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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 (NASDAQ: IMBI) announced the launch of 16 new brands in Q1 2021 across its networks, including ShopHQ®, ShopBulldogTV, and ShopHQHealth. Notable brands include ANNAYAKE, Snow Fox Skincare, and Omaha Steaks. CEO Tim Peterman highlighted that previous launches in early 2019 accounted for over 19% of revenue. The company focuses on building brands to enhance customer engagement and stakeholder value.
iMedia Brands has made history as the first media company to offer an FDA-authorized, at-home COVID-19 test for U.S. consumers. Launched on January 2, 2021, through its ShopHQHealth network, this initiative aims to tap into the $11 billion U.S. telehealth market. The saliva-based tests deliver results within 48 hours and involve a CDC-compliant health screening. The offering qualifies for FSA/HSA reimbursement, maintaining consumer privacy through HIPAA protections. CEO Tim Peterman emphasized the company’s commitment to enhancing health management from home.
iMedia Brands reported Q3 2020 results with net sales of $109 million, a 5% decline year-over-year, despite a 4% increase in active customers. Gross margin improved to 37.4%, a 130-basis point increase. The company's net loss was $4.7 million, showing a $2 million improvement compared to the previous year. Adjusted EBITDA stood at $6.4 million, a notable increase from a loss in Q3 2019. Unrestricted cash rose to $19 million, while net debt decreased to $33.6 million. Looking forward, iMedia expects mid-to-high single-digit millions in adjusted EBITDA for Q4.
iMedia Brands, Inc. (NASDAQ: IMBI) is set to hold a conference call on November 24, 2020, at 8:30 a.m. Eastern time to discuss its third-quarter financial results for the period ending October 31, 2020. The company will release its financial results beforehand. The call will be hosted by CEO and interim CFO Tim Peterman, followed by a Q&A session. Investors can join the call via toll-free and international dial-in numbers. A replay will be available from 11:30 a.m. Eastern time on the same day through December 8, 2020.
iMedia Brands (NASDAQ: IMBI) has announced the launch of several new brands for the upcoming fall and holiday seasons on its national television network, ShopHQ, and its emerging networks, BulldogShop and ShopHQHealth. CEO Tim Peterman revealed that 19% of the company's revenue in the first half of the year was generated from these new launches. Notable new brands include Burberry, Eyebobs, and Jason Taylor Health & Aging, among others. Customers can view and purchase these collections via various platforms including their websites and popular streaming services.
iMedia Brands (NASDAQ: IMBI) has announced retail distribution for select Shaquille O’Neal kitchenware products across over 2,000 Target and Sam’s Club stores starting October 2020. This partnership with Authentic Brands Group (ABG) and Tristar Products aims to capitalize on the popularity of O’Neal's television show, 'Learning to Cook with Shaq.' With more consumers cooking at home, iMedia believes this initiative will drive sales and enhance brand recognition. The company is excited about expanding its retail footprint through innovative product offerings.
iMedia Brands, Inc. (NASDAQ: IMBI) announced a public offering of 2,400,000 shares at $6.25 each, expected to raise gross proceeds of approximately $15 million. The underwriter has a 30-day option to purchase an additional 360,000 shares. Invicta Media Investments, the largest shareholder, plans to buy $1.6 million worth of shares. Proceeds will be used for working capital and corporate purposes. The offering is set to close by August 28, 2020, following regulatory approvals.
iMedia Brands reported its highest net income in 20 years at $1.1 million for Q2 2020, a significant recovery from a loss of $10.2 million in Q2 2019. Adjusted EBITDA surged to $10.7 million compared to $0.2 million last year. However, net sales fell by 5.3% to $124.5 million. The gross margin improved to 37.2%, up 90 basis points year-over-year. Notably, the company launched 25 new brands, which contributed 19% to total revenue during the first half of 2020. Active customer growth was recorded for the first time in four years, increasing by 1% year-over-year.
iMedia Brands, Inc. (NASDAQ: IMBI) has appointed Darryl Porter to its board of directors, effective August 11, 2020. Porter brings over 30 years of media experience, having served as CEO of Iconic Spectrum and Underworld Entertainment, and possessing a strong background in television and film. His appointment follows the resignation of Benoît Jamar. Chairman Landel Hobbs expressed confidence in Porter’s ability to impact the company's growth strategies, emphasizing the need for seasoned leadership in the evolving media landscape.
iMedia Brands, Inc. (NASDAQ: IMBI) will host a conference call on August 18, 2020, at 8:30 a.m. Eastern time to discuss its Q2 financial results for the period ended August 1, 2020. CEO Tim Peterman will lead the call, which will include a Q&A session. Investors can join by dialing (877) 407-9039 for toll-free access or (201) 689-8470 internationally. The call will also be available for replay after 11:30 a.m. Eastern time on the same day until September 1, 2020.
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