June 29, 2015
Cinedigm Announces Fourth Quarter and Full Year Fiscal 2015 Financial Results Company has over 1 million app installations across all its OTT channels
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Corp. (NASDAQ: CIDM) today announced financial results for the fourth quarter and full year fiscal 2015 which ended March 31, 2015.
Results Include:
Fourth Quarter Results:
Fourth quarter consolidated revenues were $27.6 million
Fourth quarter non-deployment revenues (entertainment and services) were $15.7 million
Fourth quarter consolidated adjusted EBITDA was $12.3 million
Fourth quarter non-deployment adjusted EBITDA was $0.9 million
Full Year Results:
Full year consolidated revenues were $105.5 million
Full year non-deployment revenues (entertainment and services) were $57.0 million
Full year consolidated adjusted EBITDA was $47.9 million
Full year non-deployment adjusted EBITDA was $1.2 million
Reduced non-recourse debt by $41.3 million from the recurring virtual print fee revenue streams
Other Highlights:
CONtv OTT channel, in a partnership with Wizard World Comic Con, launched on March 3, 2014, and has over 333,000 app installations since launch, as well as high customer satisfaction, app ratings and engagement levels.
Docurama has over 601,000 app installations.
DOVE CHANNEL via a partnership with The Dove Foundation is set to launch in late Summer 2015 with over 900 hours of high quality faith and family friendly content approved by Dove.
Subsequent to fiscal year 2015, Cinedigm and Shout! Factory announced they have agreed to expand their strategic partnership with a minority investment by Cinedigm and the announcement of plans to jointly re-launch Shout! Factory TV, an existing classic movie and television AVOD service, as a freemium SVOD and AVOD model.
Subsequent to fiscal year 2015, Cinedigm completed a $64.0 million offering of Convertible Notes with the proceeds used to repay the $18.2 million term loan outstanding under its Credit Agreement, repurchase $14.1 million of common stock (of which $11.4 million of which will be repurchased through a forward repurchase agreement with Societe Generale) and to increase working capital by $28.2 million.
The continued rebound in our base business as well as Cinedigms over 50,000 film and TV episode library, robust distribution infrastructure and long-standing relationships with every digital platform have enabled us to aggressively launch our digital networks business, said Chris McGurk, Chairman and CEO. We are rapidly moving forward with 4 OTT channels expected in our operating portfolio by year end and several more in the pipeline. We are thrilled with the results so far on CONtv and that now in aggregate we have over a million app installations across all our channels.
As we look forward into fiscal year 2016, we will continue to expand our content distribution business with accretive new co-production partnerships and additional branded label distribution customers that will also provide content to our expanding digital networks business, added Adam Mizel, Chief Operating Officer. We are maintaining strong fiscal discipline as we expect much of this new distribution and OTT revenue to contribute to growth in the second half of the upcoming fiscal year and beyond.
Fourth Quarter Fiscal 2015 Commentary
Non-deployment revenues in the fourth quarter of fiscal year 2015 decreased to $15.7 million from $20.3 million as compared to the same quarter in the prior year as we terminated contracts with certain high-volume customers that did not meet our minimum financial return requirements and continued to experience lower demand for packaged goods (DVD and Blu-ray) due to changes in consumer purchasing behavior and reduction in shelf space allotted to such products. This impact was partially offset by growth in our digital distribution revenues during the quarter.
Operating expenses increased from the same period in the prior year due in part to incremental legal expenses related to our ongoing litigation and a $6.0 million non-cash charge for goodwill impairment related to our recent entertainment acquisitions. Non-Deployment Adjusted EBITDA for the fourth quarter of 2015 was $0.9 million compared to $6.1 million for the same period in the prior year, primarily as a result of lower revenues from our Content & Entertainment segment, investments in our OTT business.
Full Year Fiscal 2015 Commentary
Revenues in our Phase I and Phase II Deployment businesses were comparable to the prior period at $48.5 million as total VPFs, the number of Systems deployed, wide-release titles and screen utilization rates, were consistent with the prior fiscal year.
Revenue generated by our Services segment decreased to $11.9 million primarily due to an expected reduction of revenues earned from activation fees. In the last fiscal year, we deployed Systems in Australia and New Zealand which contributed $0.9 million of non-recurring activation fee revenue to fiscal 2014.
Revenues in Cinedigms Entertainment Group (CEG) business increased to $45.1 million, reflecting the full year contribution of our October 2013 acquisition of GVE, compared to five months of revenue from the GVE Acquisition included in the prior year period. Offsetting the increase in revenue were higher than anticipated returns of DVDs and Blu-ray discs in the current year in connection with our integration of GVE, incurred mainly in the 1st quarter, as we transferred to a new physical goods replication, distribution and fulfillment partner. In addition, we terminated several non-profitable customer contracts inherited from GVE during the third fiscal quarter of 2015. Furthermore, certain other issues arising in connection with the GVE Acquisition negatively impacted our sales in the current fiscal year.
Adjusted EBITDA (including t
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
28/08/2025
Leading video software provider, Synamedia, today announced that 24 Frames Digital, one of India's leading live event streaming service providers, has chose...
28/08/2025
Meet VisualOn at IBC2025: See What's Next in AI-Powered Video Streaming Join VisualOn at IBC2025 and discover how our AI-driven Optimizer and advanced media...
June 29, 2015
