November 9, 2015
Cinedigm Announces Second Quarter Fiscal 2016 Financial Results Content and Entertainment Revenues up 30% and Total Revenues up 17% vs. prior year
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Corp. (NASDAQ: CIDM) today announced financial results for the second quarter of fiscal 2016, which ended September 30, 2015.
Financial Summary
Content and entertainment revenues were $11.7 million, an increase of 30% from the prior year quarter
Year-to-date content and entertainment revenues are up 29% from the prior year
Non-deployment (Entertainment and Services) revenues were $14.8 million, an increase of 25% from the prior year quarter
Consolidated revenues were $27.7 million, an increase of 17% from the prior year quarter
Consolidated adjusted EBITDA was $11.4 million, a decrease of 9% from the prior year quarter, primarily due to investment in the OTT business, where we have three channels in operation this year versus one last year
Non-deployment adjusted EBITDA was a loss of $0.9 million versus $1.4 million in positive EBITDA in the prior year, primarily due to the increased OTT investment noted above
Highlights
In aggregate, the Company now has nearly 1.4 million app installs across all three OTT channels, with two channels (CONtv and Dove) launched this fiscal year
Dove Channel launched September 15 with over 1,600 hours of family-friendly premium content. Dove has over 145,000 installations on Android, iOS and Roku in the first 55 days, and more than 36,000 registered users
CONtv is showing accelerating adoption with nearly 600,000 app installations to date and continued strong growth each month since its launch with almost 100,000 registered users
Docurama continues to achieve steady growth with high average viewership and will soon launch an SVOD option
Strong net physical (DVD/Blu-ray) sales benefited from increased retail facings and lower returns as compared to the prior year quarter, driving 30% sales growth in the quarter
The Company successfully released the award-wining documentary, A BRAVE HEART, THE LIZZIE VELASQUEZ STORY and the highly acclaimed film, MEADOWLAND, to strong reviews
We are very pleased with the successful launch and early consumer adoption of the Dove Channel, which further accelerates the momentum of our OTT business, said Chris McGurk, Chairman and CEO. Additionally, the 30% revenue growth in our content and entertainment business is very encouraging. We will continue to invest in OTT and are aggressively pursuing new channel partnerships and bundling arrangements with key distributors for our channels. We also continue to pursue key strategic partnerships and related capital raise opportunities.
Second Quarter Fiscal 2016 Detailed Results
Revenues in our Phase I and Phase II Deployment businesses reflect the wide release of 33 titles in both three month periods ended September 30, 2015 and September 30, 2014. Two blockbuster titles released in the three months ended September 30, 2015, accounted for the increase over the prior period. Revenue generated by our Services segment increased as a result of the higher VPFs earned by our Phase I and II deployment businesses. Revenues at our Content & Entertainment segment increased, due to good performance of key releases and significantly fewer product returns compared to the same period in the prior year.
Adjusted EBITDA (including the results of Phase 1 and Phase II Deployments segments) decreased 9% compared to the three months ended September 30, 2014. The reconciliation of Adjusted EBITDA for the three months ended September 30, 2015, also takes into consideration goodwill impairment, legal and other professional fees, primarily related to activist shareholder proposals, and a recovery related to a the settlement of the GVE litigation net of related expenses recorded in the period. The decrease in adjusted EBITDA compared to the prior period primarily reflects higher operating expenses that reflect our increased investment in the OTT business, where we now have three channels in full operation versus one last year.
The Company made principal payments of $38.8 million on our long-term debt arrangements in the six months ended September 30, 2015.
During the period, we recorded an $18.0 million impairment charge for Goodwill in our content and entertainment unit that had no cash impact on the Company. This Goodwill was materially derived from our Gaiam Vivendi Entertainment acquisition in the fall of 2013.
We are pleased that net retail sales of physical products and digital sales performed well for us during this seasonally slow quarter, said Jeffrey Edell, Chief Financial Officer. Looking forward, our focus is on generating new business, maintaining sell-in and managing returns. Additionally, non-deployment EBITDA will be impacted in the near term by our continued investment in our OTT business.
Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, Goodwill impairment, litigation related expenses, 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 net income (loss) calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States of America and may not be comparable to other similarly titled measures of other companies. The Company calculated and communicated adjusted EBITDA in the tables because the Companys management believes it is of importance to investors and
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November 9, 2015
