Cinedigm Corp. (NASDAQ: CIDM) today announced its financial results for the three-month period ending September 30, 2020.
Chris McGurk, Chairman and CEO of Cinedigms, said we made strong progress in this slow seasonal quarter as streaming revenue continued to accelerate behind additional channel launches, platform / device expansion, and improved digital sales, particularly TVOD.. With several other channels being launched, a strong recovery in the advertising market and an ongoing demand by all broadcast platforms for digital content, we expect this growth to accelerate in the third quarter of the fiscal year as we head towards sustainable profitability.. We are also particularly pleased with the acquisition of The Film Detective, which will add nearly 10,000 titles / episodes and two streaming channels to our portfolio of streaming assets.. As the broadcast business continues to be strengthened, we believe Cinedigm is uniquely positioned to amass additional, profitable, and growing streaming assets such as The Film Detective which can instantly generate significant growth in added revenue and profits from Matchpoint technology, distribution strength, content and OTT infrastructure..
Gary Lovredo, Chief Operating Officer and General Counsel, added, “We made significant progress this quarter by strengthening our balance sheet, adding $ 10.”. 8 million cash by offering equity and reducing our debt by another $ 15 million by converting convertible securities into equity of $ 1. 50 per share. We plan to continue seeking more opportunities to reduce remaining debt in our balance sheet during the remainder of this year, thus reducing interest expenses and facilitating our pursuit of sustainable profitability.. Based on sales activity to date, we also expect strong results to continue in the next quarter.
Financial Summary for the second quarter of the fiscal year (comparing the three months ended September 30, 2020 with the three months ended September 30, 2019)
Revenue is $ 7. 2 million, down 30% from $ 10. 2 million in the period last year, due to the expected decline in the old cinema equipment business, the negative impact of COVID-19 on theater revenues and the temporary closure of DVD stores and distribution centers due to the impact of COVID-19. This was partly offset by growth in OTT revenue / stream flow. OTT AVOD revenue increased 45% year-on-year and 44% sequential to the previous quarter ended June 30, 2020.
The company recorded a consolidated net loss of $ 26. 6 million for the second quarter of fiscal year 2021. Excluding the unrealized change in the fair value of our equity investment in Starrise Media Holdings Limited, the net operating loss was $ 6.. $ 8 million. 06 per share, driven in large part by lost theater revenue in the old cinema equipment business due to the impacts of COVID-19.
For the second quarter of fiscal year 2021, the consolidated EBITDA was negative $ 1. 1 million for $ 1. 4 million in the same period last year. This decrease is primarily attributed to the projected decline in our old cinema equipment business and the negative impact of COVID-19 on theater revenues and the temporary closure of DVD storage and distribution centers due to the impact of COVID-19.. & Entertainment content rates an EBITDA of $ 0. 9 million was $ 2. 3 million better year-to-date, up 72%.
As of September 30, 2020, the company had a cash and equivalent amount of $ 16. 5 million for $ 14. 3 million as of March 31, 2020, the end of our last fiscal year. We completed the capital increase with common stock for a total return of $ 10. 8 million during the quarter.
Total debt reduced by $ 20. 9 million, or 40%, against September 30, 2019, compared to March 31, 2019, total debt reduced by $ 34. 5 million or 53%.
Cinedigm will host a conference call to discuss its financial results at 1:30 PM PDT / 4:30 PM ET on November 16, 2020.
To participate in the conference call, please call (877) 407-9124 or international callers (201) 689-8584 at least five minutes before the start of the call.. No passcode is required. A podcast is available live on the web at https: // www. webcaster4. com / Webcast / Page / 2478/38588 It will also be available at http: // Investor. Syndigm. com / events. CFM. To listen to the live broadcast on the web, please visit the website before starting the call in order to record, download and install any audio software necessary.
