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Atrinsic, Inc. (Nasdaq: ATRN) $5.69. Announced yesterday that subscribers to its Kazaa digital music subscription service are already entitled and can access the Kazaa music service on the iPad, iPhone and on Android compatible mobile devices. This exciting innovation allows Kazaa subscribers to immediately stream music via a broad range of wireless devices, and is especially significant in light of Apple’s recent announcement that it will now keep 30% of revenue generated by new subscriptions and media purchases made in an iPhone or iPad application through its App Store.
What They Do: Atrinsic, Inc. is a marketer of direct-to-consumer subscription products and an Internet search-marketing agency.
Radnet (Nasdaq: RDNT) $3.47. Today reported financial results for its fourth quarter and full year ended December 31, 2010. For the fourth quarter of 2010, RadNet reported Revenue, Adjusted EBITDA(1) and Net Income of $145.3 million, $30.2 million and $3.3 million, respectively. Revenue increased $13.5 million (or 10.2%), Adjusted EBITDA(1) increased $3.2 million (or 11.8%) and Net Income increased $2.7 million (or 418.1%) over the fourth quarter of 2009. On a sequential year-over-year basis, compared with the first, second and third quarters of 2010, Revenue increased $21.1 million (or 17.0%), $6.4 million (or 4.6%) and $5.2 million (or 3.7%), respectively. On a sequential basis, compared with the first, second and third quarters of 2010, Adjusted EBITDA(1) increased $9.7 million (or 47.1%), $2.8 million (or 10.0%) and $2.1 million (or 7.6%), respectively.
Net Income for the fourth quarter was $0.09 per share, compared with a Net Income of $0.02 per share in the fourth quarter of 2009 (based upon a weighted average number of fully diluted shares outstanding of 37.8 million and 37.4 million for these periods in 2010 and 2009, respectively). Excluding non-cash gains from the mark-to-market of our interest rate swaps of $1.8 million, a $306,000 non-cash charge to interest expense related to the amortization of accumulated unrealized losses on interest rate swaps, losses from the disposal of equipment of $530,000 and non-cash stock compensation of $898,000, RadNet would have reported Net Income of $3.2 million, or $0.08 per fully diluted share, for the fourth quarter of 2010 compared with a Net Income of $1.5 million, or $0.04 per share, for the fourth quarter of 2009 excluding those same non-cash losses and expenses.
Also affecting Net Income in the fourth quarter of 2010 were certain other non-cash expenses and non-recurring items, including $107,000 of severance paid in connection with employee reductions related to cost savings initiatives and $723,000 of non-cash Deferred Financing Expense related to the amortization of financing fees paid as part of our new credit facilities and senior unsecured notes.
What They Do: RadNet, Inc. is a national market leader providing high-quality, cost-effective diagnostic imaging services through a network of 201 owned and/or operated outpatient imaging centers (inclusive of 19 facilities held in Joint Ventures).
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