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iMedia Brands, Inc. (IMBI) is a leading interactive media company that specializes in multiplatform media and interactive commerce. The company, renowned for its customer-centric approach, operates a variety of television networks and digital platforms that sell consumer products to customers globally.
Core Business and Operations
iMedia Brands is primarily involved in the production and distribution of engaging television content that integrates direct-to-consumer sales. Their operations span across TV networks such as ShopHQ, a live 24/7 shopping network, and other specialty channels. They also manage several e-commerce platforms, enhancing their reach beyond televised content.
Recent Achievements and Projects
Recently, the company has expanded its product offerings and improved its customer engagement strategies. By integrating advanced analytics and AI-driven recommendations, iMedia Brands has optimized its sales and marketing efforts to cater to individual customer preferences. The company has also launched initiatives to increase its content production capabilities, ensuring a steady flow of fresh and appealing content for its audience.
Financial Condition
iMedia Brands has demonstrated resilience and growth in its financial performance. Their strategic focus on optimizing operational efficiencies and expanding revenue streams has resulted in improved margins and profitability. The company continues to invest in infrastructure and technology, emphasizing long-term financial stability and growth.
Partnerships and Collaborations
Partnerships play a crucial role in iMedia Brands' success. The company collaborates with a diverse range of brands and suppliers, enabling them to offer a wide variety of products. They have also formed alliances with media and technology companies to enhance their content delivery and customer engagement capabilities.
Products and Services
iMedia Brands offers an extensive line of consumer products, including fashion, beauty, wellness, home goods, and more. Their platforms provide a seamless shopping experience, combining entertainment with convenience. The company's dedication to quality and customer satisfaction has earned them a loyal customer base.
With their headquarters in Eden Prairie, Minnesota, iMedia Brands continues to innovate and expand, driving growth through strategic initiatives and customer-focused solutions.
iMedia Brands, Inc. (Nasdaq: IMBI) has successfully closed a debt financing deal worth $108.5 million, which includes an $80 million revolving credit facility from Siena Lending Group and a $28.5 million term note from GreenLake Asset Management. The financing is backed by iMedia's owned real estate, including its corporate headquarters and fulfillment center. Both financing options have a three-year term. This partnership aims to support iMedia's growth strategy, reflecting confidence from its lending partners.
iMedia Brands (Nasdaq: IMBI) announced the acquisition of Synacor’s Portal and Advertising business segment, now rebranded as Media Commerce Services (MCS), closing on July 30, 2021. The acquisition aims to enhance iMedia's service offerings in online and OTT media commerce, leveraging its interactive video expertise. iMedia expects MCS to generate $40 million in profitable revenue over the next year, targeting growth in the $9+ billion OTT advertising market and the $200+ billion online advertising market.
iMedia Brands (Nasdaq: IMBI) announces plans to launch 24 new brands in Q2 2021 across its lifestyle networks, representing a significant milestone in growth.
The new offerings include diverse products, ranging from jewelry by celebrity designers to innovative health and fitness solutions.
Year-to-date growth is approximately 50% compared to the previous year, indicating robust market performance and consumer engagement.
iMedia Brands (Nasdaq: IMBI) is rapidly progressing in the relaunch of the 65-year-old Christopher & Banks (CBK) brand. Recent milestones include transitioning CBK's digital business to iMedia's proprietary ecommerce platform and introducing new merchandise to over 1.5 million existing customers. The first CBK television show premiered, exceeding performance expectations, and retail locations in Coon Rapids, MN, and Branson, MO have reopened under experienced management. CBK's initiatives are aimed at leveraging its historical strengths while driving future growth.
iMedia Brands, Inc. (NASDAQ: IMBI) has secured five-year exclusivity agreements with top vendors, Invicta Watch Company and FamJams Trading. These agreements ensure continued access to popular products for ShopHQ customers and aim to stabilize revenue streams, as these brands contribute over 20% of ShopHQ's annual revenues. The partnerships allow iMedia to market and sell a range of products across North and South America, Europe, and Asia, further solidifying its market position in the interactive media space.
iMedia Brands, Inc. (Nasdaq: IMBI) announced the appointment of Montgomery Wageman as the new Senior Vice President and Chief Financial Officer, effective June 16, 2021. Wageman transitions from an interim role held by Tim Peterman since February 2020. With over 20 years at iMedia, Wageman has held various accounting and financial roles, most recently serving as Vice President, Corporate Controller. His appointment is expected to enhance the company’s financial strategy and operations.
iMedia Brands, Inc. (NASDAQ: IMBI) announced a public offering of 4,830,918 shares at $9.00 each, potentially raising approximately $43.5 million before expenses. The underwriter has a 30-day option to purchase an additional 724,638 shares. Funds will be directed towards working capital and acquisitions that complement the company's operations. The offering is expected to close around June 14, 2021, subject to customary conditions. B. Riley Securities and Craig-Hallum Capital are the lead managers for this offering.
iMedia Brands, Inc. (NASDAQ: IMBI) announced plans for an underwritten public offering of its common stock, subject to market conditions. The offering includes a 30-day option for underwriters to purchase an additional 15% of shares sold. B. Riley Securities, Inc. and Craig-Hallum Capital Group LLC are the joint book-running managers. The offering will be made under a previously filed shelf registration statement with the SEC, and prospectus details can be obtained from the underwriters. Notably, this press release does not constitute an offer to sell any securities in jurisdictions where selling isn't permitted.
iMedia Brands (NASDAQ: IMBI) reported an 18% increase in net sales for Q1 2021, reaching $113.2 million, marking its best quarterly revenue growth in eight years. The gross margin improved by 350 basis points to 40.6%. Active customers grew by 14%, and adjusted EBITDA was $8.1 million, notably up from a net loss attributable to shareholders reduced to $3.2 million. Looking ahead, the company expects Q2 revenue of approximately $121 million, with full-year revenue projected at $490 million, an 8% increase from 2020, driven by new high-definition broadcasts.
iMedia Brands, Inc. (NASDAQ: IMBI) announced a significant affiliation with RNN, the largest independent broadcaster in the U.S., set to launch its flagship network, ShopHQ, in over 20 million high-definition homes starting June 28, 2021. This partnership aims to enhance revenue and viewership by tapping into key markets like New York, Los Angeles, and San Francisco. ShopHQ will expand its reach through RNN's primary channels, optimizing consumer engagement via cable, satellite, and over-the-air broadcasting.
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