For those unable to participate during the live broadcast, replays will be available by calling (877) 481-4010 (U).. s. ) Or (919) 882-2331 (international) and use the passcode: 38588
The company defines EBITDA adjusted for the periods presented as earnings before interest, taxes, depreciation, amortization, other income, net, depreciation of goodwill, expenses and recoveries related to litigation, stock-based compensation, expenses, restructuring, transfer, acquisition expenses, net and some other items. In accordance with the requirements of Regulation G, the company has provided a settlement in the tables attached to this release of loss from continuing operations computed in accordance with USA Generally Accepted Accounting Principles (GAAP) to amended EBITDA. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is not a measure of financial performance under GAAP and may not be compared to other measures of the same title for other companies. The company has calculated and reported EBITDA in the tables because the company’s management believes it is of interest to investors and lenders by providing additional information regarding the performance of its core business activities.. Management offers revised EBITDA because it believes that modified EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that EBITDA is an industry wide financial metric that is useful to management and investors when evaluating the company’s performance and comparing our performance with that of our competitors.. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the company’s performance because it believes that EBITDA more accurately reflects the company’s results, as it excludes some items, such as stock-based compensation fees, which management believes It is not indicative of the company’s operating performance. The company believes that adjusted EBITDA is a measure of performance, not a measure of liquidity. Adjusted EBITDA should not be considered as a substitute for operating or net loss as an indicator of performance or as a substitute for cash flows from operating activities as an indicator of cash flows, in each case as defined in accordance with generally accepted accounting principles, or as a liquidity measure.. In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and adjusted EBITDA is determined by the company for the periods presented as EBITDA and other income, net and goodwill decrease Value, litigation charges and refunds, inventory based compensation, expenses, restructuring, transfer and acquisition expenses, net, and some other items. In accordance with the requirements of Regulation G, the company has provided a settlement in the tables attached to this release of loss from continuing operations computed in accordance with USA Generally Accepted Accounting Principles (GAAP) to amended EBITDA. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is not a measure of financial performance under GAAP and may not be compared to other measures of the same title for other companies. The company has calculated and reported EBITDA in the tables because the company’s management believes it is of interest to investors and lenders by providing additional information regarding the performance of its core business activities.. Management offers revised EBITDA because it believes that modified EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that EBITDA is an industry wide financial metric that is useful to management and investors when evaluating the company’s performance and comparing our performance with that of our competitors.. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the company’s performance because it believes that the adjusted EBITDA more accurately reflects the company’s results, as it excludes some items, such as stock-based compensation fees, which the management believes are Not indicative of the company’s operating performance. The company believes that adjusted EBITDA is a measure of performance, not a measure of liquidity. Adjusted EBITDA should not be considered as a substitute for operating or net loss as an indicator of performance or as a substitute for cash flows from operating activities as an indicator of cash flows, in each case as defined in accordance with generally accepted accounting principles, or as a liquidity measure.. In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that could affect cash flows.. The company’s calculation of adjusted EBITDA may or may not conform to the calculation of this measure by other companies in the same industry.. Investors should not view adjusted EBITDA as a proxy for the 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 could affect cash flows.. Management does not intend to present these non-GAAP measures separately or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should only be read in conjunction with the consolidated financial statements of the company prepared in accordance with income taxes that could affect cash flows.. The company’s calculation of adjusted EBITDA may or may not conform to the calculation of this measure by other companies in the same industry.. Investors should not view adjusted EBITDA as a proxy for the 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 could affect cash flows.. Management does not intend to present these non-GAAP measures separately or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should only be read in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP..
Since its inception, Cinedigm (NASDAQ: CIDM) has been at the forefront of digital transformation of content distribution.. To adapt to the rapidly transforming business needs of today’s entertainment scene, Cinedigm remains a change-focused player focused on providing content, channels, and services to the world’s largest media, technology and retail companies.. Cinedigms’ content groups and networks provide original and bundled software, channels, and services that entertain consumers globally across hundreds of millions of devices.. For more information, visit. Syndigm. Com.
Cinedigm is using and will continue to use its website, press releases, SEC filings, and various social media channels, including Twitter (https: // twitter. com / cinedigm), LinkedIn https: // www. Linkedin. com / company / cinedigm /), Facebook (facebook. com / Cinedigm), StockTwits (https: // stocktwits. com / CinedigmCorp) and the Company’s website (www. Syndigm. com) as an additional means of disclosing public information to investors, the media, and others interested in the company. Some of the information that the company publishes on its website, which is published in press releases, SEC files, and on social media can be considered material information, and the company encourages investors, the media and others interested in the company to review. The commercial and financial information that the company publishes on its website, and publishes it in press releases, SEC files and on the social media channels specified above, where this information can be considered as material information..
