OTC Bulletin Board
S & P Company Insight for BROADCAST INTL INC |
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Profile
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| Business Summary: Broadcast International, Inc., through its subsidiaries, engages in the installation, management, and support of private communication networks. | | | Address 7050 Union Park Avenue
Suite 600
Salt Lake City
, UT 84047
Phone: 801-562-2252
Fax: 801-562-1773
Website: http://www.brin.com
| | Auditor |
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HJ & Associates
Salt Lake City | | Transfer Agent |
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Interwest Transfer Co. Inc.
| Employees: 43 ShareHolders: 1400 | Founded: 1983 Domicile: Utah | | | |
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Background
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| Broadcast International, Inc., through its subsidiaries, engages in the installation, management, and support of private communication networks. Its networks are used by enterprise clients to deliver training programs, product announcements, entertainment, and other communication to employees and customers. The company also develops CodecSys, a proprietary video compression technology that converts video content into a digital data stream for transmission over satellite, cable, Internet, or wireless networks. In addition, it provides internal and external business applications, satellite-based services, streamed video hosting services, and production and content development services. Broadcast International serves retailers, other businesses, and third-party providers of in-store music and video. The company was founded in 1999 and is based in Salt Lake City, Utah. | | History: INCORPORATED in Utah Jan. 12, 1983, as Laser Corp. Name changed to Broadcast International, Inc. Jan. 13, 2004, in connection with the acquisition of BI Acquisitions, Inc. for 17,210,268 (post split) Common shares. BI Acquisitions was organized in December 1999 and began operations in January 2000. | | | | Subsidiaries: |
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BI Acquisitions, Inc. Interact Devices, Inc.
| | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 455 |
| | | | | | Research and Development Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 1,275 |
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Management
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Management
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| Officers | Position |
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| William H. Davidson | Chairman | | Rodney M. Tiede | President & Chief Executive Officer | | Reed L. Benson | Secretary, Chief Financial Officer, General Counsel & Chief Accounting Officer | | Robert W. Ingraham | Chief Technology Officer | | Ron Bell | SR VP | | Randy L. Turner | Treasurer |
| | Directors |
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| Richard Benowitz | | Bill Boyd | | Kirby D. Cochran | | William H. Davidson | | James E. Solomon | | Rodney M. Tiede | | | |
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Annual Report
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| Annual Report |
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| 2007 | 2006 | 2005 |
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| Net sales | $4,297,784 | $13,894,383 | $5,380,869 | | Cost of sales | 4,273,490 | 13,153,261 | 5,434,433 | | Gross margin (loss) | 24,294 | 741,122 | (53,564) | | Operating expenses |
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| | Administrative and general | 8,755,709 | 4,583,512 | 2,958,232 | | Selling and marketing | 556,568 | 693,223 | 720,841 | | Production and maintenance | -- | -- | -- | | Research and development in process | 1,274,792 | 2,323,843 | 812,581 | | Impairment of license rights | 1,142,400 | 1,732,600 | -- | | Total operating expenses | 11,729,469 | 9,333,178 | 4,491,654 | | Total operating loss | (11,705,175) | (8,592,056) | (4,545,218) | | Interest income | 50,417 | 34,398 | 29,745 | | Interest expense | (2,120,215) | (1,894,620) | (1,149,209) | | Derivative valuation loss | (12,526,260) | (1,266,300) | (12,000) | | Loss on securities available for sale | -- | (4,152,591) | -- | | Gain on forgiveness of debt | 22,005 | 284,000 | 68,547 | | Other income (expense) | (8,116) | (10,740) | 26,456 | | Net loss | $(26,287,344) | $(15,597,909) | $(5,581,679) | | Loss per share - basic and diluted | $(0.85) | $(0.56) | $(0.27) |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| ASSETS |
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| | Current assets |
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| | Cash and cash equivalents | $16,598,300 | $807,741 | | Accounts receivable, net | 220,834 | 851,473 | | Inventory | 57,218 | 46,341 | | Prepaid expenses | 2,449,236 | 1,400,361 | | Total current assets | 19,325,588 | 3,105,916 | | Property and equipment, net | 641,314 | 387,058 | | Patents, at cost | 197,346 | 200,306 | | Debt offering costs | 1,367,583 | 346,269 | | Technology licenses | -- | 1,142,400 | | Deposits and other assets | 8,795 | 8,795 | | Total other assets | 1,573,724 | 1,697,770 | | Total assets | $21,540,626 | $5,190,744 | | LIABILITIES: |
