November 13, 2012
Cinedigm Announces Second Quarter Fiscal Year 2013 Financial Results Year over Year Revenue Growth Driven by Strong Performance in Companys Digital Cinema Installations and Content Entertainment Group
LOS ANGELES--(BUSINESS WIRE)-- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in the digital cinema industry, today announced financial results for the second quarter fiscal 2013 ended September 30, 2012.
Quarterly Highlights Include:
Consolidated revenues up 7.5% to $22.6 million
875 digital cinema installations, marking second highest install quarter in Company history
10 independent films acquired year-to-date
Second Quarter Fiscal 2013 Results
Revenues for the second quarter of fiscal 2013 were $22.6 million, a 7.5% increase from $21.0 million in the second quarter a year ago. The increase in revenues was primarily the result of strong performance in Cinedigms Content and Entertainment Group (CEG), including results from the New Video acquisition, which closed in April 2012. The Company also experienced the second highest installation quarter in its history in the digital cinema servicing unit; however, gains were partially offset by a temporary decline in digital cinema deployment revenues due to the impact on virtual print fees of unexpected shifts in the breadth and timing of various major studio movie releases in July and August.
In the second quarter of fiscal 2013, Adjusted EBITDA from continuing operations totaled $14.1 million, a decrease from $16.9 million in the year-ago period. Excluding Cinedigms deployment business, Adjusted EBITDA from continuing operations was $1.2 million, an increase of 48% from fiscal Q1 and a decrease from $3.2 million in the same period a year ago. Cinedigm installed 875 digital systems in the second quarter of fiscal 2013, as compared to an all-time record of 1,455 systems installed in the second quarter of fiscal 2012. This lower level of installations accounted for approximately $2.3 million of the EBITDA difference year-on-year, partially offset by other growth. In addition, consistent with its content growth plans, the Company incurred $0.2 million of external content distribution costs as it ramped up its film releasing business in the second quarter of fiscal 2013, building toward its goal of 20-25 releases per year. These costs were incurred in advance of earning ancillary home entertainment revenues on the Companys film releases. In addition to its content distribution business, Cinedigm continues to benefit from growth in its installed systems, software license and maintenance fees, and the inherent operating leverage embedded in its business model.
During the quarter we made significant strategic and operational strides, said Chris McGurk, Chairman and Chief Executive Officer. As of today, we have signed 276 exhibitor partners representing over 12,200 screens -- in excess of 70% of all North American exhibitors and approximately 40% of all North American digital cinema screens -- and we are continuing our focus on overseas expansion of our core businesses. Importantly, this huge deployment footprint helps build the worldwide foundation for Cinedigms digital cinema servicing, software and digital content distribution units, further leveraging our market leadership in each business. In the last quarter, we successfully completed the integration of New Video into Cinedigm, signed several new studio and exhibitor software licenses and have now acquired ten independent films, including several high profile titles such as Arthur Newman, starring Academy Award winner Colin Firth and Academy Award Nominee Emily Blunt; and Violet and Daisy, written and directed by Academy Award winner Geoffrey Fletcher and starring James Gandolfini. We expect these titles and our entire release slate to be strong contributors to our future growth.
As we have discussed in the past, fiscal year 2013 is a year focused on both investment and growth, added Adam Mizel, Chief Operating Officer and CFO. Our financial progress this quarter was masked by the tremendous installation quarter we experienced last year and the impact of our continued content acquisition investments. With 875 installations this quarter, we had our second largest installation quarter ever and we expect another strong quarter of installations in Q3 as we reach the end of our deployment period. We expect Q3 and Q4 to be our strongest financial quarters of the year given the impact of the holiday on our home entertainment content sales, a number of recent content and digital aggregation acquisitions, and our strong software pipeline. We remain extremely focused on profitably growing all our core businesses and making additional strategic investments to drive shareholder returns in fiscal year 2014 and beyond.
Six-Month Fiscal 2013 Results
For the first six months of fiscal 2013, revenues from continuing operations increased 11.4% to $43.5 million as compared to $39.1 million for the same period one year earlier. Adjusted EBITDA from continuing operations year-to-date was $27.6 million, compared to $30.6 million in the first six months of the prior year. Due in part to M&A expense charges and other restructuring charges, consolidated net loss increased to $7.8 million or $0.17 per share for the first six months of the fiscal year compared to a consolidated net loss of $6.6 million or $0.14 per share in the comparable prior year period. Excluding the M&A and restructuring charges, consolidated net loss decreased to $6.2 million or $0.13 per share for the first six months of the fiscal year.
Fiscal 2013 Outlook
Cinedigm is reaffirming its fiscal 2013 guidance and expects consolidated GAAP revenues including its deployment units of $91-$97 million, and c
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November 13, 2012
