KIT digital revenues up 98%

KIT digital, the cloud-based software solutions and technology services provider for multi-screen video delivery, has reported financial and operational results for the first quarter ended March 31st, 2011.

Revenue in the first quarter of 2011 increased five per cent sequentially to $34.5 million from the adjusted level of $32.8 million in the previous quarter (after subtracting $5.6 million of reported professional services revenues which were sold at the end of 2010 from the reported revenue figure of $38.4 million for the fourth quarter of 2010). As compared to the same year-ago quarter, first quarter 2011 revenue increased 98 per cent. Management estimates that organic growth year-over-year was approximately 38 per cent.

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