PRESS RELEASE: PNI Digital Media Places 5th Overall in the 21st Annual Profit 100 Ranking
Continued Strong Results Position PhotoChannel as one of the Fastest-Growing Companies in Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - PNI Digital Media (TSX VENTURE:PN)(OTCBB:PNWIF), ("PNI" or "PhotoChannel"), the leading innovator in digital photography and media solutions for retailers, announces that it has placed 5th overall in the 21st annual Profit 100 ranking of Canada's fastest-growing companies by PROFIT Magazine.
This year's PROFIT 100 ranking examines Canadian companies that have seen explosive revenue growth for the period 2003-2008. The PROFIT 100 profiles the country's most successful growth companies. The ranking is published in the June issue of PROFIT and online at PROFIT100.com, and is considered Canada's largest celebration of entrepreneurial achievement. The 2009 edition is the Company's first appearance on the ranking.
For the period 2003-2008, PNI's revenue grew 6571%, placing it 5th overall and 1st in the ranking amongst public companies.
"We are very pleased with the recognition by PROFIT as one of the top growth businesses in the country," said Kyle Hall, CEO of PNI Digital Media. "Our business is showing strong growth in the face of the difficult macro economic conditions affecting the global market place and we are outpacing the consensus growth within our own industry. In our most recent quarter we delivered a 54% increase in revenue over the same quarter last year while it was also our third straight quarter of being cash flow positive. The PROFIT 100 validates our efforts in providing a compelling technology platform and transactional business model, as well as the efforts of our committed and talented management and staff."
"The PROFIT 100 are an inspiration to entrepreneurs at all stages of growth, from start-up to major corporation," says Ian Portsmouth, editor of PROFIT. "Their business practices and product innovations are exemplary of how businesses can succeed in uncertain times."
About PROFIT Magazine
PROFIT: Your Guide to Business Success, is Canada's preeminent publication dedicated to the management issues and opportunities facing small and mid-sized businesses. For more than 25 years, Canadian entrepreneurs across a vast array of economic sectors have remained loyal to PROFIT because it's a timely and reliable source of actionable information that helps them increase their revenues, boost their profitability and get the recognition they deserve for generating positive economic and social change. Published six times a year by Rogers Publishing Ltd., PROFIT is distributed almost exclusively to the chief executives of companies with 5 to 250 employees and annual revenue of $1 million to $25 million, reaching 306,000 readers across Canada. Visit PROFIT online at http://www.PROFITmagazine.ca.
About PNI Digital Media
Founded in 1995, PNI Digital Media (also known as "PNI" or "PhotoChannel") operates the PNI Digital Media Platform, which provides transaction processing and order routing services for major retailers. The PNI Digital Media Platform connects consumer ordered digital content, whether from in-store kiosks, online sites or desktop software, with retailers that have on-demand manufacturing capabilities for the production of merchandise such as photos and business documents. PNI Digital Media successfully generates millions of transactions each year for retailers and their thousands of locations worldwide. Follow us on Twitter®: @PNI_Kyle and @PNI_Yasmin
For more information please visit www.pnidigitalmedia.com.
The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. PhotoChannel's actual results could differ materially for those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in technology, employee retention, inability to deliver on contracts, failure of customers to continue marketing the online solution, competition, general economic conditions, foreign exchange and other risks detailed in the Company's annual report and other filings. Additional information related to the Company can be found on SEDAR at www.sedar.com and on the SEC'S website at www.sec.gov/edgar.shtml.
The TSX Venture Exchange has neither approved nor disapproved the information contained in this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(First posted on Tuesday, June 2, 2009 at 16:44 EDT)