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,
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August 13, 2013
