August 13, 2013
Cinedigm Announces First Quarter Fiscal 2014 Financial Results LOS ANGELES (August 13, 2013) - Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) today announced financial results for the first quarter fiscal 2014 which ended June 30, 2013.
Highlights Include:
First quarter consolidated revenues were $19.6 million, compared with $20.9 million in the year ago quarter;
First quarter non-deployment revenues were $7.8 million, flat with the year ago quarter;
Entertainment revenues increased by 18% year-over-year to $3.3 million;
First quarter consolidated EBITDA was $9.0 million, compared with $13.5 million in the year ago quarter;
First quarter non-deployment EBITDA was $(2.4) million, compared with $0.8 million in the year ago quarter, including approximately $2.6 million of upfront expenses related to advances and marketing for our movie release slate;
Cinedigm now manages 12,349 VPF screens at 1,342 theatres with 340 exhibitor partners; and
Cinedigm has acquired 18 independent films to date. Five films were released in FY13, five more released in the 2014 first fiscal quarter and the company has plans to release seven more by the end of Fiscal 2014.
From a financial results standpoint, it is important to note that we are where we planned to be this quarter and are on track to perform well the rest of the year, said Chris McGurk, Chairman and CEO. We continue to invest in our core businesses to take advantage of the huge growth opportunities the digital revolution has created. New platforms, distribution outlets and viewing devices are driving an ever-increasing demand by consumers for film and episodic content. Through our business investments, Cinedigm is moving aggressively to take advantage of the growth opportunities generated by this dynamic change in consumer viewing behavior. We plan to harvest the financial rewards of these investments in the coming months and years.
We are right in the middle of our budgeted ramp up. Since March, we have released 10 movies theatrically, acquired 676 titles for our library and expensed the upfront investments in related marketing and distribution costs. In the fiscal first quarter alone, Cinedigm incurred $2.6 million of direct theatrical acquisition, marketing and releasing costs. However, our financials reflect little of the significant revenues generated by these releases as they reach the profitable home entertainment markets, added Adam Mizel, Chief Operating Officer and CFO. We already have secured VOD placements, DVD pre-orders and SVOD agreements for much of our content that will contribute to revenues and EBITDA beginning late in Q2 and most directly in the second half of our fiscal year. As we have previously stated, we expect these distribution deals to drive a more than doubling of our entertainment revenues this year.
Consolidated revenues (including Phase 1 DC and Phase 2 DC subsidiaries) in the first quarter were $19.6 million, a decrease of $1.3 million versus the prior year period. Growth in revenues in the Entertainment group was more than offset by decreases in Deployment and Services revenues. Phase 1 and Phase 2 Deployment revenues declined by $1.2 million for the three months ended June 30, 2013 due to four fewer releases by studios in the current fiscal quarter as compared to the prior year fiscal quarter.
First quarter non-deployment revenues (excluding Phase 1 DC and Phase 2 DC subsidiaries) were $7.8 million, flat with the year ago quarter. Factors that affected this years results include lower results in Software reflecting (i) the delay of installations by several international exhibitors to later this fiscal year; (ii) an elongated go-live testing and conversion by a studio customer delaying revenue recognition into the fiscal second or third quarter; and (iii) recently closed new software sales expected to go-live later this fiscal year. These declines were offset by 18% year-over-year revenue growth in Entertainment, attributable to strong organic growth in distribution fees earned from (i) recent acquisitions of distribution rights of home entertainment titles; (ii) expanded monetization of our library of over 20,000 movies and television episodes; and (iii) revenues from theatrical releases that have reached the home entertainment window.
