KIT digital ( NASDAQ : KITD ) is a leading video management software and services company. Cosmos and Cloud, the company's video asset management systems, enable leading broadband media companies to produce, manage and deliver multiscreen socially-enabled video experiences to audiences wherever they are. KIT digital services nearly 2,500 clients in 50+ countries including some of the world's biggest brands, such as Airbus, The Associated Press, AT&T, BBC, BSkyB, Disney-ABC, Google, HP, Mediaset, MTV, News Corp, RCS Media Group, Sky Deutschland, Sky Italia, Telecom Argentina, Telecom Italia, Telefonica O2, Universal Studios, Verizon, Vodafone and Volkswagen. KIT digital maintains headquarters in New York City and offices in more than a dozen countries around the world.
COMMENTS:
KIT recently announced it would reduce its workforce by 20%.
Their CEO also resigned recently and settled with the company on a severence package.
In May, company missed target and got creamed.
Stock was trading at high of $12+ and now down to $2+
Company claims it has backlog of orders.
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