MDU Communications International, Inc. Reports Annual Results for Fiscal Year 2011

December 23, 2011

MDU Communications International, Inc. reported revenues for its fiscal year ended September 30, 2011 increased 7.5% to $27.88 million compared to $25.93 million in fiscal 2010.  Revenue during fiscal year 2010 benefited from one-time installation revenue of $708,650 from the DIRECTV HD upgrade subsidy compared to none in fiscal 2011.  If adjusted for this subsidy, recurring revenue in fiscal 2011 actually climbed 10.5%.

The company reported a net loss of $7.36 million in fiscal 2011 or $(1.35) per share versus a net loss of $8.37 million or $(1.56) per share in fiscal 2010.  For fiscal 2011 and 2010, the company reported non-cash charges of $8.45 million and  $7.97 million, respectively.  The non-cash charges were primarily made up of depreciation and amortization expenses, but to a lessor extent, included deferred interest and other charges.

As with most companies in this industry, the balance sheet is heavily leveraged with current assets of $2.48 million, total assets of $25.27 million, current liabilities of $4.57 million and total liabilities of $31.79 million.  The company ended fiscal 2011 with an accumulated deficit of $68.3 million and total stockholders’ deficiency of $6.53 million.

MDU Communications International, Inc. is a national provider of digital satellite television, high-speed internet, voice over IP and other information and communication services to residents of the multi-dwelling unit market including apartment buildings, condominiums, gated communities, universities, and other properties with multiple units in a defined area within the United States.

Source: MDU Communications International, Inc.

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