2 items from 2016
Digital distributor Cinedigm Corp. has reported a loss of $4.6 million, or 70 cents a share, for its first quarter that ended on June 30 — topping Wall Street estimates of a loss in the $1.25-a-share range.
The company made the announcement after the market closed on Monday. Revenues declined 1.3% to $22.5 million with content and entertainment revenues amounting to $6.8 million.
Prior to the announcement, shares of Cinedigm gained 6.9% on Monday, reaching $2.40 — more than double the all-time low of 90 cents a share on July 14. Shares were trading at nearly $7 a year ago, but declined sharply in the latter parts of 2015 as the company attempted to find traction by focusing on its over-the-top business strategy.
Cinedigm reported that its Ott channels Docurama, Comic-Con specialist CONtv, and faith-and-family-oriented Dove Channel continue to gain app downloads, registered users, and active subscribers — with approximately 60,000 active subscribers.
The company said it has increased its library to more than 58,000 films and TV episodes, »
- Dave McNary
Shares of indie digital distributor Cinedigm closed down 22% Thursday, before surging 53% in after-hours trading to $1.38 per share after the company reported results for the quarter and full year ended March 31.
For the three-month period, Cinedigm’s fiscal fourth quarter of 2016, the company posted revenue of $23.2 million (down 16% year over year) and a net loss of $6.15 million (versus a net loss of $11.1 million in year-earlier period). The results reflect its struggle to find traction with its over-the-top business strategy, and the company said it’s in the process of raising up to $11 million in additional debt for working capital.
Also Thursday, Cinedigm announced that investor Ron Chez is joining the company’s board as an independent director. Chez, along with another investor, Sabra Capital, had criticized the company’s stock performance and pushed for a $15 million share buy-back, tighter cost controls and more board representation. Last July, Cinedigm reached an agreement »
- Todd Spangler
2 items from 2016
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