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
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June 29, 2015
