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Cinedigm Announces Third Quarter Fiscal Year 2013 Financial Results

Stocks in this article: CIDM

Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in the digital distribution revolution, today announced financial results for the third quarter fiscal 2013 which ended December 31, 2012.

Quarterly Highlights Include:

  • Consolidated revenues up 17% to $23.2 million and consolidated adjusted EBITDA increased to $14.5 million from $14.3 million in the year-ago period
  • Non deployment revenues up 53% to $9.6 million and non-deployment adjusted EBITDA up 58% from year-ago period to $2.2 million
  • Cinedigm’s domestic digital cinema deployment currently totals 11,697 screens installed with 269 exhibitor partners; 835 screens installed in third quarter
  • Cinedigm’s movie release, “The Invisible War,” nominated for Academy Award® in the Best Feature Documentary category
  • 13 independent films acquired to date

Third Quarter Fiscal 2013 Results

Revenues for the third quarter of fiscal 2013 were $23.2 million, a 17% increase from $19.8 million in the third quarter a year ago. The increase in revenues was primarily the result of strong performance in Cinedigm’s Entertainment Group (CEG), including results from the New Video acquisition, which closed in April 2012, as well as continued steady results from the Company’s recurring revenue digital cinema servicing and software platforms.

In the third quarter of fiscal 2013, Adjusted EBITDA from continuing operations totaled $14.5 million, an increase from $14.3 million in the year-ago period. Excluding Cinedigm’s deployment business, Adjusted EBITDA from continuing non-deployment operations was $2.2 million, an increase of 58% from the year ago period and an increase of 81% from the previous quarter. Non-Deployment EBITDA in the quarter included $0.4 million of film distribution costs incurred in the quarter as CEG ramped up its film releasing business, building toward a goal of 20-25 releases per year. These third quarter distribution costs were incurred in advance of any home entertainment revenues for those film releases, which will be realized in subsequent periods.

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