Investors and readers are warning that some of the data included in this document, as well as some data contained in regular press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm’s files with the Securities and Exchange Commission, including Cinedigm statements The registration and quarterly reports on Form 10-Q and the annual report on Form 10-K are “forward-looking” statements within the meaning of the Securities Litigation Reform Act 1995 (“the Law”). Forward-looking statements include statements of a predictive nature, which depend on or refer to future events or circumstances, and which include words such as “anticipates,” “expects,” “intends,” “plans,” “can,” “may,” “believes,” “Seeks,” “estimates,” or similar expressions. In addition, any statements regarding future financial performance (including future revenues or growth rates), ongoing business strategies or projections, and potential future actions, which Cinedigm management may provide, are also forward-looking statements as defined in law.. Forward-looking statements are based on current expectations and expectations 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 operates, among others.. These statements are not guarantees of future performance and Cinedigm does not undertake any specific obligation or intention to update this data after the date of this release.. .
The current portion of notes payable, including an unamortized debt discount of $ 460 and $ 460 respectively
Current portion of bonds payable, non-recourse, including unamortised debt discount of $ 358 and $ 763 respectively
Excellent stock, 15. 000. 000 licensed shares; Series A 10% – $ 0. 001 par value per share; 20 authorized shares; And 7 shares issued and outstanding on September 30, 2020 and March 31, 2020. $ 3,648 Liquidation Preference
Regular share, $ 0. 001 Par value of Class A stock 200. 000. 000 shares authorized on September 30, 2020 and March 31, 2020; 123,041,378, 63,251,429 shares, 121,727,542 and 61,937,593 outstanding shares were issued on September 30, 2020 and March 31, 2020 respectively
Locker stock at cost; 1,313,836 Class ‘A’ ordinary shares on September 30, 2020 and March 31, 2020
Net loss per Class A ordinary share attributable to common shareholders – principal and dilutive:
– Premier is one of the leading healthcare improvement companies in the United States, uniting an alliance of approximately 4,100 American hospitals and 200,000 service providers.
– The Hummingbird family of products is now available to Premier member facilities in the U.S. as contracted items with pre-negotiated rates and terms.
Stockholm, November. 17, 2020 / PRNewswire / – IRRAS AB, a commercial-stage medical technology company with a comprehensive portfolio of innovative products for critical neurological care, announced today that the Hummingbird family of Intracranial Pressure Monitoring (ICP) equipment has secured a group purchase agreement with Premier Inc. in the United States of America. Effective December 1, the new agreement allows Premier Members, at their discretion, to take advantage of special rates and terms previously negotiated by Premier for Hummingbird ICP Monitoring products..
Premier has added Hummingbird products to the contractually approved list of items in the Neurosurgery Intensive Care Products category via its Technology Breakthrough Program. This selective program allowed IRRAS to gain status as an approved supplier outside of the regular Premier contract cycle.
“Today’s announcement is a significant milestone for IRRAS ‘commercial growth,” said Will Martin, IRRAS President and Chief Commercial Officer.. This contract accelerates the launch of Hummingbird in the United States by allowing our team to introduce the product to the extensive Premier Membership Group of approximately 4,100 hospitals..
Patient ICP evaluation is a critical component of traumatic brain injury management, and the hummingbird product family is designed to continuously monitor a patient’s ICP by placing a small probe directly into brain tissue. Instead of using a stress gauge or optical fiber sensors like other ICP monitors, the Hummingbird system uses a small air bladder that allows for simple setup and automatic ICP recalibration every hour. This air bladder mechanism of action eliminates challenges to other systems, including cumbersome preparation and ICP readings that cannot be calibrated and become increasingly inaccurate over time..
Premier is a leader in healthcare improvement, uniting an alliance of nearly 4,100 American hospitals and another 200,000 providers to transform healthcare. With integrated data and analytics, collaboration, supply chain solutions, consulting services, and other services, Premier provides better care and results at a lower cost.
1. Acute brain injury. Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, April 2. 2019, www. cdc. gov / traumaticbraininjury / severe. programming language.