Consolidated Adjusted EBITDA in the first quarter was $9.0 million, a decrease of $4.5 million versus the prior year quarter. Adjusted EBITDA from non-deployment businesses was a loss of $2.4 million during the quarter, declining from a profit of $0.8 million in the year ago quarter. This decline was primarily driven by (i) the impact of the $1.2 million reduction in deployment VPF revenues and (ii) the expensing of approximately $2.6 million of content distribution costs in advance of earning ancillary home entertainment revenues. In accordance with Generally Accepted Accounting Principles (GAAP), Cinedigm must recognize its upfront content acquisition and marketing expenses at the time of a theatrical release of a movie. Cinedigm expects to recover those expenses and earn fee-based profits over the ensuing 12-36 months from revenues earned on the distribution of the movie in the ancillary home entertainment markets. To date, Cinedigm has released 10 films, with seven more in the pipeline for the remainder of this fiscal year, and the financial results do not yet reflect the full revenues associated with those releases.
After adjusting for non-recurring items such as merger and acquisition expenses and benefit from income taxes during the prior year fiscal quarter, first quarter loss from continuing operations was $7.1 million or $0.15 per fully diluted share, versus a loss of $3.6 million, or $0.08 per fully diluted share in the prior year period.
Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes,
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
29/04/2024
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/04/2024
Codemill aims to revolutionize media workflow efficiency at this years NAB Show by introducing Just-In-Time (JIT) playback technology in Accurate.Video Validate...
29/04/2024
April 29, 2024
-- TF1 Chooses Broadpeak to Power Targeted Advertising for New...
29/04/2024
LOS ANGELES Allen Media Group (AMG) has partnered with LG Electronics to bring 223 Local Now FAST channels to LG's free streaming service, LG Channels, avai...
29/04/2024
OTTAWA Ross Video has announced the introduction of Raiden, a data-driven weather graphics software that combines data gathering, processing, and visualization ...
29/04/2024
Panalux, a leading rental provider of lighting and power solutions for the motion-picture industry and part of Panavision's end-to-end service offerings for...
29/04/2024
Cobalt Iron Inc., a leading provider of SaaS-based enterprise data protection, today announced that it has received a patent on its technology for dynamic autho...
29/04/2024
SDVI, the leading platform provider for cloud-native media supply chains, today announced that Rally Access Workstation, a fully managed solution for editing in...
29/04/2024
Premier Sports, a premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality remote commenta...
29/04/2024
Glookast has chosen Jigsaw24 Media as the only UK channel partner to represent their portfolio of ingest and workflow optimisation products. The agreement, sign...
29/04/2024
Clear-Com played a pivotal role in the seamless coverage of the recent solar eclipse on April 8, 2024. Leveraging its cutting-edge Eclipse HX Digital Matrix i...
29/04/2024
PlayBox Neo will promote its complete range of television channel management, graphic branding and playout solutions to EMEA region media content owners and bro...
29/04/2024
Lingo, RuPaul's word-twisting game show, returns for season two on CBS Friday, May 24. Two episodes air that night, and stream on Paramount Plus, too....
29/04/2024
ESPN and Amazon Prime Video are reportedly close to scoring television rights to the National Basketball Association, according to published reports....
29/04/2024
Judge Judy and Hot Bench, CBS Media Ventures' genre-leading court shows, have been renewed through the 2025-26 TV season in more than 95% of the country, Gr...
29/04/2024
Premier Sports, an Irish-based premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality re...
29/04/2024
The awards celebrate the craft of behind-the-scenes TV talent and the best programmes of 2023
By Matthew Corrigan
Published: April 29, 2024
The awards cel...
29/04/2024
The team at Milk had to create and deliver the VFX and environment work for the royal residences featured in the drama from scratch
By Jenny Priestley
Publis...
29/04/2024
CEO Bob Bakish is expected to leave the company as early as today, with a new leadership committee likely to run the company on an interim basis
By Jenny Pries...
29/04/2024
Albena Ivanova, director, media and entertainment and strategic products at CHAOS talks to TVBEurope about her route into the industry
By TVBEurope Staff
Pub...
29/04/2024
The acquisition gives Grand Technix the opportunity to expand its footprint in the audio visual and broadcast technology sectors
By Jenny Priestley
Published...
