema Corp. (the “Company”) issued a
press release announcing its financial results for the three months and twelve
months ended March 31, 2009.
Such press release contains adjusted
EBITDA information in the discussion of the Company’s financial
results. Adjusted EBITDA represents earnings before interest, taxes,
depreciation and amortization, other income (expense), net, non-recurring items,
stock-based compensation and non-recurring items.
Adjusted EBITDA is not a measurement 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. The Company uses 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,
the Company believes 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 loss 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, such
as stock-based compensation charges, that management believes are not
indicative of the Company's operating performance.
The Company believes that adjusted
EBITDA is a performance measure and not a liquidity measure, and a
reconciliation between net loss and adjusted EBITDA is provided in the financial
results. Adjusted EBITDA should not be considered as an alternative
to operating or net loss 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. In addition,
EBITDA does not take into account changes in certain assets and liabilities as
well as interest and income taxes that can affect cash
flows. Management does not intend the presentation of these non-GAAP
(as defined below) measures to be considered in isolation or as a substitute for
results prepared in accordance with U.S. GAAP. These non-GAAP
measures should be read only in conjunction with the Company’s consolidated
financial statements prepared in accordance with U.S. GAAP. “GAAP”
means accounting principles generally accepted in the United States of
America.
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.
| Item
9.01 |
Financial
Statements and Exhibits |
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99.1
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Press
Release, dated June 11, 2009, announcing Access Integrated Technologies,
Inc. d/b/a Cinedigm Digital Cinema Corp.’s three months and twelve months
ended March 31, 2009 financial
results.
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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.
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ACCESS
INTEGRATED TECHNOLOGIES, INC.
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By:
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/s/ Brian D. Pflug |
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Brian
D. Pflug
Senior
Vice President – Accounting & Finance
(Principal
Financial Officer)
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Date: June
11, 2009