Cinedigm Digital Cinema Corp. Announces Strong First Quarter Financial and Operating Results
Revenue and Adjusted EBITDA Increase 21% and 25%, Respectively
(firmenpresse) - MORRISTOWN, NJ and LOS ANGELES, CA -- (Marketwire) -- 08/11/11 -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in the digital cinema industry, reported strong financial results for the first quarter ended June 30, 2011. The Company also made significant operational progress with its strategic initiatives.
Total revenues in the first quarter were $23.5 million, representing a 21.4% increase from the prior year's first quarter. The increased revenues are a result of continued growth in Phase 2 deployments, and significantly higher revenues from the Company's Software and Services businesses.
The Company reported Adjusted EBITDA(1) (defined below) of $13.2 million, an increase of 24.9% from the $10.5 million reported in the prior year's first quarter. Adjusted EBITDA exclusive of Phase I/Phase II programs was $324,000, marking the third consecutive quarter of positive Adjusted EBITDA and a significant improvement as compared to the loss of $(470,000) reported in the prior year's first quarter. Net loss in the first quarter was $(6.4) million or $(0.20) per share, as compared to a loss of $(7.1) million or $(0.24) per share in the prior year period.
"We are pleased with our strong start to the year, which marks the achievement of several significant operational and financial milestones," said Chris McGurk, Chairman and CEO of Cinedigm. "Since early 2011, we have recalibrated the company's focus, directing our resources to areas where we can most effectively leverage the capabilities of the digital cinema platform and be a market leader, specifically in software and content marketing and distribution. Our strong first quarter performance clearly indicates that our efforts are paying off strategically, operationally and financially."
Adam M. Mizel, Chief Strategy and Financial Officer, commented, "From a financial perspective, Cinedigm had a very solid first quarter. Our core businesses continued to expand and benefit from the positive operating leverage inherent in our business model, as evidenced by an almost $800,000 improvement in Adjusted EBITDA excluding our deployment subsidiaries. In addition, during the quarter, 634 new Cinedigm Phase II digital systems were deployed, resulting in 2,829 Phase II digital systems deployed at the end of this quarter. We also enter the back half of the year with a strong deployment backlog of 2,625 systems to be installed. Importantly, we expect continued strong financial results as exhibitors accelerate digital conversions in advance of the late 2012 installation deadline to benefit from the virtual print fee program.
"As we have consistently noted, each one thousand screens deployed will add $2.0-$2.5 million of non-deployment EBITDA in the first twelve months through service fees and software license and maintenance fees," Mr. Mizel continued. "In addition, subsequent to the quarter end Cinedigm announced the completion of a $6.9 million private placement of common stock, with proceeds intended for general working capital and to pursue strategic opportunities in our content and software businesses. Finally, we were pleased to recently announce our intent to sell our non-core feature and trailer delivery business to Technicolor and form a strategic software partnership."
"Our entire management team is devoted to furthering Cinedigm's growth and profitability, with the ultimate objective of maximizing shareholder value," Mr. McGurk concluded. "We are pleased with the excellent start of the year and will continue to focus on the rapid deployment of digital cinema systems, the development of both exhibitor and distributor software solutions, as well as the expansion of our content marketing and distribution business, both through organic growth as well as accretive external opportunities."
Cinedigm is a leader in providing the services, experience, technology and content critical to transforming movie theatres into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, software, satellite and hard drive digital movie delivery network; pre-show in-theatre advertising services; and marketing and distribution platform for alternative content such as CineLive® 3D and 2D sports and concerts, thematic programming and independent movies is a cornerstone of the digital cinema transformation. Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm Digital Cinema Corp. [CIDM-E]
(1)Adjusted EBITDA is defined by the Company to be earnings before interest, taxes, depreciation and amortization, other income (expense), net, stock-based compensation and non-recurring items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of Adjusted EBITDA to U.S. GAAP net income (loss). The Company calculated and communicated Adjusted EBITDA in the tables because the Company's management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. The Company's calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the U.S. GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. These non-GAAP measures should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with U.S. GAAP.
Maggie Begley
310-301-1785
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Datum: 11.08.2011 - 14:05 Uhr
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