RealD Inc. (NYSE: RLD), a leading global licensor of 3D technologies, today announced financial results for its third quarter of fiscal 2012 ended December 23, 2011.
Third Quarter Financial Highlights
- Revenue was $49.0 million, a decrease of 15% from $57.8 million in the third quarter of fiscal 2011.
- Net license revenue was $28.5 million, an increase of 51% from $18.8 million in the third quarter of fiscal 2011.
- Net license revenue for the prior-year quarter is net of $22.0 million in motion picture exhibitor stock option expense (a contra revenue item). All exhibitor stock options vested in fiscal 2011 and RealD does not expect to incur exhibitor stock option expense during the current fiscal year or in future years.
- Product and other revenue was $20.6 million, a decrease of 47% from $38.9 million in the third quarter of fiscal 2011. The decrease is partially attributable to an increasing number of international consumers returning to the cinema with RealD eyewear purchased at a previous RealD showing.
GAAP Results – Profitability Measures and Balance Sheet
- GAAP net income attributable to common stockholders was $2.8 million, or $0.05 per diluted share, compared to a GAAP net loss attributable to common stockholders of $16.6 million, or $0.34 per share, for the third quarter of fiscal 2011.
- Gross margin increased to 49% from 11% in the third quarter of fiscal 2011.
- The Company’s balance sheet at December 23, 2011 included total cash and cash equivalents of $29.2 million and total debt of $25.0 million. The Company had $25.0 million available on its line of credit as of December 23, 2011.
- Adjusted EBITDA was $16.2 million, a decrease of 4% from $16.9 million in the third quarter of fiscal 2011.
- Adjusted EBITDA increased to 33% of net revenue from 29% of net revenue in the third quarter of fiscal 2011.
- Adjusted EBITDA is defined within the section of this press release entitled “Use of Non-GAAP Financial Measures,” which includes a reconciliation to its most comparable GAAP measure, net income (loss).
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV