Cinedigm Reports First Quarter Fiscal 2022 Results and Files Form 10-Q Reporting Net Income of $5.2 Million
Cinedigm (NASDAQ:CIDM) reported impressive first-quarter fiscal 2022 results, with total revenues reaching $15 million, up 149% year-over-year. Key growth sectors include streaming revenues, which surged 181%, driven primarily by ad-supported channels that skyrocketed 301% and subscription channels that rose 88%. The company achieved a net income of $5.2 million or $0.03 per share, a notable turnaround from the $19.9 million loss reported the prior year. Additionally, all remaining debt was paid down shortly after the quarter ended.
- Total revenues increased by 149% year-over-year to $15 million.
- Streaming revenues rose 181%, with ad-supported channels increasing by 301%.
- Net income improved to $5.2 million compared to a net loss of $19.9 million last year.
- Paid off all remaining company debt.
- None.
- Total Revenues of
$15 Million up149% Year-Over-Year - Streaming Revenues up
181% Year-Over-Year - Ad-Supported Streaming Channel Revenues Up
301% Year-Over-Year - Subscription Streaming Channel Revenues Up
88% Year-Over-Year
LOS ANGELES, CA / ACCESSWIRE / September 9, 2021 / Cinedigm Corp. ("Cinedigm" or "the Company") (NASDAQ:CIDM), a leading independent streaming entertainment company super-serving enthusiast fan bases, today announced its financial results for the first quarter of fiscal year 2022 ended June 30, 2021.
"This quarter we once again generated record growth, led by another triple digit streaming revenue increase," said Chris McGurk, Cinedigm Chairman and CEO. "All our streaming metrics continue to climb dramatically and we have solidified our position as a leading independent player in the streaming space with a broad and successful portfolio of targeted enthusiast channels. We intend to capitalize on all this momentum by rapidly growing the business both organically and through our already successful streaming asset acquisition roll-up strategy."
Key First Quarter Financial Results (Quarter Ended June 30, 2021):
- Consolidated revenues were
$15.0 million , up149% over the prior year quarter, driven by continued strong streaming growth, particularly in the Company's ad-supported business, as well as Digital Cinema equipment sales; - Streaming channel revenues increased
181% over the prior year quarter; - Ad-supported streaming channel revenues increased
301% over the prior year quarter; - Subscription streaming channel revenues increased
88% over the prior year quarter; - Streaming digital content licensing and sales, driven by partners such as Amazon, Apple and Tubi, increased
62% over the prior year quarter, the fifth record growth quarter in a row for that business; - Combined Streaming/Digital revenues increased
115% over the prior year quarter; - The Company reported slightly higher than previously reported net income of
$5.2 million , or$0.03 per share, versus net loss of$19.9 million , or$(0.21) per share, in the prior year quarter; - Paid down all remaining Company debt shortly after quarter end.
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About Cinedigm
For more than 20 years, Cinedigm (NASDAQ:CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains consumers around the globe by providing premium content, enthusiast streaming channels and technology services to the world's largest media, retail and technology companies. For more information, visit www.cinedigm.com.
Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm's filings with the Securities and Exchange Commission, including Cinedigm's registration statements, quarterly reports on Form 10-Q and annual report on Form 10-K, are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act''). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates,'' "intends,'' "plans,'' "could," "might," "believes,'' "seeks," "estimates'' or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by Cinedigm's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.
For additional information:
Media Contact:
DKC Public Relations
cinedigm@dkcnews.com
Investor Relations Contact:
High Touch Investor Relations
Cinedigm@htir.net
SOURCE: Cinedigm Corp.
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