Cinedigm Digital Cinema Corp. Announces Fiscal 2009 Third Quarter Results
Market Wire, February, 2009
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
(Unaudited)
Three Months Ended
December 31,
-----------------------
2007 2008
---------- ----------
Revenues $ 21,480 $ 22,710
Costs and expenses:
Direct operating (exclusive of depreciation and
amortization shown below) 6,608 7,068
Selling, general and administrative 6,090 4,691
Provision for doubtful accounts 321 98
Research and development 180 107
Stock-based compensation 162 295
Impairment of goodwill -- 6,525
Depreciation of property and equipment 8,020 8,126
Amortization of intangible assets 1,071 821
---------- ----------
Total operating expenses 22,452 27,731
---------- ----------
Loss from operations (972) (5,021)
Interest income 448 88
Interest expense (7,703) (6,935)
Other expense, net (125) (162)
Change in fair value of interest rate swap -- (5,411)
---------- ----------
Net loss $ (8,352) $ (17,441)
========== ==========
Net loss per Class A and B common share - basic
and diluted $ (0.32) $ (0.63)
========== ==========
Weighted average number of Class A and B common
shares outstanding:
Basic and diluted 25,931,467 27,566,462
========== ==========
Cinedigm Digital Cinema Corp.
Adjusted EBITDA (as defined)
Reconciliation to GAAP Net Income
(In thousands)
(Unaudited)
Three Months Ended
December 31,
-----------------------
2007 2008
---------- ----------
Net loss $ (8,352) $ (17,441)
Add Back:
Amortization of software development 153 214
Depreciation of property and equipment 8,020 8,126
Amortization of intangible assets 1,071 821
Interest income (448) (88)
Interest expense 7,703 6,935
Other expense, net 125 162
Change in fair value of interest rate swap -- 5,411
Impairment of goodwill -- 6,525
Stock-based expenses -- 37
Stock-based compensation 162 295
---------- ----------
Adjusted EBITDA (as defined) $ 8,434 $ 10,997
========== ==========
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
(Unaudited)
Nine Months Ended
December 31,
-----------------------
2007 2008
---------- ----------
Revenues $ 59,092 $ 65,129
Costs and expenses:
Direct operating (exclusive of depreciation and
amortization shown below) 19,798 19,597
Selling, general and administrative 17,127 13,711
Provision for doubtful accounts 691 271
Research and development 503 207
Stock-based compensation 361 653
Impairment of goodwill -- 6,525
Depreciation of property and equipment 20,950 24,394
Amortization of intangible assets 3,210 2,669
---------- ----------
Total operating expenses 62,640 68,027
---------- ----------
Loss from operations (3,548) (2,898)
Interest income 1,174 311
Interest expense (20,530) (21,101)
Debt refinancing expense (1,122) --
Other expense, net (426) (488)
Change in fair value of interest rate swap -- (3,846)
---------- ----------
Net loss $ (24,452) $ (28,022)
========== ==========
Net loss per Class A and B common share - basic
and diluted $ (0.96) $ (1.03)
========== ==========
Weighted average number of Class A and B common
shares outstanding:
Basic and diluted 25,344,944 27,324,324
========== ==========
Cinedigm Digital Cinema Corp.
Adjusted EBITDA (as defined)
Reconciliation to GAAP Net Income
(In thousands)
(Unaudited)
Nine Months Ended
December 31,
-----------------------
2007 2008
---------- ----------
Net loss $(24,452) $ (28,022)
Add Back:
Amortization of software development 448 601
Depreciation of property and equipment 20,950 24,394
Amortization of intangible assets 3,210 2,669
Interest income (1,174) (311)
Interest expense 20,530 21,101
Debt refinancing expense 1,122 --
Other expense, net 426 488
Change in fair value of interest rate swap -- 3,846
Impairment of goodwill -- 6,525
Stock-based expenses -- 156
Stock-based compensation 361 653
---------- ----------
Adjusted EBITDA (as defined) $ 21,421 $ 32,100
========== ==========
CINEDIGM DIGITAL CINEMA CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
March 31, December 31,
2008 2008
---------- ----------
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 29,655 $ 22,565
Accounts receivable, net 21,494 16,400
Unbilled revenue, current portion 6,393 5,451
Deferred costs 3,859 3,803
Prepaid and other current assets 1,316 1,986
Notes receivable, current portion 158 913
---------- ----------
Total current assets 62,875 51,118
Property and equipment, net 269,031 246,980
Intangible assets, net 13,592 11,473
Capitalized software costs, net 2,777 3,001
Goodwill 14,549 8,024
Deferred costs, net of current portion 6,595 4,712
Unbilled revenue, net of current portion 2,075 1,755
Notes receivable, net of current portion 1,220 1,002
Security deposits 408 425
Accounts receivable, net of current portion 299 299
Restricted cash 255 255
---------- ----------
Total assets $ 373,676 $ 329,044
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 25,213 $ 9,682
Current portion of notes payable 16,998 24,729
Current portion of deferred revenue 6,204 5,511
Current portion of customer security deposits 333 358
Current portion of capital leases 89 128
---------- ----------
Total current liabilities 48,837 40,408
Notes payable, net of current portion 250,689 232,416
Capital leases, net of current portion 5,814 5,785
Deferred revenue, net of current portion 283 953
Customer security deposits, net of current portion 46 34
Preferred stock subscription proceeds -- 2,000
Fair value of interest rate swap -- 3,846
---------- ----------
Total liabilities 305,669 285,442
---------- ----------
Commitments and contingencies
Stockholders' equity:
Class A common stock, $0.001 par value per
share; 40,000,000 and 65,000,000 shares
authorized at March 31, 2008 and December 31,
2008, respectively; 26,143,612 and 27,104,091
shares issued and 26,092,172 and 27,052,651
shares outstanding at March 31, 2008 and
December 31, 2008, respectively 26 27
Class B common stock, $0.001 par value per
share; 15,000,000 shares authorized; 733,811
shares issued and outstanding at each of March
31, 2008 and December 31, 2008 1 1
Additional paid-in capital 168,844 172,460
Treasury Stock, at cost; 51,440 Class A shares (172) (172)
Accumulated deficit (100,692) (128,714)
---------- ----------
Total stockholders' equity 68,007 43,602
---------- ----------
Total liabilities and stockholders' equity $ 373,676 $ 329,044
========== ==========
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