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
NOVEMBER 10, 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 jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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)
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):
|_| Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| 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. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 10, 2004, Access Integrated Technologies, Inc. (the
"Company") issued a press release announcing its financial results for the
fiscal quarter ended September 30, 2004.
Such press release contains EBITDA and adjusted EBITDA information in
the discussion of the Company's 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, non-recurring
items, 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. The Company 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, the Company 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.
The Company 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
(Principal Executive Officer)
By: /s/ Brian D. Pflug
-------------------------------------
Brian D. Pflug
Senior Vice President - Accounting & Finance
(Principal Financial Officer)
Date: November 10, 2004
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release, dated November 10, 2004, announcing
Access Integrated Technologies, Inc.'s fiscal quarter
ended September 30, 2004 financial results.