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Revenues for the fiscal year ended
"Fiscal 2012 marked a successful strategic transformation of the Company. We repositioned Cinedigm by focusing on our core digital cinema servicing, software and independent content distribution units where we are clear market leaders, selling two non-core divisions and completing the acquisition of New Video, the world's largest digital aggregator of independent content," said
Revenues for the fourth quarter of fiscal 2012 were
In the fourth quarter of fiscal 2012, Adjusted EBITDA(1) from continuing operations totaled
Net loss from continuing operations in the fourth quarter of fiscal 2012 was
"We experienced a record fiscal 2012 with financial performance increases across all of our business units, including revenue and Adjusted EBITDA growth of 31% and 27%, respectively," said
Fiscal 2013 Outlook
The Company expects consolidated GAAP revenues including its deployment units of
The Company expects Fiscal 2013 Adjusted EBITDA from non-deployment operations of
(1) Adjusted EBITDA is defined by the Company to be earnings before interest, taxes, depreciation and amortization, other income (expense), net, stock-based compensation, provision for doubtful accounts, restructuring and transition expenses, merger and acquisition costs, allocated costs attributable to discontinued operations and certain other 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 consolidated financial statements prepared in accordance with U.S. GAAP.
Conference Call
Cinedigm will host a conference call to discuss its financial results at
For those unable to participate during the live broadcast, a replay will be available beginning
About Cinedigm
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
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
March 31,
------------------------
2012 2011
----------- -----------
ASSETS
Current assets
Cash and cash equivalents $ 17,843 $ 10,748
Restricted available-for-sale investments 9,477 6,480
Accounts receivable, net 24,502 13,103
Deferred costs, current portion 2,228 2,043
Unbilled revenue, current portion 7,510 6,562
Prepaid and other current assets 1,121 962
Note receivable, current portion 498 438
Assets held for sale 214 25,170
----------- -----------
Total current assets 63,393 65,506
Restricted cash 5,751 5,751
Security deposits 207 178
Property and equipment, net 200,974 216,562
Intangible assets, net 466 697
Capitalized software costs, net 5,156 3,362
Goodwill 5,765 5,765
Deferred costs, net of current portion 5,080 7,537
Unbilled revenue, net of current portion 617 834
Accounts receivable, long-term 773 --
Note receivable, net of current portion 465 1,296
Investment in non-consolidated entity, net 1,490 --
----------- -----------
Total assets $ 290,137 $ 307,488
=========== ===========
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
(continued)
March 31,
-------------------------
2012 2011
----------- -----------
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities
Accounts payable and accrued expenses $ 20,854 $ 7,625
Current portion of notes payable, non-recourse 35,644 28,483
Current portion of capital leases 186 13
Current portion of deferred revenue 3,677 3,060
Current portion of customer security deposits -- 48
Liabilities as part of assets held for sale 75 12,564
----------- -----------
Total current liabilities 60,436 51,793
Notes payable, non-recourse, net of current
portion 135,345 164,071
Notes payable 87,354 78,169
Capital leases, net of current portion 5,244 --
Interest rate swaps 1,771 1,971
Deferred revenue, net of current portion 11,451 9,688
Customer security deposits, net of current
portion 9 9
----------- -----------
Total liabilities 301,610 305,701
----------- -----------
Commitments and contingencies
Stockholders' (Deficit) Equity
Preferred stock, 15,000,000 shares authorized;
Series A 10% - $0.001 par value per share; 20
shares authorized; 7 shares issued and
outstanding at March 31, 2012 and March 31, 2011 ,
respectively. Liquidation preference $3,698 3,357 3,250
Class A common stock, $0.001 par value per share;
75,000,000 shares authorized; 37,671,487 and
32,320,287 shares issued and 37,725,126 and
32,268,847 shares outstanding at March 31, 2012
and March 31, 2011, respectively 38 32
Class B common stock, $0.001 par value per share;
15,000,000 shares authorized; 25,000 shares
issued and outstanding, at March 31, 2012 and
March 31, 2011, respectively -- --
Additional paid-in capital 206,348 196,420
Treasury stock, at cost; 51,440 Class A shares (172) (172)
Accumulated deficit (221,044) (197,648)
Accumulated other comprehensive loss -- (95)
----------- -----------