29/04/2024
29 04 2024 - Media release Screen Australia announces James J. Robinson's debut feature First Light
First Light
Principal Photography is underway on Firs...
29/04/2024
Capitol Broadcasting recently became the inaugural company honored with inductio...
29/04/2024
Tonight on Smoke and Mirrors: Fanyana feels embarrassed about his sexual mishapDon't miss Monday, 29 April's riveting episode of South African soapie Sm...
29/04/2024
Talk about commitment. When startup SEA.AI, an NVIDIA Metropolis partner, set out to create a system that would use AI to scan the seas to enhance maritime safe...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
27/04/2024
On April 26, L3Harris Chair and CEO Christopher E. Kubasik joined CNBC's Mor...
27/04/2024
PORTLAND, Oregon Audinate Group Limited, the developer of the Dante AV-over-IP solution, announced significant new additions to Dante Connect, its cloud-based D...
27/04/2024
TORONTO Bell Media has launched 10 English and French-language FAST channels featuring entertainment, factual, news, and sports programming. The new free stream...
27/04/2024
An extensive new analysis of the news segments in the broadcast evening news programs of ABC, CBS, NBC and PBS has found that broadcasters devoted most of their...
27/04/2024
GERMANTOWN, Md. EchoStar's Hughes Network Systems has opened a new manufacturing facility and private 5G incubation center in Germantown, Maryland....
27/04/2024
Harry Pappas, one of three brothers who founded Pappas Telecasting Companies in 1971, died April 24. He was 78 years old....
27/04/2024
ATLANTA and LONDON Mexican telecommunications and broadcast company Televisa has selected Synamedia for an overhaul of its broadcast distribution....
27/04/2024
Participate in the Survey - The Impact of AI on Media and the Creative Industry
Pascal Wagner April 26, 2024
0 Comments
By participating in this surve...
27/04/2024
SDVI Rally Access Workstation Earns Two Top Awards at 2024 NAB Show
Brie Clayton April 26, 2024
0 Comments
SDVI, the leading platform provider for clo...
27/04/2024
Berklee's Music and Health Institute Launches Community Health Musician Cert...
27/04/2024
Charter Communications reported higher first-quarter profits despite continued cord-cutting and competition for broadband customers....
27/04/2024
Two environmentally-focused groups are partnering to engage the unscripted TV world in finding better ways to address climate change. Reality of Change is an ec...
27/04/2024
Sarah Garcia has been promoted to weekend anchor at KTLM McAllen, Texas, known as Telemundo 40. Starting April 27, she will anchor Noticias Telemundo 40 weekend...
27/04/2024
CBS Sports said it launched a new 24-hour free, ad supported streaming television (FAST) channel devoted to the UEFA Champions League....
27/04/2024
Comcast chairman and CEO Brian Roberts received $35.4 million in compensation in 2023, up 11% from the previous year, according to a proxy statement filed by th...
27/04/2024
Art Happens Here With John Lithgow, which sees the actor study dance, ceramics, silk-screen printing and vocal jazz with students in Los Angeles, debuts on PBS ...
27/04/2024
Remember Leave It to Beaver? Bewitched? Dragnet? When cable ratings were rising?...
27/04/2024
Next up for the weekend binge at Catchy Comedy is Gomer Pyle, U.S.M.C. Every weekend, Catchy Comedy features The Catchy Binge, a marathon of a classic sitcom....
26/04/2024
Sundance Film Festival CDMX 2024 kicks-off today with screenings in 5 theaters in Mexico City and the opening-night film, FRIDA, directed by Carla Guti rrez...
26/04/2024
[Editor's Note: This interview is part of a larger feature about the women d...
26/04/2024
Once again this year, SGL Carbon opened its doors to interested children and young people. On the occasion of the German Girls and Boys Day, which took place on...
August 13, 2013
