Quickflix Releases 2009 Half Year Results

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Australia's leading independent online DVD rental service, Quickflix, has just released its 2009 half year results.

We're very confident in the metrics we're reporting, particularly in a testing economic environment. Executing a sound commercial approach was crucial for the business to grow in what could be described as cautious consumer market over the past six months

Quickflix, Australia's leading independent online DVD rental service, has released its 2009 half year results, highlighting significant revenue and membership growth, and major reductions in operating expenditures.

Quickflix offers consumers the opportunity to select DVD rentals online and then delivers them by mail. Service benefits include no late fees on DVD hire and a range of over 35,000 DVD titles, nearly 15 times the average video store.

"We're very confident in the metrics we're reporting, particularly in a testing economic environment. Executing a sound commercial approach was crucial for the business to grow in what could be described as cautious consumer market over the past six months," said Quickflix founder and Executive Director Stephen Langsford.

"Reducing our operating costs and improving the service without sacrificing aggressive growth has been our mission. Cost effective acquisition and the implementation of operational and product strategies during the period worked to achieve the wins seen in our half year results," said Langsford.

At December 31, 2008, key highlights include:

  •     28% increase in membership base to 25,565 subscribers on previous year.
  •     27% increase in annual revenue to $3.2M on previous year.
  •     62% reduction in annual net loss to $1.1M on previous year.
  •     22% reduction in annual operating costs to $4.3M on previous year.
  •     Reducing member churn to under 5% in November and December 2008.
  •     Exceeding a 60% trial-to-paying member conversion by December 2008.
  •     45% reduction in cost per customer acquisition on previous year.

"We're now in a position whereby the company has positive momentum in all the key operating metrics," said Langsford.

"Quickflix is well poised to succeed in the current marketplace. Consumers are looking very favorably at products and services in the home entertainment and stay-at-home sector," said Langsford.

Quickflix's 2009 half year results can be found at: http://investor.quickflix.com.au/IRM/Content/investor_welcome.html

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Gerard Brancato
Quickflix
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