August 12, 2015
Cinedigm Announces First Quarter Fiscal 2016 Financial Results Content and Entertainment revenues up 27% vs. prior year quarter
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Corp. (NASDAQ: CIDM) today announced financial results for the first quarter of fiscal 2016, which ended June 30, 2015.
Financial Summary
Consolidated revenues were $22.8 million, flat from the prior year quarter
Non-deployment (Entertainment and Services) revenues were $11.8 million, an increase of 16% from the prior year quarter
Content and Entertainment revenues increased 27% vs. prior year quarter
Consolidated adjusted EBITDA was $7.8 million, an increase of 7% from the prior year quarter
Non-deployment adjusted EBITDA was a loss of $2.3 million, improving 52% from a loss of $4.8 million in the prior year quarter
Highlights
In aggregate, the Company has over 1.2 million app installs across all OTT channels
CONtv is showing accelerating adoption with nearly 430,000 app installations and continued strong growth each month since its launch
Dove Channel on track to launch in September with over 700 titles and family-friendly premium content lineup
Docurama has over 630,000 app installations
Strong net physical (DVD/Blu-Ray) sales benefited from lower returns and increased retail facings as compared to the prior year quarter
Added a number of promising day-and-date theatrical VOD titles, including award winning A BRAVE HEART: THE LIZZIE VELASQUEZ STORY, THE FALLING with Maisie Williams, FINAL GIRL with Abigail Breslin, MEADOWLAND with Olivia Wilde and Luke Wilson, and LIFE with Robert Pattison
Announced reconfigured Board that includes four new Directors with strong and relevant experience: Blair Westlake, Andy Shuon, Zvi Rhine and Patrick OBrien
Our aggressive early move to establish Cinedigm as a leader in narrowcast OTT has positioned us extremely well as consumers rapidly cord-cut and shift to OTT services, said Chris McGurk, Chairman and CEO. By 2020, the OTT market is projected to be a $20 billion business in North America, far larger than Theatrical or DVD at its peak. While bigger and less flexible entertainment companies are now scrambling to adjust to this seismic industry shift in viewing behavior, Cinedigm is approaching 1.2 million app installations across our channels and will have at least four channels in full operation by the end of this calendar year. We are a leader in the OTT space and are well positioned to aggressively take advantage of this game changing market shift, particularly as large cable, satellite and technology-based content distributors begin to offer new OTT bundling opportunities.
Despite it being our slowest seasonal quarter, Cinedigm experienced solid fiscal first quarter results as we benefited from a strong release schedule and excellent physical and digital retail placement, commented Adam Mizel, Chief Operating Officer. In addition, CONtv continues to make progress as we have nearly 430,000 app installations and completed key enhancements to our technology platform. We are rolling out our SVOD service this week ahead of the upcoming Wizard World Con in Chicago starting August 20th, which is expected to attract over 60,000 people. The Dove Channel launch next month and the progress at Docurama are additional milestones marking our early mover advantage as an OTT leader.
First Quarter Fiscal 2016 Detailed Results
Revenues in our Phase I and Phase II Deployment businesses decreased by 13% compared to the prior period, primarily because there were six blockbuster titles released in the first quarter of the prior fiscal year, compared to three released in the June 30, 2015 period. Revenue generated by our Services segment decreased 12% as a result of the reduced VPFs earned by our Phase I and II deployment businesses. Revenues in our Content & Entertainment segment increased 27%, reflecting increased revenues related to digitally distributed content and significantly fewer product returns compared to the June 2014 period.
Consolidated Adjusted EBITDA was $7.8 million for the three months ended June 30, 2015, an increase of 7% in comparison to $7.3 million for the three months ended June 30, 2014. Adjusted EBITDA from our non-deployment businesses was a loss of $2.3 million during the three months ended June 30, 2015, improving 52% from a loss of $4.8 million for the three months ended June 30, 2014. Adjusted EBITDA improved over the prior period, due to better performance in our Content and Entertainment area. Additionally, direct operating costs were lower as we maintained tight expense discipline.
The Company made principal payments of $28.8 million on our long-term debt arrangements and made repayments (net of borrowings) under our revolving credit facility of $9.2 million in the three months ended June 30, 2015.
We are pleased that net retail sales of physical products and digital sales performed well for us during our seasonally slowest quarter, said Jeffrey Edell, Chief Financial Officer. As we prepare for our peak holiday quarter, our focus is on generating new business, maintaining sell-in and managing returns. In addition, we will continue investing in our OTT business to drive value creation, which will impact non-deployment EBITDA in the near term.
Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, stock-based compensation and expenses, restructuring, transition and acquisitions expenses, net, and certain other items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of adjusted EBITDA to U.S. GAAP net income (loss). Adjusted EBITDA is not a measurement of financial performance under accounting principles generally accepted in the Unit
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August 12, 2015
