NEW YORK--(BUSINESS WIRE)--The Orchard, a full service media company specializing in music and video entertainment, today announced that it has ranked # 66 on Technology Fast 500™, Deloitte LLP’s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
“We are honored to again be recognized by for our growth in the digital technology market,” commented Brad Navin, Executive Vice President of The Orchard. “Following our 2007 merger with DMGI Associates, and instituting many exciting technology advancements this year, ones which affect our client’s bottom-line, it’s gratifying to again be ranked so high on Deloitte’s list.”
Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004–2008. The Orchard grew 2794% during this period. The growth of the company is attributed to 2007’s merger with DMGI Associates and the implementation of various technologically forward offerings over the past several years, including the announcement earlier this year of an iPhone App creation tool. The Orchard previously ranked #33 as a Technology Fast 500™ award winner for 2008.
“Technology Fast 500™ recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth,” said Phil Asmundson, Vice Chairman and U.S. Technology, Media and Telecommunications leader, Deloitte LLP. "We congratulate The Orchard on this accomplishment."
Technology Fast 500™ Selection and Qualifying Criteria
Technology Fast 500™ provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500™ website, and public company database research conducted by Deloitte. Technology Fast 500™ award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
Deloitte’s 2009 Technology Fast 500TM
In order to be eligible for Technology Fast 500™ recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues. Technology Fast 500™ award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About The Orchard(R)
Headquartered in New York and London with operations in 25 markets around the world, The Orchard (NASDAQ: ORCD) is a full service media company specializing in music and video entertainment. Founded in 1997, the company is a global leader in digital marketing and distribution, driving sales across more than 730 digital storefronts and mobile carriers in 69 countries. Fostering creativity and independence, The Orchard enables labels, artists and rights holders to grow and monetize audiences globally. For further information please visit www.theorchard.com.
As used in this document, “Deloitte” means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.”
Forward Looking Statements
This release may contain certain forward-looking statements regarding The Orchard's expectations regarding future events and operating performance within the meaning of Federal Securities laws. These forward looking statements involve a number of risks and uncertainties, certain of which are outside The Orchard’s control, including the ability of The Orchard to distribute certain products, videos and films and provide certain marketing and other services. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in The Orchard's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date hereof, and The Orchard undertakes no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law.