IRRAS is a global medical care company focused on providing innovative medical solutions that improve the lives of critically ill patients. IRRAS designs, develops and markets neuro-critical care products that alter patient outcomes and reduce the overall cost of care by addressing complications
associated with current treatment methodologies. IRRAS markets and sells IRRAflow and Hummingbird ICP product lines for comprehensive and innovative monitoring of hospitals around the world through its Direct Sales Organization in the US and select European countries as well as an international network of distribution partners.
IRRAS maintains its headquarters in Stockholm, Sweden, with offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www. irras. Com.
The information was released for public disclosure, by the agency of the person responsible above, on November 17, 2020 at 08:00 (CET).
San Mateo, California. , Nov. 17, 2020 / PRNewswire / – PingCAP, the team behind TiDB, the industry’s leading Distributed SQL Database, today announced a $ 270 million D-Series funding shutdown. Funding is jointly managed by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital and 5Y Capital (formerly known as Morningside Venture Capital). Kotoy, Bertelsmann Asia Investment Fund (BAI), FutureX Capital, Kunlun Capital, Trustbridge Partners, current investors Matrix Partners China and Yunqi Partners also participated in this round..
“We are committed to building the database of the future – a comprehensive solution that will help organizations leverage their data and improve their productivity, and we are excited to see this job being done in the market,” said Max Liu, co-founder and CEO of PingCAP. With this funding, we can continue to develop our core technologies, and promote the global expansion of our offerings, especially the TiDB Cloud product, our solutions and services, as well as our open source community and ecosystem..
TiDB is an open source hybrid transaction and analytical database targeted at companies that need to handle large amounts of data and scale quickly. It has been approved by more than 1500 companies worldwide in a multitude of industries, including finance, e-commerce, payment, online video, games, logistics, media, manufacturing, and travel. Adopters includes Square, a US financial services company, commercial services aggregator and mobile payment company PayPay, a Japan-based mobile payment company; Shopee, the leading e-commerce platform based in Southwest Asia; Dailymotion, a French video sharing technology platform; And BookMyShow, which is India’s popular online ticket and entertainment booking platform.
TiDB combines both Online Transaction Processing (OLTP) and Online Analytical Processing (OLAP) workloads in the same database. This results in a true competitive advantage: live and easily scalable transaction data is available for faster analytics and decision-making, time-to-market, exceptional customer experiences, and ultimately business success without infrastructure concerns..
As more businesses move to the cloud, TiDB can easily be deployed to any public, private, or hybrid cloud and reduce the total cost of ownership (TCO) for users. In June 2020, PingCAP announced a beta version of TiDB Cloud, a fully managed TiDB service that allows users to access the full power of their TiDB and focus more on their applications..
“The thriving global ecosystem of TiDB, including diverse contributors, countless adopters, and its partnership with numerous organizations, is accelerating product development and validating TiDB’s ability to serve the most challenging scenarios across many global industries, Glenn Solomon, JG Capital partner, said. « TiDB is a thriving open source project, and we have strong confidence in the PingCAP leadership team to enable a growing number of global organizations to thrive and succeed with TiDB..
“The explosive growth in data requires a scalable, fast and cost-effective solution,” said Puyo Kiefer, General Manager, Access Technology Ventures. « PingCAP is a leader in data infrastructure and is uniquely well positioned to accelerate digital transformation around the world..
About PingCAP Founded in 2015, PingCAP is an enterprise-grade software service provider committed to providing an open source database and cloud native solution one-stop for growth-oriented clients to focus on their business rather than housekeeping. PingCAP’s flagship project, TiDB, is an open source, distributed, analytical processing / hybrid transaction (HTAP) database that features horizontal scalability, strong consistency, and high availability with MySQL compatibility.. For more information, visit. PINCAP. Com.
BANGKOK, THAILAND – Media OutReach – November 9, 2020 – ECOVACS ROBOTICS, the global leader in home service robots, will present its greatest deals via its official stores Lazada and Shopee at 11. 11th Shopping Festival, with major products like DEEBOT OZMO T8 AIVI, DEEBOT OZMO T8, DEEBOT OZMO 920, and DEEBOT U2 PRO with best offers up to 60% off.
