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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
When Canada qualified for the FIFA World Cup 2026, OneSoccer knew this wasn'...
04/07/2026
Celebrates company's 80th anniversary
Rhodes have recently revealed that they will be producing a limited run of electric pianos in celebration of their...
04/07/2026
Blackmagic Design Cameras Empower Youth Broadcasting Program
Brie Clayton July 3, 2026
0 Comments
Blackmagic Pocket Cinema Camera 6K Pro and Blackmagi...
04/07/2026
iZotope Joins Boris FX
Boris Yamnitsky July 3, 2026
0 Comments
iZotope, the team behind RX and Ozone, is joining Boris FX. A letter from founder Boris...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
03/07/2026
New bundle & three Single Packs
Continuing to expand their already sizeable orchestral collection, VSL's latest release introduces three new Single Pack...
03/07/2026
Venue installs new ATC-equipped control room
LSO St Luke's, a unique music venue that also serves as the home of the London Symphony Orchestra, have rec...
03/07/2026
Caden Pearson appointed new Commissioning Editor for NITV
3 July, 2026
Media releases
National Indigenous Television (NITV) has strengthened its commitment...
03/07/2026
1 February 2023
SHARE Facebook Twitter Linkedin Email
Munich, Germany, 1st February 2023: Cinegy GmbH, the premier provider of software technology for digit...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Death Star
Andy Marken July 2, 2026
0 Comments
Look, I can't get involved. I've got work to do. It's not that I like the Empire; I hate i...
03/07/2026
Berklee's New Visual Identity: Honoring Our History, Building for What's...
03/07/2026
Scripps Research scientists awarded $2M to advance global disease surveillance Two Gates Foundation grants will expand wastewater surveillance and AI-driven dis...
03/07/2026
Joan Pulupa joins Scripps Research faculty to study the organization of DNA in brain cells and its links to neurodegeneration Using smell-sensing neurons and ad...
02/07/2026
Entering her senior year, this hometown girl is paving a career in live sports production gaining experience in replay and audio and as a TD
In the live-sports...
02/07/2026
In-venue and creative video staffers at the professional and collegiate level ha...
02/07/2026
BLAST, a competitive entertainment company focused on esports, has announced more than $133 million in revenue for 2025, representing more than 40% year-over-ye...
02/07/2026
Riedel Communications has announced official SKAARHOJ panel support for SimplyLive production workflows, enabled through the SimplyLive 2.1 release. The integra...
02/07/2026
The Fire Rescue Service of the Czech Republic has deployed LiveU video-over-bond...
02/07/2026
Gravity Media USA has announced the appointment of Brittney Boston as Head of Business Development, effective July 1, 2026. Based in Nashville, Tennessee, Bosto...
02/07/2026
TwelveLabs, a video intelligence company, has announced $100 million in Series B funding co-led by NEA and NAVER Ventures, with participation from Amazon, Radic...
02/07/2026
The Pro Padel League (PPL) has announced a broadcast partnership with USA Sports that will air five PPL championship matches on CNBC during the 2026 season, the...
02/07/2026
LiveLike, a digital fan engagement platform, has announced eight confirmed FIFA ...
02/07/2026
Cobalt Digital has received Future's Best of Show Award, presented by AV Technology at InfoComm 2026, for its blueCORE family of standalone signal processor...
02/07/2026
Synamedia has announced the appointment of Dr. Tzvi Gerstl as Chief Executive Officer. Paul Segre, who has served as CEO for the past six years, will transition...
02/07/2026
The Esports Foundation (EF) and Sony Group Corporation have announced an expanded collaboration for the Esports World Cup 2026 (EWC), taking place in Paris, Fra...
02/07/2026
Zee Entertainment Enterprises Ltd. ( Z') has announced exclusive broadcast and digital rights for the Bundesliga in India for five years, beginning with the...
02/07/2026
An effort uniting News, Sports, Local, and Telemundo, the 50+-camera live produc...
02/07/2026
Zoey Deutch, John Slattery, Ken Marino, Miles Gutierrez-Riley, and Ben Wang appe...
02/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
02/07/2026
A new era in unmixing and spectral editing
The latest version of Steinberg's spectral audio-editing software has just arrived, building on the strength...
02/07/2026
Aims to simplify additive synthesis
Sine Machine is the debut launch from Melatonin, a Vienna-based developer who have spent the past six years creating wha...
02/07/2026
Products to remain fully active & supported
Following the news of Native Instruments joining the inMusic brand line-up, Academy and Emmy Award-winning visua...
02/07/2026
What you missed!
Last weekend, Saturday 27 June 2026, saw the debut of Sound On Sounds new GearExpo UK event, the largest dedicated pro-audio event to take ...
02/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/07/2026
Following the successful launch of its inaugural APAC Mentoring Programme last month, the Rise AV APAC Regional Council will bring the conversation around mento...
02/07/2026
Blackmagic PYXIS 6K Used to Shoot Director Takahisa Zeze's Cry Out
Brie Clayton July 2, 2026
0 Comments
Highly mobile camera supports tense and de...
02/07/2026
Broadcast Solutions acquires BFE, expanding its lead in European broadcast, medi...
02/07/2026
Berklee Alum and Faculty Perform at Boston Public Library's 250th Anniversar...
02/07/2026
Broadcast Solutions GmbH, a leading systems integrator and provider of innovative solutions for the broadcast media industry, is acquiring BFE Studio und Medien...
02/07/2026
Cinegy GmbH, the premier provider of software-defined television technology, has extended the ingest facility at leading Brazilian sports company LiveMode, work...
02/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/07/2026
Standalone processors acknowledged for the innovation and value they bring to Pro AV
Cobalt Digital, a leading designer and manufacturer of signal processing ...
02/07/2026
Synamedia announced today the appointment of Dr Tzvi Gerstl as Chief Executive Officer. Paul Segre, who has served as CEO for the past six years, will transitio...
November 13, 2012
