February 13, 2013
Cinedigm Announces Third Quarter Fiscal Year 2013 Financial Results Year over Year Revenue and EBITDA Growth Driven by Strong Performance in Companys Digital Cinema Installations and Content Entertainment Group
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in the digital distribution revolution, today announced financial results for the third quarter fiscal 2013 which ended December 31, 2012.
Quarterly Highlights Include:
Consolidated revenues up 17% to $23.2 million and consolidated adjusted EBITDA increased to $14.5 million from $14.3 million in the year-ago period
Non deployment revenues up 53% to $9.6 million and non-deployment adjusted EBITDA up 58% from year-ago period to $2.2 million
Cinedigms domestic digital cinema deployment currently totals 11,697 screens installed with 269 exhibitor partners; 835 screens installed in third quarter
Cinedigms movie release, The Invisible War, nominated for Academy Award in the Best Feature Documentary category
13 independent films acquired to date
Third Quarter Fiscal 2013 Results
Revenues for the third quarter of fiscal 2013 were $23.2 million, a 17% increase from $19.8 million in the third quarter a year ago. The increase in revenues was primarily the result of strong performance in Cinedigms Entertainment Group (CEG), including results from the New Video acquisition, which closed in April 2012, as well as continued steady results from the Companys recurring revenue digital cinema servicing and software platforms.
In the third quarter of fiscal 2013, Adjusted EBITDA from continuing operations totaled $14.5 million, an increase from $14.3 million in the year-ago period. Excluding Cinedigms deployment business, Adjusted EBITDA from continuing non-deployment operations was $2.2 million, an increase of 58% from the year ago period and an increase of 81% from the previous quarter. Non-Deployment EBITDA in the quarter included $0.4 million of film distribution costs incurred in the quarter as CEG ramped up its film releasing business, building toward a goal of 20-25 releases per year. These third quarter distribution costs were incurred in advance of any home entertainment revenues for those film releases, which will be realized in subsequent periods.
Consolidated net loss decreased to $1.8 million or $0.03 per share for the quarter compared to a consolidated net loss of $10.6 million or $0.28 per share in the comparable prior year period, and a net loss of $2.6 million or $0.06 per share in the preceding quarter.
Digital Cinema Deployment Highlights:
Cinedigm experienced the third highest installation quarter in its history, installing 835 digital systems as the Phase 2 installation period ended at January 31st, 2013.
Cinedigms US and Canadian digital cinema deployment currently totals 11,697 screens installed with 269 exhibitor partners, representing in excess of 70% of all North American exhibitors and approximately 40% of all North American digital cinema screens.
Cinedigm is finalizing contracts to bring its Virtual Print Fee (VPF) program to drive in movie theatres.
Also in the quarter, the Company signed its first large scale international deployment with Caribbean Theaters, with installations to commence in the fourth quarter.
Entertainment Distribution Highlights:
The Companys fiscal year 2013 movie release, The Invisible War, was nominated for an Academy Award in the Best Feature Documentary category and is one of the best reviewed movies of the year.
Cinedigm released two films theatrically in the third quarter fiscal 2013; Citadel and In Our Nature.
Cinedigm distributed 2,830 hours of film and TV content to more than 22 digital partners.
Through the end of the quarter, Cinedigms live content on digital platforms totaled over 2,130 unique films and 365 seasons of TV comprising over 5,732 episodes.
Cinedigm acquired 714 hours of new movies and TV series, including the classic Toei Anime franchise Digimon, 22 new festival films from our Sundance partnership, and the top-rated series Coast Guard Alaska & Coast Guard Florida from Al Roker Entertainment.
With the recently acquired content, the Companys total library is over 18,943 movies and television episodes.
Digital revenues increased 50% year-to-date versus industry average of 28%.
Software Highlights:
Dan Sherlock joined in January as the new president of the software division.
Signed Southern for our exhibitor management system and our TCC-Enterprise system.
Signed LD Entertainment for our TDS product.
Internationally, software installations began in Ireland and the UK. The quarter also saw the Company sign the first large scale international deployment with Caribbean Theaters, who will begin installing our software in our fiscal fourth quarter. The company expects Australian and New Zealand installations to also commence in the fourth quarter.
We are pleased that each of our divisions made significant operational progress in the last quarter. We exceeded our goals for the now complete Phase 2 domestic deployment, expanded our footprint internationally, released two independent films domestically with strong ancillary market pre-sales, grew our feature distribution slate to 13 titles and further expanded our industry leading home entertainment library with numerous film and television title acquisitions, said Chris McGurk, Chairman and CEO. Importantly, garnering an Academy Award nomination for The Invisible War has both dramatically increased awareness of the critical issue of military sexual assault and underscored that in year one as a complete digitally-focused studio, Cinedigm is already making a big impact on the entertainment business
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February 13, 2013