November 11 known as 11. 11th is the largest online shopping festival in the world. In 2019, global ECOVACS sales reached more than US $ 113 million (3,500 million THB), an increase of 12 percent from 2018 – setting a new record for the home service robotics company..
General Manager Asia Pacific, Steve Lee of ECOVACS, said, “In the current climate where more people are staying at home, our innovative solutions are more beneficial in enhancing customers’ lifestyle and smart lifestyle.. . Our impressive sales performance last year through 11. Promotion 11 has given us the confidence that there is strong demand for our products. With 11. 11 just around the corner again, we’ve set up attractive discounts and package deals for our customers in our official online stores on Shopee and Lazada that many can look forward to..
Launched in August 2020, DEEBOT OZMO T8 is a 2-in-1 sweeping and mopping robot that uses advanced technology to achieve millimeter-level obstacle detection and avoidance, providing users with an ultimate full coverage cleaning experience. Users can also expect to clean their homes with the OZMOTM mopping system that removes more than 99 percent  of bacteria. On the one hand, DEEBOT OZMO T8 AIVI features an advanced AIVI ™ technology that enables obstacle recognition.. The new OZMOTM Pro scanning system also uses electrically operated high-frequency vibration to achieve an oscillation rate of up to 480 times per minute on a wobble squeegee – capable of removing stubborn stains. Users can even click on the live DEEBOT mobile video stream to remotely monitor their pets at home. All DEEBOTs are app compatible for a comfortable cleaning experience.
Stay in touch as ECOVACS reveals 11. 11 promotions are offered at its main official stores in Shopee and Lazada. For more information visit ecovacs. com / th or contact us on [View Image] Facebook.
At ECOVACS ROBOTICS, we care to create solutions that improve your lifestyle. Building on a deep understanding of use cases and consumer experiences, we design robots that help you « live smarter and enjoy life ».
Through more than 20 years of pioneering design and design research, we have led the market as homes become smarter and more responsive.. We are building a world where your home demands less of your attention, becomes smoother and more powerful, and lets you spend more time doing what you love..
San Mateo, California. , Nov. 17, 2020 / PRNewswire / – PingCAP, the team behind TiDB, the industry’s leading distributed SQL database, today announced. . .
– Premier is one of the leading healthcare improvement companies in the United States, uniting a coalition of approximately 4,100. . .
Singapore – Media OutReach – November 10, 2020 – The uncertainty over Covid-19 affecting sport and entertainment does not stop REBEL. . .
The extravaganza continues on iShopChangi’s 7th Anniversary. Double your savings with additional discounts and site-wide promotions on November 11th, and achieve amazing results. . .
Singapore – Media OutReach – November 9, 2020 – Daikin Singapore (“Daikin”) today announced that it has signed a Memorandum of Understanding (MOU). . .
Singapore – Media OutReach – November 9, 2020 – AXA Insurance company today announced the launch of the #AXAHugsForGood Challenge, a community engagement initiative that brings together. . .
This was the second win in her career, defeating runner-up Ha Na Jang with three shots in Incheon, South. . .
HONG KONG SAR – Media OutReach – 9 November 2020 – IFY (International Foundation Year) 6-month period is an entirely new program launched by Oxford. . .
Customers can expect the best deals on the DEEBOT Robot Vacuum Cleaner online, including the new DEEBOT OZMO T8 family. . . .
Customers can expect the best deals on the DEEBOT Robot Vacuum Cleaner online, including the new DEEBOT OZMO T8 family. . . .
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Cinedigm Corp, NASDAQ: CIDM, Earning Per Share, NASDAQ, Chris McGurk, Fiscal Year, Revenue
World News – CA – Cinedigm FY 2021 earnings reports (Q2 Expired Sep 30, 2020)
. . Related Title :
– Cinedigm reports second quarter earnings for fiscal year 2021 (quarter ended September 30, 2020)
– Cinedigm (CIDM) misses second quarter of EPS by 17c, Revenue Beat
– Cinedigm Corp. (CIDM) CEO Chris McGurk in Q2 2021 Results – Text of Earning Call
– Cinedigm reports second-quarter operating loss per share of $ 0. ». 06 excluding the clauses
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