June 19, 2013
Cinedigm Announces Fourth Quarter and Full Year Fiscal 2013 Financial Results Fourth Quarter Revenues Up 21% and Full Year Revenues Up 15%
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) today announced financial results for the fourth quarter and full year fiscal 2013 which ended March 31, 2013.
Highlights Include:
Fourth quarter revenues up 21% to $21.4 million from $17.7 million in the year ago quarter
Full year consolidated revenues increased 15% to $88.1 million from the prior year
Fourth quarter non-deployment revenues increased 91% to $8.3 million, inclusive of the New Video acquisition, from $4.4 million in the year ago quarter and 20% pro-forma for New Video in both periods
Full year non-deployment revenues increased 58% to $36.0 million from the prior year
Full year non-deployment adjusted EBITDA was $5.1 million, including significant growth investments and upfront expenses from the movie releasing business
During the fiscal year, Cinedigm successfully refinanced all existing debt into a non-recourse facility, closing a $125 million senior non-recourse credit facility led by Soci t G n rale and a $70 million non-recourse credit facility provided by Prospect Capital
Domestic screen deployment is now virtually complete with 11,703 screens installed across 267 exhibitors
17 independent films acquired to date, 5 released in FY13 and 5 more released to date in the first quarter of FY14, representing a strong and growing pipeline that will enhance the Companys results going forward
The Company significantly outperformed the industry averages during the fiscal year with 55% growth in digital revenues, and 65% growth in physical product sales compared to industry growth of 27% and (6%) respectively (industry source: Digital Entertainment Group)
It was just over two years ago that we outlined our strategy to transform Cinedigm to capitalize on the digital distribution revolution that is changing the entire entertainment business. Today, we are fully executing against that strategic plan in all areas, said Chris McGurk, Chairman and CEO. Our digital cinema services group continues to manage our 11,700 strong screen deployment while our Software group is launching key new products and expanding our markets. We dramatically improved our balance sheet with a non-recourse debt refinancing that significantly reduced our cost of capital and extended our debt maturities. And, most importantly, the digital revolution has triggered opportunities for success in our entertainment group that are even greater than we previously anticipated. New platforms, distribution outlets and viewing devices are driving an ever-increasing demand by consumers to view our new releases and our vast and expanding library of digital content. We are moving aggressively to take advantage of this sea change in consumer viewing behavior.
We have consistently stated that fiscal year 2013 was a year focused on both investment and growth, added Adam Mizel, Chief Operating Officer and CFO. We made solid progress as we acquired 17 movies, added 1,200 projects to our distribution library of now over 20,000 movies and television episodes, and rebuilt our software management team while completing two major software product upgrades. We accomplished all this while growing non-deployment revenues 58% inclusive of our New Video acquisition, and maintaining solid positive EBITDA even after investments in our infrastructure and the J-curve impacts of the ramp of our content releasing strategy. Looking forward, we expect Fiscal 2014 to be a similar year of investment and growth, as we take advantage of emerging global opportunities in each of our business lines. We will do this while maintaining the financial and operational discipline necessary to continue to drive towards net profitability.
Fourth Quarter Fiscal 2013 Results
Revenues for the fourth quarter were $21.4 million, a 21% increase from $17.7 million in the year ago quarter. Adjusted EBITDA from continuing operations for the quarter was $13.5 million, a 6% increase from $12.7 million in the year ago period. Non-deployment revenues for the fourth quarter were $8.3 million, a 91% increase from $4.4 million in the year ago period. Adjusted EBITDA from non-deployment operations for the quarter was $0.9 million, up from $0.2 million in year ago period reflecting revenue growth from the New Video acquisition partially offset by upfront releasing expenses for movies of $0.5 million. After adjusting for non-recurring items such as the write-off of previously capitalized debt issuance costs, debt prepayment fees, restructuring and merger and acquisition expenses, fourth quarter loss from continuing operations was $4.7 million or $0.10 per share, versus a loss of $4.5 million, or $0.12 per share in the prior year period.
Full Year Fiscal 2013 Results
Revenues for fiscal 2013 were $88.1 million, a 15% increase from $76.6 million in fiscal 2012 while Non-deployment revenues grew 58% to $36.0 million from the prior fiscal year. The increase in revenues was primarily the result of solid performance in Cinedigm Entertainment Group (CEG), including results from the New Video acquisition, more than offsetting decreases in Deployment and Services revenues. The decreases in deployment and services are due to (i) a reduction in VPF revenues and EBITDA in the fiscal year both by approximately $2.0 million as major studios shifted their release schedules during the summer of 2012 due to the Summer Olympics and the Aurora movie theatre shootings; and, (ii) the delayed delivery and customer product acceptance related to over $2.0 million in software revenues as the completion of the Distributor product upgrade moved into fiscal
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June 19, 2013
