| An SI Board Since October 2001 |
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ITGR |
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Integrity Incorporated is a media-communications company that chiefly produces, publishes, and distributes Christian music with sales in more than 160 countries. In addition to recorded music, Integrity produces Christian music video products for certain praise and worship artists. Integrity's products also include software and printed music, such as songbooks and sheet music, designed primarily for distribution to churches and choral groups. A Christian book division has been announced with publishing to begin in the fall.
Time-Life is spending $30M in advertising to market Integrity's music in their own 'Songs 4 Worship' series. According to Time-Life, they are breaking sales records. This is quite a deal for ITGR which had $63.5M in revenue in the trailing 12 months and should bring its visibility to a new level. Integrity already has an extensive direct response marketing program of customers who receive 2 Integrity CDs each month. This large list of customers should be of value in their new Christian book publishing venture.
ITGR has a catalog of over 2,700 songs from which they receive royalties of $3.4M/year, a huge continuing income stream and an increase of 27% over 1999. It's the largest revenue-producing song catalog in the industry. In the year 2000, Integriy's share of the 'Praise & Worship' market was 56%, more than 5 times the share of the nearest competitor.
Integrity is up 100%+ in 2001 and has now fulfilled all the requirements of full listing on the NASDAQ.
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