DDMG Reports 2nd Quarter Revenues Of $33 Million, A 48-Percent Increase Over 2011 2nd Quarter
Digital Domain Media Group (NYSE: DDMG) today reported revenue of $33.0 million for the second quarter ended June 30, 2012, an increase of 48 percent over revenues of $22.3 million reported for the second quarter of 2011.
For the second quarter of 2012, the company reported a net loss excluding non-cash charges of $13.8 million, versus a net loss excluding non-cash charges for the second quarter of 2011 of $7.0 million. For the same period, the company reported a GAAP net loss attributable to common shareholders of $35.9 million, or $0.86 per basic share, versus a GAAP net loss attributable to common shareholders for the second quarter of 2011 of $71.9 million, or $4.52 per basic share. The GAAP net loss for the second quarter of 2012 includes $22.1 million of non-cash accounting adjustments, reserves and stock-based compensation.
Non-GAAP Adjusted Earnings before Interest, Taxes and Depreciation and Amortization (“Non-GAAP Adjusted EBITDA”) for the three months ended June 30, 2012, is reported as a loss of $9.3 million, compared to a loss of $9.2 million for the first quarter of 2012. As expected, the Non-GAAP Adjusted EBITDA loss includes $4.4 million of unutilized labor principally associated with launch costs and training expenses of our new production facilities in Florida, London and Mumbai. As recently announced, extraordinary levels of unutilized labor have been effectively eliminated as our employees, system-wide, are fully trained and substantially committed to revenue-producing projects. In the financial tables presented below is a reconciliation of net loss before non-controlling interests, the most comparable GAAP financial measure, to Non-GAAP Adjusted EBITDA.
As of July 17, 2012, the company’s revenue backlog was $90.3 million, an increase of 48 percent from $61.2 million at the comparable time of the prior year. This growth reflects an increase in projected future revenue reflected by feature film contracts that we are either currently working on or have been awarded by customers. We do not disclose backlog for television commercials work, as that business operates with less forward visibility than our feature film business. However, our revenues in the commercials division, which now includes our virtual performer business, grew by over 175 percent from the first quarter of 2012 to the second quarter of 2012.
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