Total stockholders' (deficit) equity (11,473) 1,787
----------- -----------
Total liabilities and stockholders' (deficit)
equity $ 290,137 $ 307,488
=========== ===========
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
For the Fiscal Years
Ended For the Three Months
March 31, Ended March 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Revenues $ 76,557 $ 58,439 $ 17,695 $ 15,361
Costs and expenses:
Direct operating
(exclusive of
depreciation and
amortization shown
below) 7,042 4,329 1,648 1,292
Selling, general and
administrative 15,717 11,777 3,933 3,111
Provision for doubtful
accounts 459 144 459 2
Research and
development 175 256 13 41
Restructuring and
transition expenses 1,207 1,403 375 177
Merger and acquisition
expenses 604 -- 604 --
Depreciation and
amortization of
property and
equipment 35,865 31,916 9,146 8,617
Amortization of
intangible assets 294 333 41 83
----------- ----------- ----------- -----------
Total operating expenses 61,363 50,158 16,219 13,323
----------- ----------- ----------- -----------
Income from operations 15,194 8,281 1,476 2,038
Interest income 140 154 44 14
Interest expense (29,899) (26,991) (7,356) (6,731)
Loss on extinguishment
of debt -- (4,448) -- --
Loss on investment in
non-consolidated
entity (510) -- (144) --
Other income
(expense), net 912 (433) 306 (41)
Change in fair value
of warrant liability -- 3,142 -- (3,142)
Change in fair value
of interest rate swap 200 (1,326) 171 2,943
----------- ----------- ----------- -----------
Net loss from continuing
operations (13,963) (21,621) (5,503) (4,919)
Loss from discontinued
operations (5,381) (8,237) (251) (2,463)
(Loss) gain on sale of
discontinued operations (3,696) 622 -- 120
----------- ----------- ----------- -----------
Net loss (23,040) (29,236) (5,754) (7,262)
Preferred stock
dividends (356) (394) (89) (95)
----------- ----------- ----------- -----------
Net loss attributable to
common stockholders $ (23,396) $ (29,630) $ (5,843) $ (7,357)
=========== =========== =========== ===========
Net loss per Class A and
Class B common share -
basic and diluted:
Loss from continuing
operations $ (0.39) $ (0.71) $ (0.15) $ (0.16)
Loss from discontinued
operations $ (0.25) $ (0.25) $ -- $ (0.07)
----------- ----------- ----------- -----------
$ (0.64) $ (0.96) $ (0.15) $ (0.23)
=========== =========== =========== ===========
Weighted average number
of Class A and Class B
common shares
outstanding: Basic and
diluted 36,259,036 30,794,102 37,643,582 32,144,731
=========== =========== =========== ===========
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED ADJUSTED EBITDA
(In thousands)
For the Fiscal Years For the Three Months
Ended March 31, Ended March 31,
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Net loss from continuing
operations $ (13,963) $ (21,621) $ (5,526) $ (4,919)
Add Back:
Amortization of software
development 759 636 265 246
Depreciation and
amortization of property
and equipment 35,865 31,916 9,146 8,617
Amortization of intangible
assets 294 333 41 83
Interest income (140) (154) (44) (14)
Interest expense 29,899 26,991 7,356 6,731
Loss on extinguishment of
note payable -- 4,448 -- --
Other (income) expense,
net (912) 433 (306) 41
Loss on investment in non-
consolidated entity 510 -- 167 --
Change in fair value of
interest rate swap (200) 1,326 (171) 199
Change in fair value of
warrants -- (3,142) -- --
Stock-based expenses 1,013 104 309 --
Stock-based compensation 1,995 2,159 516 580
Allocated costs
attributable to
discontinued operations 623 830 -- 174
Restructuring and
transition expenses 1,207 1,403 375 177
Merger and acquisition
expenses 604 -- 604 --
Provision for doubtful
accounts 459 114 459 114
---------- ---------- ---------- ----------
Adjusted EBITDA $ 58,013 $ 45,776 $ 13,191 $ 12,029
========== ========== ========== ==========
Adjustments related to the
Phase I and Phase II
Deployments:
Depreciation and
amortization of property
and equipment $ (35,331) $ (31,726) $ (9,001) $ (8,589)
Amortization of intangible
assets (52) (46) (13) (11)
Income from operations (21,110) (17,401) (4,798) (2,916)
Intersegment services fees
earned (1) 4,159 4,293 836 733
---------- ---------- ---------- ----------
Adjusted EBITDA from non-
deployment Phase I and
Phase II businesses $ 5,679 $ 896 $ 215 $ 1,246
========== ========== ========== ==========
(1) Intersegment revenues of the Services segment represent service fees
earned from the Phase I and Phase II Deployments.
Add to
Contact: For more information: Cinedigm Investor Relations:Addo Communications Patricia Dolmatsky-Nir patriciad@addocommunications.comKimberly Esterkin kimberlye@addocommunications.com Office: 310.829.5400
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