DUBAI, United Arab Emirates, May 14 /PRNewswire-FirstCall/ -- ROO Group, Inc. d/b/a KIT digital (OTC Bulletin Board: RGRP - News), a global provider of IPTV enablement technology and video-centric interactive marketing solutions, announced today financial results for the quarter ended March 31, 2008.For the quarter ended March 31, 2008, revenue was $3.5 million, compared to $3.0 million in the prior year period. The Company's revenue includes software set-up fees, software license and maintenance fees, technical and creative service charges, streaming and data fees, and advertising income.
The net loss for the quarter ended March 31, 2008 was $10.6 million, or $0.27 per basic and diluted share, compared to $6.5 million, or $0.24 per basic and diluted share, in the same period last year. The net loss for the quarter ended March 31, 2008 reflects several non-cash items, including $4.0 million in stock based compensation, compared to $1.2 million in the same period last year and $0.2 million relating to the impairment of property and equipment, compared to zero in the same period last year.
The net loss for the quarter ending March 31, 2008 also includes one-time restructuring charges and restructuring-related non-recurring charges of $2.9 million, related to staff severance, facility closing, vendor termination, IT platform migration, corporate rebranding and other items. Of these restructuring charges a total of $1.0 million were non-cash in nature, the non-cash costs are related to warrants issued as a component of certain executive separation agreements.
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