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| | Current liabilities |
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| | Accounts payable | $640,292 | $705,099 | | Payroll and related expenses | 460,236 | 202,335 | | Other accrued expenses | 55,356 | 130,798 | | Unearned revenue | 169,359 | 491,252 | | Current portion of long-term obligations | 47,692 | 666,637 | | Derivative valuation | 14,267,600 | 4,631,500 | | Total current liabilities | 15,640,535 | 6,827,621 | | Convertible debt | 2,931,245 | 1,413,308 | | Other long-term obligations | -- | 35,093 | | Deferred bonus payable | -- | 600,000 | | Common stock, $.05 par value | 1,888,752 | 1,347,663 | | Additional paid-in capital | 65,289,354 | 35,715,634 | | Unexercised options and warrants | 3,789,095 | 937,436 | | Subscriptions receivable | (25,000) | -- | | Accumulated deficit | (67,973,355) | (41,686,011) | | Total stockholders equity (deficit) | 2,968,846 | (3,685,278) | | Total liabilities and stockholders equity (deficit) | $21,540,626 | $5,190,744 |
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Interim Report
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| Interim Report
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| | | Data Not Available | | | | | | | | | |
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Pro Forma Report
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| Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
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Quarterly Report
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| Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 1,190,000 | | 2008 |
2 | 810,000 | | 2007 |
1 | 1,600,000 | | 2007 |
2 | 4,280,000 | | 2007 |
3 | 830,000 | | 2007 |
4 | 1,100,000 | | 2007 |
Full Year
| 4,300,000 | | 2006 |
1 | 2,780,000 | | 2006 |
2 | 4,280,000 | | 2006 |
3 | 3,910,000 | | 2006 |
4 | 2,920,000 | | 2006 |
Full Year
| 13,890,000 | | 2005 |
1 | 980,000 | | 2005 |
2 | 1,030,000 | | 2005 |
3 | 1,070,000 | | 2005 |
Full Year
| 5,380,000 | | 2004 |
1 | 1,380,000 | | 2004 |
2 | 1,570,000 | | 2004 |
3 | 1,290,000 | | 2004 |
Full Year
| 5,390,000 | | 2003 |
1 | 210,000 | | 2003 |
2 | 40,000 | | 2003 |
Full Year
| 4,930,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 2,160,000 | | 2008 |
2 | (5,560,000) | | 2007 |
1 | (4,310,000) | | 2007 |
2 | (480,000) | | 2007 |
3 | (6,980,000) | | 2007 |
4 | (13,770,000) | | 2007 |
Full Year
| (26,290,000) | | 2006 |
1 | (4,350,000) | | 2006 |
2 | (480,000) | | 2006 |
3 | (2,120,000) | | 2006 |
4 | (8,640,000) | | 2006 |
Full Year
| (15,597,900) | | 2005 |
1 | (790,000) | | 2005 |
2 | (1,500,000) | | 2005 |
3 | 310,000 | | 2005 |
Full Year
| (5,581,700) | | 2004 |
1 | (2,390,000) | | 2004 |
2 | (11,290,000) | | 2004 |
3 | (1,850,000) | | 2004 |
Full Year
| (16,488,700) | | 2003 |
1 | (220,000) | | 2003 |
2 | (70,000) | | 2003 |
Full Year
| (3,935,200) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | .05 | | 2008 |
2 | (.14) | | 2007 |
1 | .15 | | 2007 |
2 | (.02) | | 2007 |
3 | (.23) | | 2007 |
4 | (.39) | | 2007 |
Full Year
| (.85) | | 2006 |
1 | (.19) | | 2006 |
2 | (.02) | | 2006 |
3 | (.07) | | 2006 |
4 | (.28) | | 2006 |
Full Year
| (.56) | | 2005 |
1 | (.04) | | 2005 |
2 | (.07) | | 2005 |
3 | .01 | | 2005 |
Full Year
| (.26) | | 2004 |
1 | (1.30) | | 2004 |
2 | (.59) | | 2004 |
3 | (.09) | | 2004 |
Full Year
| (.85) | | 2003 |
1 | (1.30) | | 2003 |
2 | (.40) | | 2003 |
Full Year
| (2.30) |
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Stock Data
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| | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred no par | 10,000,000 | None | | Common $0.05 par | 180,000,000 | 38,501,296 |
| | | | LONG TERM DEBT: $4,062,404. | | | | Common $0.05 par | | | |
Stockholders:
03/20/2008,
1400.
| | PRINCIPAL STOCKHOLDERS: March 20, 2008, Castlerigg Master Investments Ltd. owned or controlled 13.1% of the Common, Rodney Tiede 8.9% and Leon Frenkel 5.9%. | | | |
Transfer Agent: Interwest Transfer Co. Inc.
Salt Lake City
, UT | | | | OTC Bulletin Board( Primary): BCST | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2007 | 4.9000 | 0.8100 | | OTC Bulletin Board | 2006 | 3.4000 | 1.1500 | | OTC Bulletin Board | 2005 | 4.4000 | 2.0000 | | OTC Bulletin Board | 2004 | 10.2500 | 2.2000 | | OTC Bulletin Board | 2003 | 1.1000 | 0.0300 | | OTC Bulletin Board | 2002 | 1.2000 | 0.6600 | | OTC Bulletin Board | 2001 | 8.5630 | 0.7500 | | OTC Bulletin Board | 2000 | 11.5000 | 4.8750 | | OTC Bulletin Board | 1999 | 5.3750 | 1.2500 | | OTC Bulletin Board | 1998 | 4.3750 | 1.0000 |
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| | | | RECENT DIVIDENDS: Common $0.05 par: No cash.
Common split 5-for-4, Jan. 30, 1998.
Common reverse split 1-for-10, Jan. 23, 2004. | | | | | |
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